Heaptalk, Jakarta — PT Energi Selalu Baru (ESB), NFC Indonesia’s (issuer code: NFCX) subsidiary and Volta electric vehicle manufacturer, announced its funding accomplishment for an undisclosed amount from LX Ventures and SAIC Capital in a pre-Series A round. The company will allocate this strategic investment to developing an electric fleet of Volta, expanding battery swapping infrastructure, and exploring electric vehicle technology innovations.
“This LX Ventures and SAIC Capital investment is a game-changer for us, and it is expected to significantly accelerate the company’s efforts to expand the electric vehicle ecosystem. This support will simplify us to provide sustainable mobility solutions to change the electric vehicle landscape,” The Director of NFCX, Okie Octavia Kurniawan, conveyed.
ESB previously received funding from Rigel Capital and Twin Towers Ventures. The company will utilize fresh funds to accelerate product development, expand market reach, and improve technological capabilities.
“We are excited to support ESB’s mission to revolutionize the electric vehicle market. Our investment aligns with the company’s mission to build a sustainable future through renewable energy, resource recycling, and food technology,” an Investment Director of LX Ventures, Wanjoong Jun, voiced.
As is known, LX Ventures is an investment arm of LX Group, which is affiliated with electronics company LG. The company focuses on advances in renewable energy, manufacturing automation, logistics, environmentally friendly materials, and semiconductor technology. Meanwhile, SAIC Capital is the investment arm of China-based automotive company SAIC, which focuses on automotive industry innovation and future technologies such as autonomous vehicles and new energy (electricity and hydrogen).
