EV startup Selex Motors raises $3 million to fuel expansion in Vietnam
Selex Smart Electric Vehicles, an electric vehicle (EV) startup based in Hanoi, Vietnam, has raised $3 million in a convertible note investment round that saw participation from ADB Ventures, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.
Selex Motors, established in 2018 by a trio of mechanical engineering graduates, is a trailblazing startup in the domain of electric vehicles and battery pack production in Southeast Asia.
The firm's primary offering is an electric two-wheeler vehicle (E2W) specifically designed for high-use applications, complete with its own battery-swapping solution that enables users to replenish their energy in less than two minutes and cover up to 150 km.
Selex is the first of its kind to create an ideal electric ecosystem from the ground up, intended to reduce operating costs and affect the logistics sector. Additionally, the firm boasts a noteworthy Intellectual Property (IP) portfolio, including ten patents, five designs, and four trademarks, which were developed in-house at its research and development facility.
The company aims to hasten the switch to environmentally friendly transportation by providing a one-of-a-kind, inventive ecosystem for electric two-wheelers, displacing gasoline-based 2-wheelers.
Through this round's investment, it will expand its production lines, support vehicle sales, and set up battery-swapping systems in key cities as part of its broader plan to establish a strong foothold in Vietnam and build a foundation for its regional expansion.
