Selex raises $3mln in investment round
Local electric two-wheeler and battery manufacturer to use the new funds to help it expand production lines in Vietnam and the region.
The Selex Smart Electric Vehicles JSC (Selex), a Vietnamese electric two-wheeler vehicle and battery pack manufacturer, recently raised $3 million in a convertible note investment round. Joining the fundraising were investors such as ADB Ventures, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.
The funds will be used to expand its electric two-wheeler production lines and support sales while setting up battery-swapping systems in major cities around Vietnam. Selex also plans to use part of the capital for regional expansion. “This investment will provide us with a strong foothold in Vietnam and a platform for our expansion into other parts of the region,” said Mr. Nguyen Huu Phuoc, CEO of Selex.
According to Ms. Suzanna Gaboury, Director General of the ADB’s Private Sector Operations, the electrification of road transport will have a profound impact on the automotive manufacturing and logistics sectors in Southeast Asia. “We are proud to have been part of Selex’s journey from the very beginning, and look forward to helping it to become an important regional player in the sustainable transport market in the years to come,” she said
Mr. Phuoc also noted that the replacement of gasoline-powered motorbikes with electric motorbikes in last-mile transport will help reduce carbon emissions by an estimated 50,000 tons by 2025.
Established in 2018, Selex specializes in producing electric two-wheelers and swappable battery packs that are purpose-built for large applications, including last-mile cargo delivery. Selex’s existing clients include regional delivery aggregators, such as Lazada and Grab, which require a single solution provider that can facilitate their transition to a cost-effective and reliable electric vehicle (EV) fleet with charging infrastructure to support their operations.
In addition, the firm’s electric two-wheeler vehicles are designed for high-usage applications. It also has a battery-swapping solution that enables users to charge their EVs for up to 150 kilometers of travel in under two minutes.
