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Electric battery startup Oyika is about to enter Vietnam

Oyika Founder and CEO – Lee Jinsi. Photo: Oyika.

According to TechInAsia, Oyika, a Singapore-based startup has raised $ 100 million for its energy-sharing business in Southeast Asia, including Vietnam. However, the startup did not disclose when the fundraising round will end and the identities of potential investors.

Oyika was founded in May 2018 by Lee Jinsi, former Sunseap Group Director in charge of international markets. The startup connects two-wheelers with batteries and a network of battery changers by partnering with local electric motorcycle brands. The company wants to reduce barriers to electric vehicle use in developing countries.

These batteries also have diverse connectivity and are remotely monitored for performance and safety. The system operates via Oyika’s mobile app, allowing the driver to locate nearby battery changers. With the new round of fundraising, Oyika will use this money to deploy 30,000 energy registration packages for battery replacement service with electric motorbikes in Indonesia and expand the market in Vietnam by the end of this year.

Oyika’s electric motorcycle, battery and charging station. Photo: Oyika.

In Indonesia, Oyika is implementing a project to innovate energy sharing services in rural communities to bring electricity to households that do not have access to the national grid. The company is also looking to build and install charging stations for electric vehicles in Singapore. The city aims to gradually phase out gasoline-powered cars by 2040.

According to Oyika’s calculations, the normal charging process for electric motorcycles takes up to 8 hours if charging at home. The company is focused on serving delivery passengers, but plans to expand its customer base to include students, office workers and businesses.

If successful, the solid-state battery will revolutionize the world, providing products other than cars such as laptops, cell phones, drones, self-propelled ferries, … will be a technology that brings great potential, penetrating all areas of life and bringing humanity into a new stage of development.

Globally, batteries remain a major challenge for electric vehicles. Some automakers are aiming for solid-state battery technology to address these challenges. Toyota Corporation (Japan) has invested US$13.9 billion in solid-state battery research and development and plans to commercialize this technology after 2020. Toyota has been testing the first solid-state car since late 2019.

Samsung Corporation (Korea) has created a solid-state battery that allows an electric car to travel distances of up to 800 km on a single charge and this battery has a lifespan of more than 1,000 charges. ProLogium also cooperates with major electric car manufacturers in the world to test new battery technology and is expected to put into operation and mass production from 2023 onwards.

Over the past few years, Volkswagen (Germany), BYD (China), LG (Korea) … have focused much on commercializing solid state batteries. In Vietnam, VinFast is a strong investor in rechargeable battery technology. Recently, VinFast and ProLogium signed a memorandum of understanding on a strategic cooperation in the production of solid state batteries for electric cars. The two sides will establish a joint venture to manufacture solid-state batteries for electric cars in Vietnam.