Top 15 Electric Motorcycle Battery Swapping Companies in Southeast Asia (2026)

 

If you are a delivery-fleet operator, a ride-hailing platform, an EV importer, or a government agency evaluating last-mile electrification anywhere from Hanoi to Jakarta to Manila, the practical question is the same one this guide answers: who actually runs battery swapping for motorcycles and scooters at meaningful scale in Southeast Asia — and where?

Southeast Asia's battery-swap market is still fragmented along national lines: Vietnam has the deepest station counts and the most OEM competition; Indonesia has the widest mix of state, ride-hailing, and startup-led networks; Thailand's networks grew out of fuel-retailer and energy-conglomerate startups; the Philippines and Malaysia are newer and smaller but growing quickly through single dominant operators. This guide profiles the 15 companies and joint ventures that anchor that map..

Figures are based on company disclosures, government/NGO project documentation, and third-party business-press reporting, reviewed through September 2026. Southeast Asia's battery-swap operators define "stations," "cabinets," "points," and "swaps" differently, so figures are presented as reported and are not always directly comparable. This is an editorial analysis, not an official industry ranking.

Quick Comparison Table

#	Company	Home Market(s)	Model	Key Scale Figure (2026)	Data Basis
1	Gogoro	Taiwan HQ; Indonesia, Philippines	2W network & platform, regional JV/pilot model	250+ Smartscooters / 4 GoStations pilot scaling toward 5,000 vehicles (Indonesia); B2B pilot with Globe/Ayala (Philippines)	Company-reported
2	Selex Motors	Vietnam	Open fleet-first 2W/3W BaaS	~90 stations since 2023; targeting 300 cabinets by 2026, 3,000 by 2028; VND8,000/swap	Company-reported / media
3	VinFast / V-Green	Vietnam; exporting to Indonesia, Philippines	Closed OEM 2W BaaS	4,500+ cabinets installed (Jan 2026); target 45,000 by Q1 2026, up to 150,000 long-term	Company-reported
4	TMT-EGREEN	Vietnam	OEM subsidiary, licensed swap tech	Nationwide rollout announced July 2025; 5–72 batteries/cabinet	Company-reported
5	Honda Mobile Power Pack e:	Vietnam, Indonesia	OEM dealership-based swap ecosystem	19 authorized dealers (Hanoi, HCMC, Da Nang); EM1 e: swaps in Indonesia	Company-reported
6	SWAP Energi (Smoot)	Indonesia	Vertically integrated 2W BaaS	1,500+ swap points (company claim); 700–800+ independently reported	Company + TP report
7	Electrum	Indonesia	JV: Gojek/GoTo + TBS Energi, w/ Pertamina + Gogoro tech	370+ stations, 6,000+ e-motorcycles by 2025 (TP report)	TP report
8	SGB / Volta (Energi Selalu Baru)	Indonesia	Vertically integrated 2W BaaS; SGB swap network integrated with Volta e-motorcycles	300+ SGB stations; 3.7M+ cumulative swaps; 15,000+ Volta e-motorcycles sold	Company-reported
9	Oyika	Singapore HQ; Indonesia, Malaysia (via RydeEV), Thailand, Cambodia	Brand-agnostic, cross-border BaaS	200+ Indonesia stations; 70+ Thailand fast-swap stations	Company / Wikipedia-sourced
10	Winnonie	Thailand	Bangchak-backed 2W BaaS, now JV with BTS	120+ automated stations, 1,000+ users (Bangkok)	Company-reported
11	ETRAN	Thailand	Delivery-focused 2W battery swapping; ETRAN Power Station network; app-based QR swap, ~4-minute swaps	First ETRAN Power Station at Central Pinklao; Caltex/PTTRM partnership for 20 Bangkok stations; multiple delivery platform partnerships	Company-reported
12	TYCORUN	China; regional deployments incl. Southeast Asia, Africa, Middle East	Full-stack B2B swap supplier (cabinets, batteries, motorcycles, app/SaaS) — not a rider-facing operator	Deployments in 48+ countries; white-label/shared-infrastructure model	Company-reported
13	Voltai	Philippines	AboitizPower-backed 2W BaaS	15 stations (Metro Manila); targeting ~1,000 medium-term	Company-reported
14	RydeEV	Malaysia	Oyika-powered 2W BaaS, Yinson GreenTech-backed	Selected for national MGTC/UNIDO pilot (29 stations w/ Blueshark)	Company + government pilot
15	Blueshark (BMSB)	Malaysia	Petronas JV, 2W BaaS	20 stations, expanding to 50+ by mid-2026	Company-reported

