- Vmoto (VMT) signs a technology and investment agreement with an Indonesian subsidiary of scale-up electric motorcycle technology company Charged Asia
- Under the agreement, Vmoto will invest up to US$3 million (A$4.5 million) via credit offsets on batteries and electric vehicles to Charged over three years
- In return, VMT will receive 8 per cent equity in Charged Asia and act as a core technology partner of Charged Indonesia
- The partnership will allow Vmoto to expand its business footprint in Asia, explore new applications for its technology products and access new business opportunities
- Shares in Vmoto are up 1.25 per cent to 40.5 cents at 11:49 am AEDT
Electric vehicle company Vmoto (VMT) has signed a technology and investment agreement with an Indonesian subsidiary of scale-up electric motorcycle technology company Charged Asia.
Under the agreement, Vmoto will invest up to US$3 million (A$4.5 million) via credit offsets on batteries and electric vehicles to Charged over three years.
In return, VMT will receive 8 per cent equity in Charged Asia, which has an investment valuation of US$38 million.
In addition, Vmoto will act as a core technology partner of Charged Indonesia, providing all necessary technical assistance concerning electric motorcycle products.
“We are proud to be an integral part of Charged Asia’s mission and vision for Indonesia as they scale up within the third largest motorcycle market in the world,” Vmoto Managing Director Charles Chen said.
Charged Indonesia Chief Commercial Officer Stephanus Widi added that Charged is “well poised” to scale with Vmoto’s support as its core technology partner and strategic investor.
The company said the partnership will allow it to expand its business footprint in Asia, explore new applications for its technology products and access new business opportunities.
According to Vmoto, Indonesia is the third largest motorcycle market in the world after India and China, with more than 120 million motorcycles operating in the country.
Based on an estimation by Grutter Consulting, the electric motorcycle market in Indonesia is projected to reach 55 million units by 2030.
Shares in Vmoto were up 1.25 per cent to 40.5 cents at 11:49 am AEDT.