TVS Motor Company has joined Ion Mobility, a Singapore-based manufacturer of electric vehicles, as a strategic investor after the company secured US $18.7 million in series A investment.
Ion Mobility will have access to TVS Motor’s expertise to dominate the e-bike sectors in Singapore and Indonesia thanks to the investment made through its Singapore-based subsidiary.
Ng Ho Sen, the chief manufacturing officer of Ion Mobility, and AC Ventures Malaysia also participated in the round, as did Michael Sampoerna, a descendant of the family that controls Indonesia’s largest tobacco firm.
Ion Mobility, a company established in 2019, promises to provide motorbikes that are inexpensive and sustainable for Southeast Asians.
The business signed an agreement to assist Perusahaan Listrik Negara, a state-owned grid operator, in expanding its charging infrastructure, and in November 2022 it introduced the M1-S electric scooter in Jakarta.
Ion Mobility intends to use the additional funds to expand its operations in Indonesia by hiring more staff members.
“We are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to accelerate our Mobius M1-S production readiness, as well as the design and development of other models,” James Chan, Ion Mobility founder, and CEO, said in a release.