Daily Markup

Daily Markup #676: ION Mobility secures US$18.7M to accelerate towards a greener future, starting with Indonesia

February 7, 2023 · 2 min read
Credit: ION Mobility

Charging into the future

  • A fully electric future just got closer with 500-backed e-motorbike company ION Mobility, which just raised a US$18.7M Series A funding round!
  • Why are we excited? This strategic investment was made by Indian automobile company TVS Motor Company through their Singapore subsidiary, TVS Motor (Singapore), with participation from AC Ventures Malaysia, Michael Sampoerna, and existing investors.
  • ION’s vision is to build Southeast Asia’s leading electric mobility solutions company. TVS Motor will provide ION with ecosystem support in Singapore and Indonesia, starting with the latter, to achieve this.Founder & CEO James Chan said, “We are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to accelerate our “Mobius” M1-S production readiness, as well as the design and development of other models. We look forward to leading the charge towards an electric and sustainable two-wheeler future together.”
  • The Mobius electric scooter was launched in Jakarta in November 2022 at an event which also saw the company sign a broad-ranging Memorandum of Understanding (MoU) with Indonesia’s national grid operator PT Perusahaan Listrik Negara (PLN) to expand PLN’s charging network, in addition to two-wheeler fast-charging technology research and user outreach and education.
  • According to ION, the new funding will be used to grow its local team, operations, and capabilities.
  • Congratulations to the ION team!
  • Read the full story on DealStreetAsia. A subscription may be required.
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