Indika's Electric Motorcycle Business Secures US$10 million

By Editorial Team 19/12/2022
electric motorcycle
Summary

Indika Energy's director and group chief investment officer Purbaja Pantja said the PT Electra Mobilitas Indonesia (EMI), a subsidiary of PT Indika Energy Tbk (INDY), raised US$10 million in a funding round led by Standard Chartered Indonesia to support the production of electric motorcycle ALVA. "We continue to receive support from many parties for the development of the electric motorcycle ALVA," Purbaja said on Friday.

Purbaja said the investment is a sort of sustainable trade funding agreement from Standard Chartered Indonesia. It was obtained by Electra Mobilitas, part of ALVA's producer PT Ilectra Motor Group (IMG), owned by Indika Energy. Through this agreement, Standard Chartered Indonesia will help IMG develop sustainable practices in its supply chain.

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