Feb 22, 2020 Show
GrabWheels secures $30 million investment from KYMCO to drive two-wheeler electric vehicle adoption in Southeast Asia
MEDIA STATEMENT - Embargoed till Feb 14,
Southeast Asia’s largest superapp Grab’s New Mobility arm, GrabWheels, announced that it has secured US$30 million of fresh funding from Taiwan’s electric vehicle (EV) leader KYMCO, as part of a strategic partnership to invest in and develop two-wheeler electric vehicle (EV) solutions to accelerate the adoption of EVs in Southeast Asia.
The partnership will enable both firms to jointly explore developing and deploying two-wheel electric vehicles, specifically KYMCO’s Ionex electric bikes, as well as the Ionex EV charging platforms in the Southeast Asian cities where Grab operates. The partnership will also include a research study in which GrabWheels and Kymco will look into how best to develop a shared two-wheel EV service, build electric charging infrastructure, and ensure KYMCO’s EVs meet the licensing requirements across Southeast Asia.
The US$30 million capital injection into GrabWheels is part of its ongoing Series A round.
Chris Yeo, Head of Grab Ventures and New Platform Business, said: “We are proud to partner with KYMCO to invest in and accelerate the EV adoption and infrastructure in Southeast Asia. This joint effort also underscores our commitment to work with strategic partners and local governments to bring about a safer and more environmentally sustainable transport network. We are grateful for KYMCO’s support and conviction in our business strategy and market position to provide more mobility services to our users. The continued support from top-notch strategic partners attests to Grab’s ability to execute and hyperlocal focus to deliver first-to-market innovations.”
"The transition toward electric vehicles is one of the most significant transformations of personal transportation for the next 10 years,” said Allen Ko, Chairman of KYMCO Group, who added: “Accelerating this transition, KYMCO Ionex is the leading EV turnkey solution that empowers all businesses and governments to go electric. This partnership represents the perfect match between the world’s largest two-wheeler transport service, Grab, and the world’s most advanced electric two-wheeler supplier, KYMCO.”
Grab has been steadily expanding its EV ecosystem by collaborating with governments and partners like automakers and electricity providers, to drive up EV adoption. By gaining insights on how to better operationalise and expand EV fleets, Grab can co-develop policies with governments with the aim of making EVs more affordable, thus encouraging driver-partners and fleet owners to adopt EVs.
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