Singapore start-up Oyika is looking to raise US$100 million ($134.53 million) for its energy-share business in Southeast Asia.
Oyika says the funds raised will go mainly towards fulfilling its order book of 30,000 power subscription plans for the company’s battery-swap service for electric motorbikes in Indonesia.
Part of the funds will also be used for expansion in Vietnam.
Oyika has trialed its battery-swap service in Cambodia and Indonesia via flexible power subscription plans bundled with an e-motorbike.
Under Oyika’s pay-per-use, prepaid weekly, or postpaid monthly plans, a rider can swap his depleted battery for a fully charged one at an Oyika swap station.
Oyika says the process can be done within a minute - much faster than conventionally charging an e-motorbike via a home power outlet, which can take up to eight hours.
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Lee Jinsi, CEO of Oyika, says that Oyika’s mission is to lower the barriers to electric vehicle adoption in developing countries.
“With our subscription plans, the 250 million motorcyclists in Southeast Asia now have the opportunity to switch from their internal combustion engine (ICE) motorbikes to electric models at a lower cost,” he says.
The start-up is also exploring for its battery-swap system to provide electricity to off-grid households in remote parts of Indonesia.
Under its plan, users will be able to connect electrical appliances to a docking system powered by an Oyika battery, which can be swapped once it runs low at a nearby swap station.
In terms of other pipeline projects, Oyika says it is bidding for a contract to build and install charging stations for electric vehicles in Singapore.
