Vmoto Limited (ASX: VMT) announced that it had signed a strategic technology and investment agreement with Charged Asia Pte. Ltd, which holds 100% of PT Industri Charged Mobilitas and PT Charged Tech Indonesia, a scale-up electric motorcycle technology company in Indonesia dedicated to delivering sustainable mobility options and Electric Vehicle as-a-service (EVaaS) to Indonesian customers.
Pursuant to the agreement, the company will invest up to US$3 million (approx. AU$4.5 million) through credit offsets on batteries and electric vehicles delivered from Vmoto to Charged Asia or its affiliates over three years. In return, Vmoto will get equity of 8% in Charged Asia, which presently has an investment value of US$38 million. In addition, Vmoto will also act as a primary technology partner of Charged Indonesia, providing all essential technical support to Charged Indonesia in relation to electric motorcycle products.
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