Asia's EV Race: Selex Motors raises $3 million from ADB Ventures, Schneider Electric Energy Access Asia and others

Accelerating the fastest growing EV ASEAN nation to effectively reduce carbon footprint of the last mile transportation segment.

SINGAPORE, April 24, 2023 /PRNewswire/ -- Hanoi-based Selex Smart Electric Vehicles JSC (Selex Motors) is making waves in the electric vehicle (EV) and battery pack manufacturing industry in Vietnam and is currently in a US$ 3 million convertible note investment round with ADB Ventures - Asian Development Banks's venture arm, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.

Through this round, the fund will be utilized to expand production lines and support vehicle sales while setting up battery-swapping systems in key cities in Vietnam, solidifying Selex's position as the nation's first and largest shared battery-swapping network provider.

"The unwavering support reaffirms our common goal of combating climate change and provides an important boost to our business. Through this round's investment, we are looking forward to establishing a strong foothold in Vietnam and building a foundation for regional expansion" said Selex Motors Chief Executive Officer, Dr. Nguyen H.P. Nguyen.

Selex's flagship electric two-wheeler (E2W) vehicles are designed for high-usage applications with its own battery-swapping solution allowing users to replenish the energy for up to 150 km in under two minutes, a key enabler for EV adoption in commercial activities. Furthermore, this model has a 50% load capacity improvement compared to existing alternatives, and the electric powertrain reduces maintenance and fuel costs by over 30%, consequently lowering overall logistics costs for corporate fleets and increasing the net income of deliverers.

"By displacing gasoline-based 2-wheelers with E2Ws in last-mile logistics fleets, Selex's growth will naturally mitigate carbon emissions which our sources estimate up to 50,000 tons by 2025," he added.

Selex is a first of its kind to develop from scratch an optimal electric ecosystem for last-mile transportation to reduce the operation costs and impact of the logistics industry. The company also holds a significant Intellectual Property (IP) portfolio consisting of 10 patents, 5 designs, and 4 trademarks — incubated at its in-house research and development facility.

"The electrification of road transport will have a profound and transformative impact on the automotive manufacturing and logistics sectors in Southeast Asia. We are proud to be part of Selex's journey from the very beginning and look forward to them becoming an important regional player in the coming years," said ADB Ventures Investment Specialist Charles Cole Navarro.

The EV sector is gaining massive traction in Asia and the Pacific with an estimated valuation of over US$ 777 billion in 2027, registering a CAGR of 19.1%, while the Vietnamese market for E2W is the biggest and fastest growing among ASEAN nations and is also the second largest globally. With petrol-powered two-wheelers being one of the largest sources of greenhouse gas emissions in major cities, electrification will greatly benefit high-usage applications such as last-mile transport to minimize carbon footprint.

"We are thrilled to back Selex Motors in this latest round. With Vietnam widely regarded as the center of the motorcycle industry in Asia, we are convinced of the huge impact on decarbonization that Selex creates by bringing cleaner energy into transportation, as well as providing strong financial incentives for corporate partners and riders to make this switch to electric scooters. We are extremely excited to join forces with ADB Ventures, Touchstone, and Sopoong in supporting Vietnam's EV ecosystem and Selex's journey for sustainable mobility," said Gilles Vermot Desroches, President of Schneider Electric Energy Access Asia.

As Selex continues to work towards its mission, Selex invites like-minded corporate partners to join in the effort. For more information, visit www.selex.vn. 

About Selex Motors

Based in Hanoi, Selex Motors is a pioneering startup in electric vehicles in Southeast Asia. The company was co-founded in 2018 by three co-founders, including two Ph.D. graduates in Mechanical Engineering from the University of Michigan in Ann Arbor, who decided to return to their home country to make an impact.  Selex Motors aims to accelerate the transition to green transportation through a proprietary and innovative ecosystem for electric two-wheelers. Selex Motors currently focuses on applying its solution in the fast-growing segments of last-mile transport in Vietnam, with a plan for regional expansion in the near future.

SOURCE Selex