Vroom vroom! Indonesia's EV sector is getting a boost! 🔋 Alpha JWC Ventures, Li Ka-Shing's Horizons Ventures and Indonesia's Indika Energy are joining hands for a joint venture to develop two-wheeled EVs in Indonesia.

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⚡️ Electrifying news

Cashing up. The new EV company is Ilectra Motor Group (IMG), which raised $7.5M from Alpha JWC and Horizons. The firm also raised $7.5M from Indika Energy.

• This is the first investment both Alpha JWC and Horizons have made in the EV space.
• Alpha JWC and Horizons' $7.5M investment can be converted into a combined 21.4% equity stake in IMG later on.

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✌🏼 It takes two (wheels)

IMG will be building their own two-wheeler brand and plans to announce their first fleet by the end of 2022. They'll also be building an end-to-end ecosystem to support these EVs.

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👀 Zooming out

IMG sees a massive opportunity for EVs in Indonesia and hopes to drive (and ride) that wave to be a leading two-wheel EV player in the country.

The perfect mix? Why push for two-wheeled EVs in Indonesia? Here are a couple potential reasons:

• The national government targets to reach 3.2M two-wheeled EVs by 2035. (They're pushing for EVs and are even trying to woo Elon Musk!)
• It has the highest two-wheeler ownership penetration in the world at 42%.
• It is also the third-largest two-wheeler market, with 6M motorcycles sold a year.
• It has the world's largest nickel reserves, and nickel's a key ingredient for EV batteries.
• Prices will be comparable with non-electric two-wheelers, so $$$ won't be too much of an issue.