Why Battery Swapping for Motorcycles Is Scaling in Southeast Asia Now

Southeast Asia's battery-swapping market for electric two-wheelers is estimated by Mordor Intelligence to reach roughly US$710 million in 2025 and US$3.03 billion by 2030, a 34.6% CAGR — figures cited by Vietnamese state media covering the sector's 2025–2026 investment surge ^[1]. That growth is concentrated in a region defined by an enormous motorcycle base: Vietnam alone would need roughly 300 million battery units and 500,000 swap cabinets if all 80 million of its petrol motorbikes went electric, according to V-Green's own estimate ^[1]; Indonesia's motorcycle fleet is around 90 million units, the world's third largest ^[2].

Three forces explain why swapping specifically (not just charging) is scaling here:

• Charging time doesn't fit gig-economy and taxi economics. A full charge takes 6–8 hours; a swap takes 1–2 minutes ^[1][10]. For Grab, Lazada, and GoTo/Gojek-affiliated riders, and for Bangkok and Manila motorcycle-taxi drivers, that difference is the whole business case.
• State energy companies are entering directly, which de-risks the model. Indonesia's Pertamina (via Pertamina Patra Niaga) operates its own swap stations at Green Energy Station forecourts ^[18][19]; Malaysia's Petronas has taken a 49% stake in a national swap joint venture with Blueshark ^[49][50];
• OEMs are racing each other into swapping rather than waiting for standards. VinFast, Honda, TMT Motors, and Yadea (via Selex) are all building or piloting competing swap networks in Vietnam simultaneously ^{[8][10][12][16]} — a level of OEM-vs-OEM competition not yet seen at this intensity in India or Africa's swap markets.

For fleet operators and investors, the risk isn't whether swapping works in Southeast Asia — multiple national markets already prove it does — it's that networks are still mostly closed to a single vehicle brand or a single national market, so a fleet operating in more than one Southeast Asian country cannot yet assume interoperability.

How We Selected and Ranked the Companies

We evaluated operators, OEM-led ecosystems, and joint ventures against four dimensions:

1. Live network scale — stations/cabinets actually deployed, not just announced targets
2. Fleet and rider adoption — real use by delivery platforms (Grab, Lazada, GoTo/Gojek, JRS Express), ride-hailing, or motorcycle-taxi drivers
3. Backing and durability — state energy companies, listed conglomerates, or OEM parents that suggest the network will still exist in 2–3 years
4. Geographic and brand openness — whether the network works with more than one motorcycle brand, or is closed to a single OEM's own vehicles

Because Southeast Asia's swap market is organized by country rather than by one or two dominant regional players, we grouped candidates by market and picked the operator(s) that best represent each country's approach, rather than forcing a single continent-wide ranking by raw station count (which would simply reflect Vietnam's head start).

A few judgement calls worth stating directly:

• Why VinFast/V-Green and Selex Motors are both included from Vietnam, rather than picking one. V-Green is the OEM-led, closed-network approach (VinFast vehicles only, but at far larger scale); Selex is the open, delivery-fleet-first approach that now interoperates with Yadea vehicles via its VGX joint venture. They represent genuinely different strategies, not a ranking of better-or-worse.
• Why Electrum and SWAP Energi are both included from Indonesia. Electrum (Gojek/GoTo + TBS Energi, using Gogoro's technology and Pertamina's forecourts) is the state-and-platform-backed approach; SWAP Energi (tied to the homegrown Smoot motorcycle brand) is the independent-startup approach with the longer track record and wider station count. SGB/Volta is included as a third, distinct approach: a delivery-logistics-backed brand (SiCepat) that built its own closed ecosystem.
• Why Honda's Mobile Power Pack e: is listed as an ecosystem rather than an operator. Honda does not run a consumer-facing swap brand the way Gogoro or SWAP Energi do; its e:Swap stations sit at authorized dealerships in Vietnam and Indonesia. It is included, and flagged as such, because Honda's dealer footprint makes it one of the few candidates that could eventually standardize hardware across brands.
• Why RydeEV and Blueshark are both included from Malaysia despite Malaysia's market still being small. Malaysia's battery-swap market is at an earlier, pilot-heavy stage than Vietnam's or Indonesia's, but RydeEV (Oyika-powered, Yinson GreenTech-backed) and Blueshark (now in a formal joint venture with Petronas) are the two companies that were selected by the Malaysian government's own MGTC/UNIDO pilot program, which makes them the most credible representatives of that market's near-term direction.

