Zoom ahead with ALVA, baby! This Indonesian-based two-wheeled electric vehicle (EV) manufacturer just rolled out two EV models last May, and they’re just getting started. 

• Why? They just raised a $50M Series B!
• You may also know them as Ilectra Motor Group

Investor check. Horizon Ventures led the round, while Indika Energy (ALVA’s parent company), HH-CTBC Partnership LP, and family office Brama One Ventures joined in. 

• ALVA is a joint venture by Alpha JWC Ventures and Horizons launched back in 2022–their first investment in the EV sector!

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🏍️ Revved up

Want to catch a sweet ride without all those emissions? Check out the ALVA One and ALVA Cervo. 

• Show ‘em some real speed. ALVA ONE’s got a top speed of 90 kph, while ALVA Cervo can reach up to 103 kph.
• Good for the wallet. Save up to 80% on your riding cost vs a regular gas motorcycle.

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🪞 Zoom out

Indonesia is the third-largest market for motorcycles in the world! For context, 6M motorcycles are sold annually. 

A number of local businesses are also betting big on EV. Watch out! 

• TBS Energi Utama and GoTo’s Electrum, Djarum Group’s Polytron, PT Wijaya Karya’s Gesits, and more!

• Startups like Charged Indonesia, MAKA Motors, and Swap Energy have also gotten VC funding. 

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🗺️ The big picture

 The local EV market is growing, but still has its own challenges. 

• Car shoppers are cautious because the EVs aren’t affordable.  
• Chinese EV makers have landed in Indonesia, edging ahead local EV makers. 

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🌇 In the horizon

They’re going to speed up their product development and gear up for local expansion.