Kejora-SBI Orbit Fund Returns to Lead Funding for SWAP Energy
Having previously received initial funding at the end of 2021, SWAP Energy, a technology company that builds battery exchange infrastructure in Indonesia, has again received funding for the pre-series A phase, which is again led by Kejora-SBI Orbit.
In this round, a number of venture capitalists participated, including Baramulti Group, Living Lab Ventures (an affiliate of the Sinar Mas Group), New Energy Nexus Indonesia, and several other investors.
Leveraging this fresh funding, SWAP will accelerate the adoption of electric vehicles and support the Indonesian government to achieve its target of 13 million electric motorcycles on the road by 2030.
Currently, SWAP has partnered with Lazada Logistics, Pos Indonesia, Alfamart, Circle K, and will continue to develop cooperation with many parties.
“Thanks to investors for their trust in SWAP. Through this oversubscribed pre-series A funding, we can expand the reach of SWAP Station and accelerate the adoption of electric motors in big cities,” said SWAP Energy Co-Founder & CEO Irwan Tjahaja.
Currently, SWAP has more than 400 swap stations placed in Jakarta, Bogor, Depok, Tangerang, Bekasi (Jabodetabek), and Bali.
By the end of 2022, they plan to place more than 1500 battery charging stations in several big cities in Indonesia. In addition, it will also be the preferred battery exchange technology for SMOOT and other electric motorcycle brands in Indonesia.
With the principle of swapping batteries, entrepreneurs don’t have to worry about downtime due to charging the battery for hours. This 9-second ‘Swap and Go’ flash process will greatly benefit the company’s operations, logistics partners, and also its users.
“Through this funding, we believe SWAP and its ecosystem can become a key player in the battery exchange infrastructure and accelerate the adoption of electric motors in Indonesia,” said Kejora-SBI Orbit Fund Director Billy Boen.
Develop A SWAP Ecosystem
SWAP’s IoT technology connects the electric motor with the battery and the SWAP Station so that it provides many benefits for the rider, making it easier to see the status of the electric motorcycle, top-up kilometers, even for security purposes, the electric motor can be turned off remotely only through the SWAP application.
In particular, there are three main priorities for SWAP Energy at this time. Among them are a strong infrastructure, a pleasant driving experience, and the best aftersales service.
The success of this concept has previously been tested through SMOOT – the first electric motorcycle brand in Indonesia to use the battery exchange system from SWAP.
SWAP’s IoT technology connects the electric motor with the battery and the SWAP station so that it provides many benefits for the rider, making it easy to see the status of the electric motorcycle, top-up kilometers, even for security purposes, the electric motor can be turned off remotely only through the SWAP application.
Continue to Develop the SWAP Ecosystem
SMOOT is also referred to as a “smart” electric motor because it starts from the motor, battery, battery exchange (SWAPPoin); everything is connected in a SWAP application. SMOOT users can always monitor the latest battery status as well as the location of the motor.
The company continues to develop the SWAP ecosystem and its entire assets; starting from batteries, SWAP Stations, and SWAP applications so that other electric motorcycle brands can immediately use the infrastructure.
“We are currently discussing with several other electric motorcycle brands to adopt the SWAP ecosystem,” said Irwan. Regarding electric motors, a number of initiatives have been introduced. Among them by ION Mobility with electric vehicle innovation — they will have a production center in Jakarta.
Then NFC and SiCepat have also created infrastructure for the distribution of local Volta electric motors. Not to be outdone, Gojek has also established strategic partnerships with a number of electric motorcycle innovators, including Gogoro and TBS.