ION Mobility Closes US$18.7M in Series A Funding
Summary
The company intends to use the funds to 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. Its products combine hardware and software technology with human-centred design to deliver smart electric motorbikes and energy charging and storage solutions. This announcement follows 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. As part of this investment, TVS Motor will provide ION with the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia.