Electric battery startup Oyika is about to enter Vietnam

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.

Electric battery startup Oyika is about to enter Vietnam

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

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.

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.

Electric battery startup Oyika is about to enter Vietnam

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

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.

Source: ndh.vn – Translated by fintel.vn

News Related

OTHER NEWS

Energy company of VNDirect Chairman and his wife raised 300 billion VND of bonds in a week

Within a week, Bac Ha Energy JSC of VNDirect Securities Chairman has continuously mobilized 300 billion dong of bonds to supplement company capital. On April 15, Bac Ha Energy Joint Stock Company, the… Read more »

LienVietPostBank’s Q1 profit double that of same period last year

By the end of March 31, 2021, LienVietPostBank’s total assets reached more than 245,200 billion, an increase of over 20% over the same period last year. Capital mobilization from economic organizations and individuals… Read more »

Pyn Elite Fund sold millions of shares, reducing ownership in CEO Group

Pyn Elite Fund sold 2 million CEO shares, reduced its ownership in CEO Group to 14.6% and earned about 25 billion. Pyn Elite Fund announced to have completed the sale of 2 million… Read more »

Report on Vietnam’s Provincial Competitiveness Index 2020

The PCI has been jointly developed by the Vietnam Chamber of Commerce and Industry (VCCI) and the United States Agency for International Development (USAID) since 2005 to assess the quality of economic governance,… Read more »

Stock market April 16: Bluechips plummeted, VN-Index lost 1,230 points

Negative sentiment continued in the afternoon so the market was dominated by red, the VN-Index lost more than 18 points. As of 13h45, the VN-Index decreased by 18.51 points (1.48%) to 1,228.74 points;… Read more »

USD price jumped again in free market

In the session of April 15, the central rate was listed by the State Bank at 23,200 VND / USD, a sharp decrease of 17 VND compared to the previous session. The buying… Read more »

VietinBank’s shareholder meeting: Profit plan of 16,800 billion VND, dividend of 5% in cash, maximum 17.7% in stock

VietinBank sets a private profit target which is expected to reach VND 16,800 billion by 2021. At the AGM, the bank will submit to shareholders the plan of 5% cash dividend and stock… Read more »

Claim ratio low, Vien Dong Insurance still has thin profit, negative cash flow

Vien Dong Insurance Joint Stock Company (OTC: VASS) has just announced the audited 2020 financial statements with rather bleak business results. Accordingly, the business located in the ecosystem of Ms. Do Thi Kim… Read more »

Citigroup to exit consumer banking in Vietnam

The move is part of the bank’s strategic decision to direct investments and resources to businesses with the greatest scale and growth potential, it stated, adding its main markets will include Singapore, Hong… Read more »

OCB’s Q1 profit increased by 15%

The bank achieved VND 1,275 billion of pre-tax profit, up 15% compared to the first quarter of 2020, equivalent to 23% of the planned 2021 expected to be submitted to shareholders. The Board… Read more »

Recommended stocks April 16: HSG, DHG and NKG

VCSC: March business results HSG exceeded expectations Viet Capital Securities Company (VCSC) said that Hoa Sen Group (HoSE: HSG) has just reported positive March business results, with revenue of VND 4,500 billion and… Read more »

Stock April 16 through technical ‘prism’

Securities company Positive Neutral Negative AseanSC X BVSC  X KBSV X PHS  X VDSC X YSVN X The seller is temporarily dominating (Asean Securities Company – AseanSC) On the daily chart, VN-Index appeared… Read more »

The PAN Group - From circular economy to sustainable development

Nguyễn Thị Trà My, CEO of The PAN Group HÀ NỘI — The amount of resources currently exploited is four times more than it was half a century ago, according to the 2019… Read more »

Stay Fit, Stay Active 24/7 in Quarantine @ Dorsett Wanchai

“One of the best mid-range quarantine hotels in Hong Kong” by Discovery, Cathay Pacific, “Best Quarantine Hotel in Hong Kong – Silver” by Expat Living’s Readers’ Choice Awards 2021 HONG KONG SAR –… Read more »

VIETNAM BUSINESS NEWS APRIL 15

Deposits at banks modest due to low interest rates A person arranges stacks of Vietnamese banknotes. Capital has been poured into other sectors rather than banks due to their low deposit rates Low… Read more »

Vietnam s Pangasius exports increase by 0 6 in first quarter of 2021

Vietnam’s Tra fish (pangasius) exports during the first quarter of the year recorded an increase of 0.6% to $336 million compared to the same period from last year, according to the Vietnam Association… Read more »

