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Seraya Invests in Rapid EV Charging Network

Astrid to invest in build rapid electric vehicle charging network to accelerate transport decarbonization

May 4, 2022 at 6:00:00 AM

Seraya Partners, via its fully owned portfolio company, Astrid Renewables Private Limited (“Astrid”), entered into a binding agreement to acquire an initial portfolio of 150 operating EV charging points from existing vendors. Astrid plans to use the platform to roll out an additional 20,000 EV chargers in Taiwan over the next 5 years.

Astrid’s investment will help Taiwan catalyse the adoption of electric vehicles and realise its 2040 target of converting all internal combustion engine (“ICE”) passenger cars and motorcycles into electric vehicles.

For its first investment, Astrid will target the motorcycle segment in Taiwan. There are more than 14 million motorcycles in Taiwan today accounting for 63% of all motor vehicles in Taiwan[1]. With only 3% of EV penetration, Taiwan’s electric motorcycle segment is an unsaturated market primed for growth. The Taiwan government already announced plans to increase the share of new electric motorcycles to 35 per cent by 2030 and 70 per cent by 2035. All new passenger cars and motorbikes must be zero-emission at the tailpipe by 2040.

“The future of transportation is electric. Astrid is essential to the deployment of EV charging infrastructure across Asia, a prerequisite for enabling mass adoption of EVs. We are excited about Seraya’s role to play its part in decarbonizing the transportation sector and driving the transition towards net zero in Taiwan and other Asia markets,” commented James Chern, Chairman and Managing Partner of Seraya Partners.

Astrid has partnered with leading local electric vehicle and charging infrastructure technology companies Kaison Green Energy Technology and Energy Moana. Leveraging their leading technology and manufacturing expertise, Astrid’s EV chargers can deliver a full charge to motorbikes and scooters in 6 to 15 minutes. This fast charging capability will be crucial in incentivising end-consumers to transition faster to electric vehicles.

[1] Taiwan Ministry of Transportation and Communication Statistics

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