LX Ventures, SAIC Capital led strategic investment raised by PT Energi Selalu Baru in Pre-series A round

During its pre-Series A funding round, LX Ventures and SAIC Capital made significant investments in PT Energi Selalu Baru (ESB), an electric vehicle (EV) subsidiary of PT NFC Indonesia Tbk (NFCX), MCASH Group.

According to a statement released by ESB on Thursday, this strategic partnership is expected to advance the business’s market penetration and infrastructure development while also supporting a common vision for a sustainable future.

ESB’s ability to develop products more quickly, reach a wider audience, and advance technology will all be greatly aided by the infusion of capital.

ESB intends to use these investments to grow its network of Volta electric vehicles, develop its infrastructure for battery swapping, and investigate cutting-edge developments in the field of electric vehicle technology.

The commitment of SAIC Capital and LX group to supporting innovative concepts that advance a sustainable economy is further demonstrated by this collaboration.

Prior to this, ESB had achieved notable advancements in its expansion process with the successful funding of Rigel Capital and Twin Towers Ventures.

The company is accelerating its mission to transform the electric vehicle landscape with comprehensive and state-of-the-art solutions by adding LX Ventures and SAIC Capital to its strong strategic foundation.

Originally from the LG Group, LX Ventures is the corporate venture capital of the LX group. It focuses on developing solutions in semiconductor technology, eco-friendly materials, renewable energy, automation of manufacturing and logistics, and eco-friendly materials.

LX Group broadens its holdings by investing in ESB, a business committed to advancing renewable energy.

In addition, the investment from SAIC Capital, the company’s investment arm, opens up new avenues for market expansion and innovation.

By utilizing SAIC Capital’s resources and experience in the automotive sector, ESB is prepared to offer its remarkable mobility solutions that are cutting edge and environmentally friendly.

SAIC has also dabbled in cutting-edge technologies like new energy (hydrogen and electricity) and autonomous driving.

The goal of SAIC, which is to support innovative mobility solutions, is perfectly aligned with the addition of a comprehensive ecosystem that includes electric motorcycles and a battery swapping infrastructure.