Micro Digest
Posts
🔋🛵 Change Battery As Easy As Changing Partners

🔋🛵 Change Battery As Easy As Changing Partners

Indonesian President expressed his ambition to promote the growth of the country's EV industry

Zhen Hong Ong
April 25, 2023

GM. This is micro digest, your SEA tech captain for the day. We’re here to get you through another day but afraid not, another long weekend is coming our way!

Here’s what we got for you:

🌊 The SEA - Selex Motors - The Vietnamese EV startup that wants to be the nation’s largest battery-swapping network provider
⛵ SEAppets - Indonesian President expressed his ambition to promote the growth of the country's EV industry
💰 SEA Deals
🖼️ AI Image of the day
🐣 Tweet of the day

Markets 📈

The SEA 🌊

I’m a sucker for people who came back from overseas because they want to make an impact on their country, especially when it involves starting companies.

I’m talking about Selex Motors.

🤷‍♂️ Who is Selex Motors?

Founded in 2018 by Nguyen Huu Phuoc Nguyen and later joined by co-founders Ngo Huy Tan and Hai Nguyen, Selex Motors is a Vietnamese EV startup that manufactures electric two-wheelers and swappable battery sets that are custom-made for big applications like last-mile cargo delivery
Dr Nguyen always dreamed of building the Hyundai for Vietnam so he came back from the States after doing his doctorate and started Selex with 2 of his friends
The company wants to build a comprehensive ecosystem for electric bikes to promote the adoption of green transportation in SEA

🔋How it works?

Selex’s flagship electric two-wheeler (E2W) vehicle, Selex Camel has claimed to be the first and most optimal E2W in SEA
- Swap batteries for a 150km range in just 2 minutes
- Helps users save 35% on fuel and 50% on maintenance costs
- Has a max load of 225kg
- Manage the E2W, battery pack and swapping station in one app
The company has a very robust batter-swapping station
- Designed to be compact with an energy density three times higher than conventional batteries
- Has a cycle life of up to 2000 charge-discharge cycles
- Compatible with 70% of existing electric motorcycles
Selex's products are used by regional delivery aggregators such as Grab and Lazada

💰 Funding

Selex Motors recently gained USD 3 million in funding to expand its production lines and set up battery-swapping systems
The funds have come from ADB Ventures, Touchstone Partners and two foreign investment funds
ADB Ventures also made a USD 200,000 grant to Selex with an option to make an equity investment.

SEAppets ⛵

1. Indonesian President Joko Widodo expressed his ambition to promote the growth of the country's electric vehicle industry at the Hannover Messe trade fair. The government incentivizes EV adoption with reduced value-added tax and a subsidy program worth nearly USD 110 million, with a goal of 200,000 e-motorcycles, 35,900 electric cars and 50,000 motorcycles converted to EVs by 2023.

2. South Korean-based food delivery service, Baemin, has launched its beauty brand, Lazy Bee, in Vietnam. Products are currently only available in Ho Chi Minh City. Baemin is part of the unicorn Woowa Brothers and it has 12% of the market share in Vietnam’s food delivery market.

3. The International Finance Corporation (IFC) of the World Bank Group has opened an office in Malaysia to support its sustainable and inclusive economic growth. They have staff on the ground and will work with the private sector to help Malaysia achieve its ambitions.

4. ZEBOX, a global accelerator network founded by shipping conglomerate CMA CGM, launched its APAC headquarters in Singapore yesterday. The headquarters is backed by Enterprise Singapore, the Maritime and Port Authority of Singapore, and industry partners. ZEBOX has incubated 100 startups and raised USD 235 million in funding and focuses on operational efficiency, decarbonization, workflow automation and the future of work. The launch was supported by the Maritime and Port Authority of Singapore, with the goal of anchoring more marine tech startups in Singapore.

5. Seventeen family businesses in Southeast Asia have been included in the EY and University of St.Gallen Family Business Index 2023, which ranks companies by revenue. These businesses have hired 850,000 individuals and have an average board member age of 62. Companies from the Asia Pacific region have increased their share of the index since 2015 and their combined revenue has surpassed the USD 1 trillion mark. Globally, family businesses are generating 8.02 trillion in revenue and providing jobs to 24.5 million people. India made the first entry into the top 10 largest companies in the index. Additionally, 76% of family businesses are over 50 years old and 23% of board seats are held by family members.

SEA Deals 💰

1. Banpu NEXT, a subsidiary of Banpu, is investing in Oyika, a Singapore start-up that provides battery swap solutions and battery-as-a-service (BaaS). This will help Oyika to expand its network of battery swap stations, reducing the barriers to electric vehicle (EV) adoption and lowering carbon emissions. The investment will also help Banpu NEXT to support Oyika in expanding its footprint in Thailand and Southeast Asia while integrating Oyika’s solutions for logistics and transportation into its e-Mobility business.

2. Virta, a Finland-based provider of electric vehicle charging services, has raised USD 93.8 million. The funds will be used to expand the company's charging services in Europe and the Asia Pacific by 2025. The company plans to introduce its smart-charging capabilities in Asian markets this year and has partnerships with EVolt Technology in Thailand and VSD Automation in Malaysia.

3. Cosmose AI, a global platform connecting offline and online shopping to create better experiences for shoppers, has received a strategic investment from NEAR Foundation at a USD 500 million valuation. The investment will allow Cosmose to develop Web3-driven innovations, such as its own cryptocurrency "Kai-Ching" and AI-driven recommendations to benefit shoppers and retailers.

4. US-based a16z Crypto has joined a consortium of investors in backing a USD $13.8 million raised by Philippine startup Yield Guild Games (YGG). YGG will use the funds to continue the decentralised development of its gaming network and ecosystem. YGG supports the competitive Web3 esports scene and provides capital to gamers to buy characters in blockchain games. YGG Southeast Asia has also raised USD $15 million in two rounds of funding. DWF Labs, an investment firm, will provide YGG with long-term support.

Ok, there’s something I need to admit: This newsletter is NOT free.

Yes, we lied. If you want to keep getting this newsletter for free, as a gentlemen’s agreement and ladies understanding, you have to share it with your friends. The more people know about it, the more motivated we are to bring you the best content.