The 15 Leading Companies

1. Gogoro — The Regional Technology Anchor

Founded	2011 (founder/CEO Horace Luke)
HQ	Taipei, Taiwan
Model	2W network & platform; regional JV/pilot model (Indonesia, Philippines)
Key scale (Sep 2026)	250+ Smartscooters / 4 GoStations pilot scaling toward 5,000 vehicles (Indonesia); B2B pilot with Globe/Ayala (Philippines)
Funding	Publicly listed (Nasdaq: GGR); strategic partnerships with Foxconn, Indika, Gojek
Website	gogoro.com

Gogoro is not a Southeast Asian company, but it is the technology foundation behind Indonesia's largest platform-backed network. Gogoro signed an MoU with Electrum (the Gojek/TBS Energi joint venture) in January 2022, and by December 2021 the pilot in South Jakarta already ran 250 Gogoro Smartscooters across four GoStation battery-swap points at Pertamina fuel stations, with plans to scale toward 5,000 vehicles ^[18][19][20].

Separately, in December 2022, Gogoro announced a B2B battery-swapping pilot in Manila with Filipino telecom Globe, conglomerate Ayala Corporation, and corporate venture builder 917Ventures, targeting delivery and logistics fleets rather than individual consumers ^[45]. In Southeast Asia, its network runs on locally made vehicles through the Electrum partnership in Indonesia, where the operation is anchored to the state-linked Pertamina forecourt estate and locally manufactured Gesits motorcycles.

2. Selex Motors — Vietnam's Open, Fleet-First Network

Founded	2018 (CEO Nguyen Huu Phuoc Nguyen)
HQ	Hanoi, Vietnam
Model	Open fleet-first 2W/3W BaaS; VND8,000/swap (~US$0.30)
Key scale (Sep 2026)	~90 stations since 2023; targeting 300 cabinets by 2026, 3,000 by 2028; VGX JV with Petrolimex, Xuan Cau, Yadea
Funding	US$5.5M+ from Schneider Electric Energy Access Asia, ADB Ventures, Touchstone Partners
Website	selex.vn

Selex Motors built one of Vietnam's earliest automated swap networks, reaching roughly 90 stations across Hanoi, Ho Chi Minh City, and Da Nang since around April 2023, with a stated per-swap fee of VND 8,000 (about US$0.30) ^[11][16]. Its commercial base is delivery-fleet customers — Grab, Lazada, DHL Express, and BAEMIN among them — rather than individual riders ^[22][24]. CEO Nguyen Huu Phuoc Nguyen has stated a target of 300 swap cabinets nationwide by 2026, rising to 3,000 by 2028 ^[9][10]. In May 2026, Chinese motorcycle giant Yadea signed with VGX — a joint venture of Vietnam National Petroleum Group (Petrolimex), Xuan Cau Holdings, and Selex — to co-develop a shared, open swap network, plugging Yadea vehicles into Selex-linked infrastructure for the first time ^[12][14].

Selex manufactures its motorcycles and battery packs in Vietnam, placing it inside Vietnam's localisation-rate framework, and the VGX joint venture with state-linked Petrolimex and Xuan Cau Holdings strengthens that domestic supply-chain position while enabling vehicles from more than one brand to operate on locally anchored infrastructure. Selex has raised at least US$5.5 million from investors including Schneider Electric Energy Access Asia, ADB Ventures, and Touchstone Partners ^[22].

