NEFIN Group Partners With E-Mobility Start-Up Oyika To Accelerate EV Adoption In South-East Asian Markets

SINGAPORE – Media OutReach – 5 September 2022 – NEFIN Group (“NEFIN”), Asia’s leading green independent power producer and investor, signed a Memorandum of Understanding (MOU) today with Oyika Pte Ltd (“Oyika”), an electric mobility (“e-mobility”) start-up that builds battery swap and charging infrastructure starting with electric motorbikes (“e-motorbikes”), to drive the adoption of electric vehicle (“EV”) in South-east Asia, including Singapore, Cambodia, Malaysia, Thailand, and Indonesia.

< >Following its commitment to lowering the barriers to EV adoption in South-east Asia since the start-up’s founding in 2018, Oyika offers customers affordable power subscription plans that bundle battery swaps with an e-motorbike, ranging from pay-per-use, to prepaid weekly and prepaid monthly subscription plans. This addresses several pain points for the gasoline to electric transition, such as range anxiety, battery degradation, charging times, the uncertainty of committing to an e-motorbike, and the upfront capital cost. In addition to powering vehicles, Oyika batteries may also be deployed to light up homes in off-grid communities, offering a more efficient alternative to traditional solar home systems.

“First, we make it easier for riders to switch from gasoline to electric. Next, we ensure the source of our electricity is green.” said Jinsi Lee, CEO of Oyika. “We are excited to partner and tap into NEFIN’s green energy technology and infrastructure to set up more battery swap and charging stations in the region.”

Incubated by the Hong Kong Science & Technology Park and within a short span of eight years, NEFIN’s combined portfolio globally includes 3,400MW of utility-scale, commercial, and industrial rooftop solar systems and other renewable energy projects. Being a one-stop turnkey provider to MNCs and Fortune 500 clients across its renewable energy portfolio, NEFIN streamlines the process of going green.

Mr Glenn Lim, CEO of NEFIN Group, shared, “I am proud to say that signing this MOU allows NEFIN to extend its business offerings to e-mobility. Together with Oyika, we will first target the B2B logistics and delivery market, before offering our services to the wider B2C motorbike market.”

E-motorbike brands affiliated with Oyika include Yadea, TailG, Niu and Gesits. Oyika’s mobile application and backend management system turn these two-wheelers into smart bikes. Each petrol motorbike on the road replaced by an e-motorbike saves about one tonne of carbon dioxide equivalent a year, leading to the adoption of e-motorbikes in South-east Asia the fastest means of reducing vehicle emissions.

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