LG Electronics Vietnam says not sell its Hai Phong plant

LG Electronics Vietnam says it will only stop the phone production line at its Hai Phong plant It’s correct that LG Hai Phong will stops running its smartphone production line, but other lines… Read more »

Blue-chip stocks behind VN-Index decline

Investors watch stock prices at a securities company in HCMC. The VN-Index drops 8.62 points, or 0.69%, to close at 1,247.25 points today, April 15 – PHOTO: TRAN NGOC LINH HCMC – The… Read more »

Teledyne e2v Enables Cutting-Edge Many-Core Processors to Meet Aerospace Challenges

GRENOBLE, FRANCE – Media OutReach – 15 April 2021 – To satisfy demands from customers in the avionics and space sectors, Teledyne e2v is now in a unique position to supply fully-qualified QorIQ® T4240 processors with tin-lead (SnPb) finishing.… Read more »

VP Bank appoints Pamela Hsu Phua as CEO of VP Bank Asia and reinforces its commitment to expanding its Asian franchise

BEIJING, CHINA – Media OutReach – 15 April 2021 – VP Bank announces the appointment of Pamela Hsu Phua as CEO of VP Bank Asia, effective 1 July 2021, pending approval by the… Read more »

Asia rice-Indian rates dip, Vietnam prices touch 5-month low

India’s rice export rates dipped this week on a weaker rupee, with exporters worried that upcoming shipments could be impacted by a worsening coronavirus situation, while Vietnamese prices fell to a five-month low… Read more »

VietinBank Securities bags $90 million syndicated loans from international banks

International lenders signing the credit facility to support VietinBank Securities VietinBank securities has received additional funding support with the recent signing of $60 million of syndicated loans, following a $30 million facility just… Read more »

Thai Nguyen establishes three industrial clusters worth VND1.2 trillion

Chairman of People’s Committee of Thai Nguyen province Trinh Viet Hung grants the certificate on the establishment of three industrial clusters to SAIGONTEL. (Photo: giaoducthoidai.vn) NDO – The People’s Committee of Thai Nguyen… Read more »

Traffic chaos on HCM City streets following heavy rain

Many streets in Ho Chi Minh City have been seriously flooded following heavy rain, causing traffic congestion on Friday morning. People travel on a flooded street in Go Vap District on April 16… Read more »

NTUC LearningHub Survey: Despite More Employers Seeing the Importance in Training in the Wake Oo Covid-19, Not Enough Is Being Done to Upskill Workers

Since the pandemic started, more employers agree that training will help employees be more resilient (93% in 2021 vs 84% in 2020). However, only 62% are currently training or intend to train their… Read more »

CPA Australia: Mainland Chinese small businesses show strong confidence in growth

Most Mainland Chinese small businesses have or expect to recover from COVID-19 in 2021. Sixty-four per cent of small businesses expect their revenue to grow in 2021. Forty-two per cent of small business… Read more »

Vietnam to become hotspot for high-tech investment

With its great potential, Vietnam will soon become a leading digital economy over the next decade NDO – With expectation to develop into a leading digital economy in Southeast Asia over the next… Read more »

Korean firms look to invest in auto parts industry in Vietnam

Participants at the seminar (Photo: VNA) Hanoi (VNA) – Many businesses from the Republic of Korea (RoK) are looking to connect and get more information about the Vietnamese market as well as investment… Read more »

Vietnam’s exports to EU reach nearly $5 billion thanks to EVFTA

The MoIT said efforts to capitalize on FTAs have resulted in significant outcomes, helping to achieve fast and sustainable export and gradually reduce the dependence on single or certain markets. Certificates of origin… Read more »

Hai Phong aims to attract 1.5 billion USD in FDI in Q2

Illustrative image (Source: VNA) Hai Phong (VNA) – The northern port city of Hai Phong targets 1.5 billion USD in foreign direct investment (FDI) in the second quarter of 2021, according to head… Read more »

HCMC transport authorities want $1-bln ring road sections approved this year

The two are among four sections of the key 90-kilometer road which will pass through the southern provinces of Binh Duong, Dong Nai and Long An. One of them is the 19-kilometer Binh… Read more »

Hanoi Stock Exchange to stop listing new stocks from July 2023

Starting from July 1, 2023, the Hanoi Stock Exchange (HNX) would stop listing new stocks and all existing listed companies will switch to the Ho Chi Minh City Stock Exchange (HoSE) by December… Read more »

Digital transformation to drive businesses' economic growth

Digital transformation and e-commerce continue to drive the economic growth in Vietnam in 2021, creating opportunities for local companies to develop new business models, local experts said at the forum on digital economy… Read more »

