Horizons leads $50m round for Indonesia EV player IMG

Foxconn and local energy company Indika Energy also participated. Foxconn, also known as Hon Hai Precision Industry, is investing through a joint venture with Taiwan’s CTBC Financial Holding called HH-CTBC Partnership.

Horizons, Foxconn, and Indika are IMG's largest shareholders. They were joined in the Series B by Brama One Ventures, an Indonesian family office with a history in agriculture and forestry.

IMG, also known as Alva, is a joint venture of Horizons, Indika, and Alpha JWC Ventures established in 2021. The two-wheeler business represents Horizons’ and Alpha JWC’s first investments in the EV space. It has been envisioned as both a customer-facing brand and a technology ecosystem supplier with related infrastructure interests.

The company initially raised USD 15m from its joint venture partners, with Horizons and Alpha JWC contributing a combined USD 7.5m and Indika providing the balance. Standard Chartered reportedly invested USD 10m at this time.

IMG’s core vehicle brand is Alva, which launched its first line of motorcycles, Alva One, in the first half of 2022 and its second line, Alva Cervo, last May. The company claims these two models have a leading position in the local two-wheeler EV segment. Production capacity is said to be 100,000 units per annum.

The offering also includes an Alva experience centre in Jakarta, a “studio” dealership in Bali, and an Alva app that allows users to turn their bikes on and off remotely as well as access roadside assistance. There are plans to develop branded charging stations and a fleet vehicle service for businesses.

“With the delivery of superior E2W [electric two-wheeler] products which could only happen with strong market insights and the dedication to improve customer satisfaction through seamless end-to-end CX [customer experience], we firmly believe that Alva will fully capitalize on the extensive market potential in Indonesia,” James Tu, Foxconn’ CIO, said in a statement.

Separately, Foxconn and Indika established a joint venture focused on EVs and batteries called Foxconn Indika Motor (FIM) last September. Much of the impetus for the collaboration stems from the Indonesian government’s goal to get 2m electric cars and 13m electric motorcycles on the road by 2030.

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• Topics
• Southeast Asia
• Cleantech
• Consumer
• Early-stage
• Indonesia
• Horizons Ventures
• Foxconn Technology Group
• Electric Vehicles