CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Oyika secures investment for e-scooter adoption in Indonesia

By Andreas Ismar

04:31, 23 September 2021

Electric scooter at charging point
Electric scooter being charged – Photo: Shutterstock

Singapore’s start-up firm Oyika, which integrates electric scooters with battery swap services, has secured investment commitment from Microsoft’s Climate Innovation Fund-baked Southeast Asia Clean Energy Facility (SEACEF) to expand into Indonesia.

“The SEACEF investment is the first to fund electric mobility as a service in Indonesia and is the first for SEACEF in the electric mobility sector. It will support Oyika’s growth in the country, where it has a current first-mover advantage with a unique business model that provides Indonesians with affordable options to transition from traditional petrol motorbikes to electric motorbikes at no upfront cost,” it said in a statement on Thursday.

SEACEF estimates there are 138 million two-wheelers in Indonesia that emit nitrous oxide (NOx) as well as CO2.

1000 charging stations planned

“We calculate that if just half of Indonesia’s more than 130 million petrol motorcycles were to convert to electric power, savings of NOx emissions alone – which are 30x more harmful than CO2 – would be the equivalent of closing three coal-fired power plants – or adding more than 15,000 MW [mega watt] of solar capacity,” said Mason Wallick, chief executive of Clime Capital that manages SEACEF’s fund.


0.53 Price
+0.060% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00403


26,513.10 Price
+0.500% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00


14,473.60 Price
+1.250% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 1.8

Oil - Crude

71.12 Price
-1.930% 1D Chg, %
Long position overnight fee -0.0153%
Short position overnight fee -0.0066%
Overnight fee time 21:00 (UTC)
Spread 0.03

Oyika plans to build 1,000 battery swaps and charging stations in Indonesia this year and offer a subscription model similar to that of mobile phones, allowing zero upfront cost options for customers. Starting from as low as $59 a month, customers can bring home a new electric two-wheeler and free battery charging for two years.

Customers buying cash will also receive a free battery charging service for two years, making its cost of ownership 40% cheaper compared with 100-cc petrol motorcycle, Oyika said on its website.

“By offering battery swaps bundled with an electric motorbike via a power subscription plan, much like a telco plan bundling data and calls with a mobile phone, we lower the barriers to EV adoption in Indonesia and Southeast Asia,” said Oyika chief executive Jinsi Lee.

Read more: Electric vehicle (EV) industry analysis: Trends and developments to know

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 535.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading