Hong Kong-based electric vehicle maker Cleva recently received funding of US$600,000 from Choco Up.
Singapore, TechnoBusiness SG ● Clean Vehicle Solutions (Cleva), an electric vehicle company based in Hong Kong, on Wednesday (1/9) announced that it has received funding of US$600,000.
The funding comes from Choco Up, Asia’s leading revenue-driven growth and financing platform. The funding aims to support Cleva to make decarbonization a success in Asia.
The funding increases working capital and strengthens the ammunition in realizing Cleva’s ambitions in the industry. Moreover, Asia is a major center for the manufacture of electric vehicles and their components in the global market.
Based on data from UBS Global Wealth Management, domestic electric vehicle sales in Asia’s four largest car markets, namely China, India, Indonesia and Japan, will grow to more than 20 million by 2030.
That growth is an opportunity for Cleva. The Cleva team, led by founder and CEO Robin Hughes, has decades of experience converting to designing vehicle operating systems.
Hughes himself has spent the last 20 years in the alternative fuel industry and working on the CleanAir public transport program in Southeast Asia.
Its current goals include delivering electric passenger transport vehicles to the Asian public transport market while achieving optimal application, access and affordability.
Percy Hung, co-founder and CEO of Choco Up, said that his company provided significant non-dilutive capital for Cleva’s growth. “We are excited to partner with Choco Up,” said Hughes.●
—Michael T. Kheilton, TechnoBusiness SG ● Photo: Cleva
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