Volta receives a power up from Twin Towers Ventures, Rigel Star

Energi Selalu Baru (ESB), the parent organization of Volta, an Indonesian electric vehicle company, has received significant financial backing from Twin Towers Ventures and Rigel Capital.

• Funding Utility: The investment will significantly enhance Volta's capabilities to develop its electric motorcycles and battery-swapping infrastructure across Indonesia. This fresh infusion of funds will allow ESB to expand its battery-swapping station network, improve its technological and digital platforms, and increase its market share.

• Funding Details: The exact funding amount remains undisclosed, but the lead investors are Twin Towers Ventures and Rigel Capital. Twin Towers Ventures, the VC arm of Petronas, a Malaysian state-owned oil and gas company, focuses its investments on sustainable solutions like smart grid electrification, green mobility, and the circular economy.

• Battery Swaps To Date: Volta has facilitated over 3 million battery swaps, resulting in a substantial reduction of 20,000 tons of carbon emissions.

ESB was established in 2021 as a joint venture between the publicly listed MCash Group and logistics firm SiCepat.

This investment marks an encouraging leap towards a more sustainable future for Indonesia's transport sector.