PT Energi Selalu Baru (ESB), a electric vehicle (EV) subsidiary of PT NFC Indonesia Tbk (NFCX), MCASH Group, has garnered substantial investments from LX Ventures and SAIC Capital during its pre-Series A funding round.

This strategic collaboration is set to enhance the company’s infrastructure development and market expansion, aligning with the shared vision of a sustainable future, ESB said in a statement on Thursday.

The infusion of capital for ESB will be instrumental in accelerating product development, expanding market reach, and enhancing technological capabilities.

ESB plans to leverage these investments to spread its Volta electric fleet, expand its battery swapping infrastructure, and explore innovative solutions in electric vehicle technologies.

This partnership also underscores both LX group and SAIC Capital’s dedication to backing ground-breaking ideas that drive toward a sustainable economy.

Previously, ESB successfully secured funds from Rigel Capital and Twin Towers Ventures, marking significant milestones in its growth journey.

With the addition of LX Ventures and SAIC Capital, the company continues to build a strong strategic foundation, further accelerating its mission to transform the EV landscape with cutting-edge and complete solutions.

LX Ventures, the corporate venture capital of LX group, previously from the LG Group, concentrates on advancing solutions in renewable energy, manufacturing and logistics automation, eco-friendly materials, and semiconductor technology.

By investing in ESB, LX group expands its portfolio with a company dedicated to progressing renewable energy.

At the same time, the investment from SAIC Capital, as the investment arm of SAIC, paves the way for new opportunities in innovation and market expansion.

Leveraging SAIC Capital’s expertise and resources in the automotive industry, ESB is set to deliver its exceptional mobility solutions that are both sustainable and technologically advanced.

SAIC has also ventured into futuristic technology such as autonomous driving and new energy (electricity and hydrogen).

The addition of a comprehensive ecosystem with electric motorcycles and a battery swapping infrastructure perfectly aligns with SAIC’s mission to support innovative mobility solutions.

“LX Ventures and SAIC Capital’s deep understanding of the industry and commitment to innovation will be instrumental in helping us achieve our goals and drive the future of green mobility,” said Suryandy Jahja, Managing Director of MCASH.

Okie Octavia Kurniawan, Director of NFCX, also said this investment from LX Ventures and SAIC Capital is a game-changer for the firm.

“It will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure,

“With their support, we are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape,” he added.

Wanjoong Jun, Investment Director of LX Ventures, also said the investment aligns with the firm’s commitment to building a sustainable future through renewable energies, resource recycling, and food tech.

ESB is a clean energy company focused on providing infrastructure for EV players in Indonesia.

The firm, through its subsidiary, PT Volta Indonesia Semesta, manufactures electric motorcycles under the brand name, Volta.

Additionally, ESB provides a battery swap system, which allows electric motorcycle users to swap their batteries easily, enhancing user convenience.

ESB’s battery swap stations and Volta dealerships are currently located throughout Indonesia.

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