A series C financing headed by Thai state-owned corporation PTT and Petronas subsidiary PIVL, as well as by Utrust fund and Hyperchain Technology, secured $28 million for China-based Immotor Technology, a manufacturer of electric scooters. Uone Capital and PKSHA Sparx Algorithm Fund also participated in the round.
Immotor is a company that Daniel Huang founded in 2016. Immotor creates goods for the ecosystem of electric mobility, including electric scooters, battery swap services, and fleet management software.
The business intends to use the new capital for product development, research, and regional growth.
Immotor stated that it will investigate the Southeast Asian market using links with its two conglomerate backers, PTT and Petronas. It introduced an electric mobility option in Thailand last year.
By the third quarter of this year, the Shenzhen-based company also intends to provide consumer goods such as portable power stations and residential energy storage.
Immotor has its sights set ongoing public as well, but it has waited to provide details until the “right moment.”
