ASIATODAY.ID, SINGAPORE – Asia’s leading revenue-based financing and growth platform, Choco Up, announced today a US$600K funding partnership with Clean Vehicle Solutions (Cleva).
Headquartered in Hong Kong, Cleva is an electric vehicle (EV) company focused on providing technical, financial & social solutions in the public transport and commercial sectors across developing Asian markets.
Supporting Cleva in its aim of transitioning Asia to a “decarbonised society”, Choco Up’s funding will allow Cleva to boost its growth, marketing and the scale of operations and technology within Asia. This funding will also provide Cleva with increased working capital and strengthen its war chest to crystallise its ambitions in the industry.
Asia is a major hub for the manufacturing of EVs in the global supply chain, and the region’s mature companies and start-ups produce essential components in EVs such as electric motors, batteries and power chargers. According to UBS Global Wealth Management, domestic sales of EVs in Asia’s four biggest auto markets – China, India, Indonesia and Japan – will see growth to over 20 million units by 2030, from two million today.
“We understand the value of investing in a green future. With the negative effects of climate change continuously looming over Asia and the world, we strive to support businesses that champion environmental and social responsibility,” said Percy Hung, Co-founder and CEO of Choco Up.
“Cleva is directly tackling the problem of air-polluting emissions from vehicles with their EVs and also providing backend support to the transport sector. We are excited to help them expand in the region and sow the seeds of a green revolution in the public transport and commercial industry.”
Cleva was established in 2016 to address the lack of action towards climate change by inducing the transport industry to embrace clean energy solutions.
Its range of EVs tackles the increasing challenges of uncontrolled polluting exhaust emissions and complements the goals of regulators to improve the public mobility experience. Cleva also focuses on helping reduce smoke and harmful polluting emissions from all types of vehicular transport in the market.
Polluting emissions contribute directly to increased health concerns that impact the economy. The working population may develop chronic respiratory diseases that can lead to a reduced ability to work. In 2020, The World Economic Forum estimated that air pollution has a US$2.9 trillion economic cost – 3.3% of the world’s GDP.
Cleva’s team boasts decades of experience in the alternative fuel industry. From vehicle conversions to designing vehicle operating systems, Cleva’s knowledge and skill-diverse members are committed to ensuring the success of their green initiatives.
Cleva is led by founder and CEO Robin Hughes who has over 40 years of experience in Transport Economics, International Treasury and structured finance in Europe and Asia. Robin has spent the last 20 years in the Alternative Fuels industry, working on his “CleanAir” Public Transport Programmes in ASEAN.
His current goals include delivering electric passenger transport vehicles to the public transport markets for Asia while achieving optimum application, access and affordability.
“We are delighted to partner with Choco Up,” said Robin Hughes, Founder & CEO of Cleva. “Understanding and sharing our vision of a green future, they are helping us realise our goal of delivering affordable, electric passenger transport vehicles to the public transport market within the region. Choco Up’s platform is simple and the process of funding was swift. We are incredibly grateful to Choco Up for providing us rapid access to non-dilutive capital as we ramp up our efforts to decarbonise Asia, one EV at a time.” (AT Network)