- Indonesian energy giant Indika invested in Singapore sustainable mobility fund Shift4Good.
- Shift4Good, launched late 2022, has raised 100M euros towards a 295M goal from backers like Renault and BNP Paribas.
- The move aligns with Indika’s shift from coal towards EVs and renewables.
Indika Energy, a publicly traded energy company in Indonesia, has invested an undisclosed amount in Shift4Good, a Singapore-based venture capital fund focused on sustainable transportation and circular economy startups in Europe and Southeast Asia.
The move gives Shift4Good a powerful strategic partner to tap into Indonesia’s burgeoning electric vehicle (EV) market.
Indonesia’s EV market potential
“With Indonesia’s robust battery supply chain, a domestic consumer market of 280 million people, and government policies supportive of EVs, Indonesia is poised to become a global EV powerhouse,” said Sebastien Guillaud, Co-Founder and Managing Partner of Shift4Good.
The fund aims to build a portfolio of 30 early-stage companies within 4 years.
About Shift4Good
Launched in November 2022, Shift4Good has already backed 10 startups and raised 100 million euros out of a 295 million euro target for its first fund. Backers include major corporations like Renault, Motul, and BNP Paribas.
This diverse group of strategic investors reflects the excitement and potential around sustainable mobility. For Indika Energy, the investment aligns with its growing focus on EVs, renewable energy, and reducing its coal business’s environmental impact.
The Indonesian conglomerate earned $511 million in profits last year on $4.3 billion in revenue. As nations race to cut carbon emissions, Indika seems intent on sustaining growth by pivoting towards cleaner transport.