3. VinFast — OEM Infrastructure at National Scale

Founded	VinFast 2017
HQ	Vietnam
Model	Closed OEM 2W BaaS for VinFast electric motorcycles, operated by energy subsidiary V-Green
Key scale (Sep 2026)	4,500+ cabinets installed (Jan 2026); target 45,000 by Q1 2026, up to 150,000 long-term; EVN Hanoi partnership for 7,000–10,000 additional cabinets
Funding	Part of Vingroup; V-Green backed by Vingroup ecosystem
Website	vinfast.com

VinFast has pursued the most capital-intensive build-out in the region. As of January 2026, V-Green had completed roughly 4,500 battery-swap stations across Vietnam and set a target of 45,000 cabinets by the first quarter of 2026 ^[6], following an earlier stated ambition to reach 50,000 stations by the end of 2025 and up to 150,000 nationwide over the longer term ^[8]. In June 2026, V-Green signed an agreement with Hanoi Power Corporation (EVN Hanoi) to deploy 7,000–10,000 additional battery-swap cabinets across the capital, using existing electrical infrastructure such as transformer stations and utility poles ^[7].

VinFast has also exported the model regionally: in May 2026 it opened bookings for three swap-compatible models (Evo, Feliz II, Viper) in Indonesia, and in June 2026 it did the same in the Philippines, offering a Battery Ownership option (buy the battery outright) alongside a subscription model with a year of free swapping ^[3][4][5][9].

In Vietnam, VinFast is the domestic-manufacturer benchmark, with localisation levels well above the import-heavy alternative and a state-linked fuel-retail partnership underpinning its swap build-out. In Indonesia and the Philippines — its two priority export markets — the vehicles sit inside each country's manufacturing rules, with Indonesia's electric-motorcycle subsidy framework and the Philippines' EVIDA/EVIS local-assembly incentive as the relevant gates. 

4. TMT-EGREEN — A Manufacturer Betting on Licensed Swap Technology

Founded	2025 (subsidiary of TMT Motors)
HQ	Vietnam
Model	OEM subsidiary, licensed swap technology; 5–72 batteries/cabinet, standard 220V household power
Key scale (Sep 2026)	Nationwide rollout announced July 2025
Funding	Parent TMT Motors (listed on HNX)
Website	tmtmotors.vn

TMT-EGREEN, a subsidiary of listed Vietnamese automaker TMT Motors, announced in July 2025 plans to roll out battery-swapping stations nationwide, with cabinets holding 5 to 72 batteries running on standard 220V household power — a design choice aimed at low-cost, flexible siting rather than large dedicated real estate ^[9][10].

TMT Motors has separately stated it secured exclusive rights to patented battery and battery-swapping-station technology from an international technology provider, applicable to both electric cars and motorcycles, and designed to standardize batteries across multiple vehicle brands ^[17]. As of the most recent reporting, TMT had not yet disclosed rollout counts, locations, or start dates for its consumer network ^[16].

5. Honda Mobile Power Pack e: — The Dealership Ecosystem

Founded	Honda Motor Co. 1948; MPPe platform launched 2021
HQ	Japan
Model	OEM-led ecosystem, not a consumer-facing operator brand; e:Swap stations at authorized dealerships
Key scale (Sep 2026)	19 authorized dealers (Hanoi, HCMC, Da Nang); EM1 e: swaps in Indonesia; Hanoi pilot with LG Energy Solution (Q3 2026, ~50 stations, 500 EVs)
Funding	Honda Motor Co. (publicly listed)
Website	global.honda

Honda's approach in Southeast Asia runs through its own dealer network rather than a standalone swap brand. In Vietnam, Honda has launched battery-swapping for its CUV e: electric motorcycle through 19 authorized dealers in Hanoi, Ho Chi Minh City, and Da Nang, with free swaps offered to rental customers ^[9][10].

In May 2026, Honda and LG Energy Solution signed a memorandum of understanding with Hanoi authorities to deploy a battery-swap network and electric two-wheeler fleet using Honda's Mobile Power Pack e: (MPPe) platform, with a pilot beginning in Q3 2026 covering around 50 swap stations and 500 electric two-wheelers — explicitly framed by LG as a test bed for the wider Southeast Asian market ^[2]. In Indonesia, Honda's EM1 e: model runs Mobile Power Pack swaps through its own retail network.

