Home Automotive Berita Indika (INDY) and Startup Investors Get the Electric Motor Business, Here's the Reason

Indika (INDY) and Startup Investors Get the Electric Motor Business, Here's the Reason

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PT Indika Energy Tbk. (INDY) is serious about developing the electric motorcycle business by cooperating with two startup investors.

PT Indika Energy Tbk. (INDY) explained the reasons for developing the electric motorcycle business through PT Ilectra Motor Group or IMG by cooperating with two startup investors.

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INDY signed a cooperation agreement with Alpha JWC Ventures and Horizons Ventures for the development of the electric motor business with a total injection of funds of up to Rp220 billion or equivalent to US$15 million.

Indika Energy Director Purbaja Pantja said the potential of electric vehicles in Indonesia is quite promising. Referring to the projection of the Ministry of Industry, the production of electric motor vehicles in 2025 could reach 1.8 million units with a value of US$ 2.4 billion. 

He said this value is targeted to continue to increase to 3.2 million units in 2035 with a value of US $ 4.4 billion.

"This is a good trend, that's why we want to explore the Indonesian electric motorcycle market if we look at the potential for volume or value," he said in the INDY public expose, Friday (20/5/2022).

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He said Alpha JWC Ventures and Horizons Ventures are leading venture companies with a track record of investing in strategic technology companies. 

He explained that Alpha JWC Ventures and Horizons Ventures had signed a convertible loan agreement worth US$7.5 million or the equivalent of 21.4 percent share ownership (total combined Alpha JWC and Horizons) in IMG.

Currently, he continued, the status is still debt which can later be converted. In addition, Indika Energy will also make an additional investment of US$7.5 million, bringing the total to US$15 million or equivalent to Rp220 billion.

In addition to collaborating with Alpha JWC Ventures and Horizons Ventures, the company is also exploring cooperation with PT Industri Battery Indonesia (IBC), Foxconn, and Gogoro Inc. to develop an electric vehicle ecosystem in Indonesia. 

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