South-east Asian investors bullish on electric bikes, clean energy in 2024

The growing climate tech sector is expected to stay resilient, even as other startups face a funding winter.

Sharanya Pillai

Published Mon, Dec 11, 2023 · 05:00 AM

Electric vehicles

TWO-WHEELED electric vehicles (EVs), sustainable agriculture and renewable energy are among the big themes in climate tech that South-east Asian investors are looking out for in 2024.

Investor interest in climate tech – or technologies that address carbon emissions and the impacts of climate change – has been growing over the past five years (see chart). In 2023, there were 15 such deals in the region worth US$156.6 million, according to startup data platform Tracxn.

The largest deals include the fundraisings of three companies involved in electric two-wheelers: Indonesia’s Alva, which raised US$50 million; Maka Motors, which raised US$37.6 million; and Singapore’s Ion Mobility, which raised US$18.7 million.