6. SWAP Energi — Indonesia's Longest-Running Independent Network

Founded	2019
HQ	Jakarta, Indonesia
Model	Vertically integrated 2W BaaS; tied to Smoot electric-motorcycle brand
Key scale (Sep 2026)	1,500+ swap points (company claim); 700–800+ independently reported; 14 provinces
Funding	US$22M Series A at ~US$76M post-money valuation (May 2026); Forbes Asia 100 to Watch
Website	swapenergi.com

SWAP Energi (PT Swap Energi Indonesia) is closely tied to the Smoot electric-motorcycle brand it helped launch, and describes itself as building the largest battery-swap network in Southeast Asia ^[25]. Station counts vary by source and date: the company's own Google Play listing (updated July 2026) cites 700+ stations at Alfamart, Alfamidi, Shell, BP-AKR, and Circle K locations ^[22]; New Energy Nexus reported 800+ stations across 14 provinces ^[23]; and a 2026 industry ranking cited 1,500+ swap points company-wide ^[54].

The Smoot motorcycles designed around the SWAP network are locally manufactured in Indonesia and sit inside the government's electric-motorcycle subsidy framework, which is structured around domestic component thresholds — placing SWAP among the operators whose vehicles qualify for government incentives. SWAP has partnered with state utility PLN and ride-hailing platform Grab to build an integrated EV ecosystem ^[24], and in May 2026 it was named to the Forbes Asia 100 To Watch list after raising a US$22 million Series A at a roughly US$76 million post-money valuation ^[26]. An earlier funding round, led by Kejora-SBI Orbit Fund, reported 400+ stations by late 2022 with a plan to reach 1,500+ by year-end ^[27].

7. Electrum — The State-and-Platform-Backed Ecosystem

Founded	2021 (Gojek + TBS Energi Utama joint venture)
HQ	Indonesia
Model	JV: Gojek/GoTo + TBS Energi, with Pertamina forecourts + Gogoro technology; integrated 2W EV stack
Key scale (Sep 2026)	370+ stations, 6,000+ e-motorcycles by 2025 (TP report); Pertamina Patra Niaga 14 BSS units/212 batteries initially, grown to 46 units by early 2024
Funding	GoTo Group + TBS Energi Utama joint venture
Website	electrum.id

Electrum is the joint venture Gojek's parent (now GoTo Group) formed with energy company TBS Energi Utama to build "two-wheel EV manufacturing, battery packaging, battery swap infrastructure and financing" as one integrated stack ^[20]. It works with state oil company Pertamina (whose subsidiary Pertamina Patra Niaga hosts swap stations at its fuel forecourts), Gogoro (technology), and Gesits (locally made electric motorcycles) ^[18][19]. The network runs on two locally anchored inputs: Pertamina Patra Niaga forecourts and locally manufactured Gesits electric motorcycles. That combination is what allows the vehicles running on the network to qualify for Indonesia's electric-motorcycle subsidy framework, which is structured around minimum domestic component thresholds.

Indonesia's state energy involvement is direct and literal: Pertamina Patra Niaga had 14 Battery Swapping Station units with 212 batteries live across seven Green Energy Station sites as of the initial 2022 rollout ^[38][39], later reported to have grown to 46 units, 25 of them open to the general public, by early 2024 ^[42]. By 2025, third-party reporting put Electrum's network at 370+ stations supporting more than 6,000 electric motorcycles across Jabodetabek ^[42].

