Indonesia’s Gojek inks JV with energy firm TBS to build EV ecosystem

Signing ceremony of Gojek and TBS on Thursday (18/11/2021).

Indonesian major ride-hailing firm Gojek and energy company TBS Energi Utama have formed a joint venture (JV) to start building an electric vehicle (EV) ecosystem in the country as part of efforts to achieve zero carbon emissions by 2030.

The JV, Electrum, will build a comprehensive and scalable EV ecosystem, including two-wheel EV manufacturing, battery packaging, battery swap infrastructure, and financing.

“As part of our initial commitment, we will invest $10 million but within the next five years, we will invest more than $1 billion together to build this industry,” Pandu Sjahrir, TBS vice president director, said in a press conference on Thursday.

Sjahrir said both Gojek and TBS own 50% stake each in the JV.

“We hope that this initiative will be a catalyst for the use of electric vehicles in Indonesia. We hope this will accelerate the adoption of electric vehicles, which needed the ecosystem,” Sjahrir said.

A ride-hailing industry pioneer in Indonesia, Gojek has over two million drivers on its platform catering to hundreds of millions of customers.

Indonesia is targeting to reach net-zero emission by 2060 or sooner. The country has recently signed a landmark pledge at the COP 26 climate summit to phase out the use of coal, its current main source of power, by the 2040s.

“At Gojek, we hope millions of our partners can be a stepping stone for the industry and the electric [vehicle] ecosystem,” Gojek CEO and co-founder Kevin Aluwi said.

According to Aluwi, Gojek will offer financing or credit facility to help its drivers acquire electric vehicles. This offer, according to Gojek’s internal study, is welcomed by its drivers.

With the JV, Gojek will build an EV fleet while TBS will invest in clean and renewable energy.

TBS, which began as a coal company, is making reinvestments from fossil fuel to EV and renewable energy. The company will divest its coal-fired power stations before 2030, it said in a filing with the IDX.

Gojek recently announced an EV and battery swapping pilot programme in Jakarta in a collaboration with Taiwanese battery-swapping electric scooter maker Gogoro, scooter maker Gesit, and state energy firm Pertamina.

Regional rival Grab has also made a similar commitment to reach net-zero carbon emission. The company has begun steps to reach the target, including sealing a partnership with South Korean automaker Hyundai Motor Group as well as ordering 6,000 electric motorcycles from a local manufacturer VIAR in Semarang, Central Java.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.