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Photo credit: Selex
Selex Motors, a Vietnamese electric vehicle and battery pack manufacturer, has raised a US$3 million convertible note investment round. Joining the fundraise are investors including ADB Ventures, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.
The funds will be used to expand production lines and support vehicle sales while setting up battery-swapping systems in key cities across Vietnam. Selex also plans to use part of the capital for regional expansion, said CEO Nguyen Nguyen.
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.
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