The Indonesian coal producer Geo Energy Resources has invested US $40 million in Charged Asia, a Singapore-based electric vehicle (EV) manufacturer, through a combination of convertible loans and share placements.
The money will be used to increase Charged Asia’s operations throughout Southeast Asia, including in Indonesia. Additionally, it will use the funds to develop its product even more.
Charged Asia, a company that was just established, provides e-bike rentals with three-, six-, and nine-month plans. It also offers rent-to-own options and direct sales of its bicycles. Geo Energy, meanwhile, manages coal mines and offers coal for sale in Indonesia.
Geo Energy’s investment in Charged Asia was motivated by worries about pollution, particularly in Indonesia’s Jabodetabek region, which consists of the capital and its neighbouring cities.
In exchange for access to Geo Energy’s resources and insights, Charged Asia will be able to strengthen its position in the international energy market by diversifying its revenue sources.
Additionally, it will support the EV company’s plans to sell 10 million electric motorcycles in Asia and the Pacific over the following ten years.
