Collaborative Support for Decarbonization: Twin Towers Venture Joins Rigel Star Fund Invest in Volta (PT Energi Selalu Baru)

Twin Towers Ventures (TTV) and Rigel Star Fund are jointly…
Ops Team
December 7, 2023

Twin Towers Ventures (TTV) and Rigel Star Fund are jointly investing in the decarbonization efforts of VOLTA, a leading Indonesian electric motorcycle and infrastructure company. VOLTA, under its parent company PT Energi Selalu Baru (ESB) and the MCASH Group, has made strides in the electric mobility sector, with achievements such as partnerships with AstraZeneca, rent-to-own services, and over 3 million battery swap transactions. ESB's commitment to clean energy aligns with the Indonesian government's goals.

This investment, facilitated by Rigel and TTV, is ESB's first early-stage investment round and is expected to boost its mission. Rigel specializes in fostering the growth of regional tech companies in Southeast Asia and India, while TTV, the investment arm of PETRONAS Ventures, focuses on technology companies in the energy transition and mobility space across the Asia Pacific, Australia, New Zealand, Middle East, and North Africa. The collaboration brings financial strength, expertise, and a shared vision for sustainable transportation.

ESB's ecosystem extends beyond electric motorcycles, encompassing technological solutions, battery-swapping infrastructure, and a robust in-house digital platform as part of the MCASH group. With over 350,000 distribution points, including major retail connections, ESB aims to expand its reach throughout Indonesia. This comprehensive approach emphasizes their dedication to building a high-quality environment and providing an unparalleled experience for customers and partners.

Fariz Ali, CEO of TTV, expressed his excitement. “We are thrilled to collaborate with Rigel and support ESB to revolutionize the electric motorcycle industry in Indonesia, one of the largest 2-wheeler markets globally. This partnership signifies our commitment to a decarbonized world and our belief in the significant impact ESB can have on the future of mobility.” 

Abraham Theofilus, President Director of NFC Indonesia Tbk, stated “NFCX continues to strive for the best possible solutions for our customers along with our partners. TTV’s and Rigel Star’s investment will provide us with the necessary fuel for our subsidiary, ESB, to expand its infrastructure, enhance its technology, and accelerate market penetration. The upcoming change is upon us and we're all excited to be at the forefront of this transformation”.

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