8. SGB / Volta (Energi Selalu Baru) — Indonesia's Integrated Swap and E-Motorcycle Ecosystem

Founded	2017 (as Volta Indonesia); SGB network operated by PT Energi Selalu Baru (ESB), part of MCAS Group
HQ	Jakarta, Indonesia (manufacturing in Semarang)
Model	Vertically integrated 2W BaaS; SGB (Sistem Ganti Baterai) swap network integrated with Volta electric motorcycles
Key scale (Sep 2026)	300+ SGB swap stations; 3.7M+ cumulative swaps; 15,000+ Volta e-motorcycles sold
Funding	Twin Towers Ventures (Petronas VC arm), Rigel Capital; Gentari (Petronas) co-branding partnership
Website	volta.id

SGB (Sistem Ganti Baterai) is the battery-swap network brand operated by PT Energi Selalu Baru (ESB), part of the MCAS Group, and Volta is the electric-motorcycle brand produced by ESB through PT Volta Indonesia Semesta. Every Volta motorcycle is designed around the SGB network rather than home charging ^[55]. The network grew from 250+ swap points in early 2023 to close to 300 stations by late 2023, with 3.7 million cumulative swaps and over 15,000 Volta motorcycles sold ^[57]. Swaps are priced by battery charge level — Rp1,000 (1–20%) to Rp5,000 (81–100%) at company-operated SGB Volta stations, and Rp1,200–Rp6,000 at partner-operated SGB Mitra outlets ^[56].

Volta motorcycles are manufactured at ESB's Semarang plant and carry a domestic component level of 47.36%, above Indonesia's 40% threshold for electric-motorcycle subsidy eligibility, and the model is listed among those qualifying for the government's subsidy program ^[55][59]. In 2023, ESB partnered with state utility PLN to place SGB stations at PLN properties and integrate the network into PLN Mobile's EV Digital Services platform, and a separate partnership with Gentari Green Mobility (Petronas) in December 2023 involved Gentari acquiring a fleet of Volta motorcycles and SGB stations, co-branded and operated by ESB and Semolis on Gentari's behalf ^[57].

9. Oyika — Southeast Asia's Cross-Border, Brand-Agnostic Network

Founded	2018
HQ	Singapore
Model	Brand-agnostic, cross-border BaaS; smart batteries work across multiple motorcycle models
Key scale (Sep 2026)	200+ Indonesia stations; 70+ Thailand fast-swap stations (Bangkok, Phuket); plan for 300 in Thailand
Funding	Yinson GreenTech (2021 investment); Banpu NEXT investment
Website	oyika.id

Oyika is the region's clearest attempt at a brand-neutral battery layer: its smart batteries are designed to work across multiple motorcycle models rather than locking riders into one OEM ^[33]. It operates directly in Indonesia (200+ stations, strongest in Jabodetabek) and expanded into Thailand with a rollout of 70 battery-swapping stations capable of direct fast charging in Bangkok and Phuket, with a stated plan to reach 300 stations across the country ^[33].

Oyika's cross-border model means the vehicles on its networks meet different national manufacturing rules in each market: in Indonesia, deployments sit inside the SPBKLU framework and the domestic component rules that govern subsidy eligibility; in Thailand, the rollout follows BOI conditions for battery-electric vehicles, including Made in Thailand certification; and in Malaysia, Oyika's technology is deployed through RydeEV, which is subject to the country's local-assembly requirements for imported EV models. Oyika is also part of Indonesia's official SPBKLU (Public Electric Vehicle Battery Swap Station) framework ^[33].

10. Winnonie — Thailand's First Battery-Swap Operator

Founded	2020, as a Bangchak Corporation startup
HQ	Bangkok, Thailand
Model	Bangchak-backed 2W BaaS, now JV with BTS Group (Winnonie 33.3%, BTS 66.7%)
Key scale (Sep 2026)	120+ automated stations, 1,000+ users (Bangkok Metropolitan Region)
Funding	Bangchak Corporation; BTS Group Holdings JV
Website	winnonie.com

Winnonie was launched specifically to address motorcycle-taxi drivers' debt burden from fuel and maintenance costs, and describes itself as Thailand's first platform combining EV-bike rental with an automated battery-swapping network ^[35]. As of its most recent public figures, Winnonie operates 120+ automated battery-swapping stations across the Bangkok Metropolitan Region, serving more than 1,000 users ^[35].

