Selex Motors raises $3 million from Asian Development Bank And Others

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.

Selex's flagship electric two-wheeler (E2W) vehicles are built for high-usage applications, with its patented battery-swapping system allowing customers to recharge for up to 150 km in less than two minutes, a crucial enabler for EV adoption in commercial activities. Furthermore, when compared to existing alternatives, this model offers a 50% increase in load capacity, and the electric powertrain saves maintenance and fuel expenses by more than 30%, cutting overall logistics costs for corporate fleets and increasing deliverers' net profitability.

Selex is the first company of its kind to create an optimum electric ecosystem for last-mile transportation from the ground up in order to minimise the logistics industry's operating expenses and effect. The company also has a substantial Intellectual Property (IP) portfolio that includes 10 patents, 5 designs, and 4 trademarks that were developed in-house at its research and development facilities.

"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.