ADB Ventures, Schneider Electric Energy Access Asia, others led $3 M raised by Selex Motors
ADB Ventures, the venture arm of the Asian Development Banks, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures are currently participating in a $3 million convertible note investment round with Selex Smart Electric Vehicles JSC (Selex Motors), a company based in Vietnam.
The fund will be used, according to a statement released by Selex Motors on Monday, to expand production lines, support vehicle sales, and install battery-swapping systems in strategic Vietnamese cities, further establishing Selex as the country’s first and largest provider of shared battery-swapping networks.
“The unwavering support reaffirms our common goal of combating climate change and provides an important boost to our business,
“Through this round’s investment, we are looking forward to establishing a strong foothold in Vietnam and building a foundation for regional expansion” said Selex Motors Chief Executive Officer, Dr. Nguyen H.P. Nguyen.
Selex Motors is a trailblazing startup in electric vehicles in Southeast Asia, making waves in the EV and battery pack manufacturing industries in Vietnam.
Three co-founders of the business, including two University of Michigan Mechanical Engineering Ph.D. graduates who chose to return home to make an impact, co-founded it in 2018.
Selex Motors’ proprietary and cutting-edge ecosystem for electric two-wheelers aims to hasten the transition to sustainable transportation.
With an eye toward regional expansion in the near future, the company is currently concentrating on applying its solution in Vietnam’s rapidly expanding last-mile transport segments.
A key factor in the adoption of EVs in commercial activities, Selex’s flagship electric two-wheeler (E2W) vehicles are built for high-usage applications and feature a proprietary battery-swapping solution that enables users to recharge the energy for up to 150 km in under two minutes.
Additionally, this model outperforms existing alternatives in terms of load capacity by 50%, and the electric drivetrain lowers maintenance and fuel costs by over 30%, which lowers overall logistics costs for corporate fleets and boosts the net income of deliverers.
“By displacing gasoline-based 2-wheelers with E2Ws in last-mile logistics fleets, Selex’s growth will naturally mitigate carbon emissions which our sources estimate up to 50,000 tons by 2025,” Nguyen added.
Selex is the first of its kind to create from the ground up the ideal electric ecosystem for last-mile transportation in an effort to lower operating costs and the impact of the logistics sector.
The business also has a sizeable portfolio of intellectual property (IP), including 10 patents, 5 designs, and 4 trademarks, all of which were created at its own in-house R&D center.
