- Indonesian electric vehicle battery swap startup Swap Energy raised $22 million to expand stations across Indonesia.
- It enables quick battery swaps for electric motorcycles through 1,300 existing outlets.
- Funding led by Qiming and GGV validates Swap’s model and growth prospects in SEA.
Funding round success
Indonesian electric vehicle battery startup Swap Energy has raised $22 million in a Series A funding round to expand its battery swapping infrastructure across Indonesia.
The round was led by Qiming Venture Partners, with participation from GGV Capital and existing investor Ondine Capital.
Expansion and collaboration
With over 1,300 swapping stations established, Swap Energy aims to make electric two-wheel vehicles more convenient and accessible. Its model tackles limitations in EV charging infrastructure by allowing drivers to swap depleted batteries for fully charged ones quickly.
The startup partners with Indonesian electric motorcycle makers like Smoot and Minerva Electrons to power their fleets.
It also collaborates with major platforms Grab and state electricity company PLN to develop integrated electric mobility ecosystems.
Swap Energy plans to use the new capital to expand its battery swap station network and scale up partnerships.
Indonesia recently eased import duties and taxes on electric vehicles, signaling promising regulatory support for electrification.
Global validation
As a leading backer of growth-stage tech companies in China and globally, Qiming’s investment validates Swap Energy’s model and growth prospects within Southeast Asia’s nascent but fast-developing electric mobility sector.
