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Indonesia's Indika, others to put $16m into IMG's EV business

Total 2023 development outlay on Alva two-wheeler pegged at $17.8m

Nickel-rich Indonesia has big ambitions to become a global EV production hub. (Source photo by Getty Images, logos from Indika Energy and Alva's websites)

JAKARTA -- Indonesia-listed Indika Energy and other investors are looking to allocate around $16 million to Ilectra Motor Group (IMG), manufacturer of electric two-wheeler brand Alva One, to support expansion plans, a top executive said.

IMG is a joint venture between Indika Energy and venture capital investors Alpha JWC Ventures and Horizons Ventures.

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