Alva Motor Sukses Collects IDR 760 Billion Funds To Encourage Progress Of Electric Vehicles In Indonesia

JAKARTA - PT Ilectra Motor Group (IMG), the brand holder of Alva Motor, has successfully completed series B funding which includes all previous investors led by Horizon Ventures.

In this funding round, there was participation from investors such as HH-CTBC Partnership L.P., Foxconn Co-GP Fund, and Brama One Ventures. The total funds raised reached 50 million US dollars or around IDR 760 billion.

The funds raised from Series B will be used to develop Alva Motor products and expand their service network to cover all consumers in Indonesia. This step is expected to accelerate the growth of electric vehicles in the country.

Purbaja Pantja, President Director and CEO of PT IMG, stated that Alva is always committed to providing high-quality products that can be adjusted to the needs of Indonesian consumers, including aspects of performance, reach and safety.

"Meanwhile, at the same time, we will improve and redefine customer experience as we expand our scope throughout Java and Bali in 2023." Pantja said in a statement, Monday, August 21.

Although new players in the Indonesian electric vehicle market, PT IMG has focused on developing electric two-wheeled vehicles and its supporting ecosystem. They have built manufacturing facilities in Cikarang, West Java, which have been operating since late 2022 with a production capacity of 100,000 units per year.

Selain itu, Alva Motor telah menyediakan layanan penjualan dan purnajual di beberapa lokasi, termasuk Alva Experience Center di SCBD, Jakarta, dan Alva Studio di Mall Bali Galeria, Bali.

During its existence in the Indonesian electric vehicle industry, Alva Motor has launched two electric motorcycles, namely Alva One and Alva Cervo. Their latest product, Alva Cervo, stands out with adequate design, technology, and performance to meet the needs of motorists in Indonesia.

Alva Cervo is equipped with a 73.8 V 24 Ah (1.8 kWh) battery that allows motorcycles to cover a distance of up to 125 km with a charging time of about 4 hours (for models with two batteries).

The price of Alva Cervo starts from IDR 37.7 million for the one battery variant, and IDR 42.7 million for the two battery variant. These prices apply in the Jakarta area.