Alpha JWC and Horizons Ventures Become Indika's Partner in EV Business

By Editorial Team 23/05/2022
electric motorcycle
Summary

PT Indika Energy Tbk (INDY) is getting serious about working on the electric vehicle business segment. The energy sector company, which is listed on the Indonesia Stock Exchange, added an investment worth US$7.5 million in its subsidiary, PT Ilectra Motor Group, as a venture company and holding company for the electric two-wheeled vehicle business.

INDY Director and Group Chief Investment Officer Purbaja Pantja said the capital injection was a loan from Alpha JWC and Horizons Ventures, which could be converted into 21.4 percent shares. Indika Energy sees the potential for the electric vehicle business in Indonesia. "We are exploring the electric motorcycle market since we see the potential in terms of volume and value," Purbaja stated.

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