Singapore-based electric vehicle (EV) maker ION Mobility (ION) has on Thursday announced new investments of $18.7 million in its Series A funding round.
Additionally, the company also brings TVS Motor Company on board as its strategic investor, through TVS Motor’s Singapore subsidiary, TVS Motor (Singapore).
As part of this investment agreement, TVS Motor will provide ION with the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia, ION said in a statement.
It said ION’s latest fundraise and partnership with TVS Motor is to support its vision to build Southeast Asia’s leading electric mobility solutions company starting with Indonesia.
Other investors for the round include AC Ventures Malaysia, Michael Sampoerna and ION’s Chief Manufacturing Officer Ng Ho Sen.
Its existing investors such as TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture and Seeds Capital also participating in the round.
This new funding round brings the total capital raised by ION to over $25.5 million since 2020.
The company will invest the capital into Indonesia to grow its local team, operations and capabilities.
This includes its sales and marketing presence, local supply chain networks, production tooling and manufacturing capabilities in Indonesia, in order to achieve at least 50% local content.
“I am delighted with the vote of confidence that my team and I have received from TVS Motor via our funding round and partnership,
“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,” said ION Founder and Chief Executive Officer James Chan.
This announcement comes on the heels of ION Mobility’s launch of its M1-S electric scooter in Jakarta in November 2022, 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.
The MoU was officiated by Indonesian Minister of Industry, Agus Gumiwang Kartasasmita at the Indonesia Motorcycle Show 2022, with Singapore Ambassador to Indonesia Mr. Kwok Fook Seng also in attendance.
“TVS Motor is committed to developing exciting products for consumers across global markets,
“We are thrilled to partner with ION Mobility, a full-stack EV company with a strong team of engineers and technical base in Singapore, to drive the premium electric two-wheeler growth in the region. We share a common vision and are eager to support them as a strategic investor,” said Sudarshan Venu, Managing Director, TVS Motor Company.
ION Mobility is a tech and automotive original equipment manufacturer (OEM) on a mission to create and deliver aspirational and sustainable mobility and energy solutions.
The firm’s products combine advanced hardware and software technology with human-centred design to deliver smart electric motorbikes and energy charging and storage solutions.
Its vision is to be Southeast Asia’s top technology company leading its region’s transition towards a low-carbon economy across Southeast Asia, starting with the ION M1-S.
TVS Motor Company is a two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
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