Hoa Sen reports 217 pct increase in profits

A view of the Hoa Sen steel plant . Photo by VnExpress/Thuy Dung. Its revenues were worth VND4.5 trillion, a 42 percent rise from the previous month. It attributed the increase in profits… Read more »

VNG reports 57 pct fall in profits

VNG Campus in HCMC’s District 7. Photo courtesy of VNG. Its revenues were however 16.3 percent up at VND6 trillion. It attributed the fall in profit to the VND670 billion loss of its… Read more »

Financial markets leaning towards cryptocurrency

Although, cryptocurrency may not become an official medium of exchange in the near future due to several risk factors and high volatility, the trend cannot be ignored. Illustrative photo Gaining popularity Cryptocurrency, also… Read more »

Restaurant chain operator Golden Gate’s profit plummets

It posted VND4.5 trillion in revenue, down 5 percent year-on-year, according to its financial statement. Golden Gate attributed the plunge in profits to the Covid-19 pandemic, which forced the company to temporarily close… Read more »

From manufacturing to retail: Japanese investors’ appetite in Vietnam sees shift

Food company Meiji recently announced the establishment of Vietnam operations with a charter capital of JPY200 million (US$1.8 million) to import and sell infant formula. Vietnam has around 1.5 million births a year,… Read more »

Vietnam's manufacturing PMI hits 53.6 points in March

(Source:VNA) VNA Read more »

Q1 / 2021: OCB achieved 1,275 billion dong in pre-tax profit

This is a positive result in the general context of the whole banking industry achieving feasible credit growth in the first quarter of the year, leading to an increase in profits. OCB plans… Read more »

Mechanism that makes Railway Corporation ‘pushed to the end’

More than 3,100 km of railways and more than 1,500 horizontal roads passing through 34 provinces and cities along the length of the country are currently managed by the Vietnam Railway Corporation (VNR).… Read more »

VinFast increases charter capital to nearly 42,500 billion VND

VinFast has just increased its capital by VND 4,481 billion to raise its charter to VND 42,497 billion.Vingroup is the parent company holding more than 51.52% of VinFast’s capital.Vingroup is considering raising capital… Read more »

LDG Investment: Only 38% of shares with voting rights attended, 1st General Meeting of Shareholders was unsuccessful

(ĐTCK) According to the announcement from the Organizing Committee of the 2021 Annual Shareholders’ Meeting of LDG Investment Joint Stock Company (LDG – HOSE), as of 15:30 on April 15, 2021, the number… Read more »

Mr. Dang Van Thanh’s son joins Gia Lai Electricity Board GEC

Mr. Dang Huynh Anh Tuan, son of businessman Dang Van Thanh, Chairman of TTC Group, was nominated for Gia Lai Electric Board when two members of the Board of Directors will be dismissed… Read more »

Find solutions to develop domestic tourism

Chiều 15-4, tại Ninh Bình, Tổng cục Du lịch (Bộ Văn hoá, Thể thao và Du lịch) phối hợp với Hiệp hội Du lịch Việt Nam, Sở Du lịch tỉnh Ninh Bình tổ… Read more »

General Director of Pacific Airlines is Deputy General Director of Vietnam Airlines

Vietnam Airlines has just appointed three more deputy general directors, bringing the total to 6 people. A321Neo aircraft of Vietnam Airlines at Noi Bai. (Photo: Duc Quyen). The Board of Directors of Vietnam… Read more »

Why Hoa Phat import millions of tons of coal instead of using domestic coal?

Domestic coal is mainly thin coal, not suitable for the metallurgical industry. Therefore, Hoa Phat imports coal from abroad, mostly Australia. Harmony ship completed the first trip, carrying 80,000 tons of coal to… Read more »

Race for galvanized steel sheet market share: Hoa Sen consolidates top position, Hoa Phat accelerates

Các tên tuổi lớn trong ngành tôn mạ như Tập đoàn Hoa Sen, Tập đoàn Hòa Phát và Thép Nam Kim đều gia tăng thị phần trong quý I/2021. Hòa Phát tiêu thụ… Read more »

Role as global manufacturing hub to fuel Vietnam’s growth: Oxford Economics

Illustrative image (Source: VNA) Hanoi (VNA) – The UK’s forecasting and quantitative analysing company Oxford Economics has given positive assessments on Vietnam, highlighting the rising role of the country in the global manufacturing… Read more »

COVID-19 containment contributes to Vietnam’s upgraded outlook: Fitch Ratings

Illustrative image (Source: VNA) Hanoi (VNA) – Strong export growth and a successful campaign to contain the spread of COVID-19 have supported Vietnam’s economy through the pandemic and allowed the government to adopt… Read more »