Emerging and Growth Markets | March 31, 2022

New Energy Nexus makes four investments in Indonesia’s clean energy transition

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, March 31 – NEX supports clean energy entrepreneurs with funding, acceleration and network building. California-based organization backed energy efficiency startup Synergy Efficiency Solutions, e-mobility venture SWAP Energy, and solar startup Xurya through its Indonesia-focused venture fund.

Energy efficiency startup Synergy Efficiency Solutions helps businesses curb energy waste by designing, financing and implementing energy-saving tricks. NEX co-invested with SEACEF.

E-mobility venture SWAP Energy is developing a network of battery-swapping stations for electric motorcycles in Indonesia’s cities.

NEX invested in the $21.5 million Series A round for solar startup Xurya alongside Schneider Electric, Saratoga and electric-vehicle fund East Ventures.

Green transition

Indonesia is “still heavily dependent on fossil fuels,” said NEX’s Diyanto Imam. “By empowering clean energy startups we will be able to stimulate the investment climate, accelerate the clean energy transition, and create green jobs.”

NEX has backed 16 startups through its Indonesia-focused venture fund, which is supported by Ikea Foundation.

The organization also offers funding for entrepreneurs to develop and test business ideas and prototypes through its Smart Energy Grants program. Its latest grant went to Powerchain to test a smart LED product for street lighting.