April 3

Indonesian EV Battery Startup Swap Energy Raises $7.2 Million

Indonesia-based Swap Energy, which provides battery-swapping solutions for two-wheeled electric vehicles (EVs), has raised about $7.2 million in a pre-Series A funding round led by Ondine Capital, according to regulatory filings.

The company had announced the round last month without disclosing the amount of capital raised.

Ondine Capital invested nearly $3 million in the round through two vehicles, showed Swap Energy’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

Photo courtesy of Franklin Heijnen.

Source: Nikkei Asia (link opens in a new window)

Energy, Technology, Transportation
electric vehicles, mining, startups, transportation