Petronas and Rigel Capital Bet on Volta's Motorcycle Triumph

A subsidiary of Petronas Malaysia Twin Towers Ventures (TTV), in collaboration with Rigel Capital, has injected funds into PT Energi Selalu Baru (ESB), a subsidiary of PT NFC Indonesia Tbk, which is a member of the M Cash Group.

ESB is the majority shareholder of Volta Indonesia Semesta, the producer of Volta electric motorcycles. ESB's business primarily focuses on developing electric vehicle (EV) technology and infrastructure, particularly battery components and battery swap systems for Volta.

TTV and Rigel Capital will transfer their expertise and networks to help build sustainable transportation in Indonesia. NFC Indonesia President Director Abraham Theofilus stated that ESB strives to lead the electric motorcycle market and battery exchange stations. He did not disclose the exact funding amount received from TTV and Rigel Capital, referring to it as "fuel" for their efforts to become market leaders.

"The investment from TTV and Rigel Capital will undoubtedly provide fuel for ESB to rapidly expand its infrastructure, enhance technology, and accelerate market penetration," he said on Nov 6. TTV Managing Partner Fariz Ali mentioned that the partnership reflects the company's commitment to decarbonisation.