As a Thai operator, Winnonie sits inside Thailand's BOI incentive framework, under which the electric bikes used on the network are expected to meet the 40% domestic-content threshold for battery-electric vehicles and carry Made in Thailand certification; the Bangchak parent structure — a state-linked energy company — is the mechanism through which local-investment conditions are typically satisfied in Thailand. In a significant scale-up move, Winnonie and BTS Group Holdings signed a joint venture agreement to form Smart EV Bike Company Limited (Winnonie 33.3%, BTS Group 66.7%), aimed at expanding battery-swap coverage along the BTS Skytrain's Green Line and financing EV-bike hire-purchase for motorcycle-taxi drivers ^[36][46].

11. ETRAN — Thailand's Delivery-Focused Battery Swap Network

Founded	Thailand-based EV motorcycle battery swapping operator
HQ	Thailand
Model	2W battery swapping for delivery riders; ETRAN Power Station network; app-based reservation with QR code verification; ~4-minute swaps
Key scale (Sep 2026)	First ETRAN Power Station opened at Central Pinklao (B1, N21); partnership with Caltex/PTTRM for 20 stations in Bangkok; multiple delivery platform partnerships
Funding	Company-reported
Website	etran.co.th

ETRAN is a Thailand-based battery-swapping operator focused on the delivery-rider segment, and has emerged as one of the more active challengers in the Bangkok. In September 2026, ETRAN partnered with Central Pattana to open its first ETRAN Power Station inside a shopping mall — at Central Pinklao, B1 floor (N21 pillar) — targeting electric motorcycles used for delivery and logistics[citation:10]. Riders reserve a swap slot via the ETRAN app, show a QR code at the station, and complete the battery exchange in roughly 4 minutes before returning to work[citation:10].

ETRAN has also partnered with Caltex/PTTRM to expand its battery-swapping network to 20 stations across Bangkok, alongside agreements with three delivery platforms to deploy the ETRAN MYRA electric motorcycle model[citation:4]. Its operations fall under the same Thai BOI framework as Winnonie, meaning the ETRAN MYRA used on the network follows Thailand's domestic-content and Made in Thailand conditions for incentive eligibility; the in-mall station model — using existing commercial real estate rather than dedicated forecourts — does not change the vehicle-side requirement, which is set by the BOI framework. This positions ETRAN as a delivery-fleet-first operator, similar in strategy to Selex Motors in Vietnam and Voltai in the Philippines, rather than a consumer-retail network.

12. TYCORUN — The Supplier Standing Behind the Region's Next Networks

Founded	2019
HQ	Guangzhou, China
Model	Full-stack B2B supplier of battery-swap systems (cabinets, batteries, motorcycles, rider app, fleet/cloud SaaS); white-label/shared-infrastructure — not a rider-facing operator
Key scale (Sep 2026)	Deployments in 48+ countries; active partner discussions extending into new Southeast Asian markets, including a Myanmar delegation visit in September 2026
Funding	Company-reported; case study library publicly available
Website	tycorun.com

TYCORUN It is a full-stack B2B supplier that provides the complete battery-swapping system solution — intelligent swap cabinets, LFP and semi-solid swappable batteries, fleet-spec electric motorcycles and three-wheelers, a rider app, and cloud-based fleet and battery SaaS — to operators, mobility platforms, and governments that want to launch their own branded swap network. The system is sold white-label, works across multiple motorcycle brands, and is designed so that cabinets and batteries can be shared across operators or fleets in the same market rather than locked to a single brand. The company states it has supplied battery-swap systems and delivery motorcycles to fleet operators in more than 40 countries, with deployments spanning Southeast Asia, Africa, and the Middle East.

Within Southeast Asia, TYCORUN's relevance is as an enabler rather than an operator: newer markets entering battery swapping — including Myanmar, where a local partner delegation visited TYCORUN's facility in September 2026 to review a full battery-swapping ecosystem for a possible locally adapted deployment — are more likely to build on a procured hardware-and-software stack than to develop one from scratch. That is the same model TYCORUN has used in other regions, where a single local partner can start from a pilot fleet and scale on the same architecture.

Read: Oman Battery Swapping Case Study: TYCORUN & BYoD

13. Voltai — The Philippines' First Large-Scale 2W Swap Network

Founded	2025, under AboitizPower's 1882 Energy Ventures
HQ	Philippines
Model	AboitizPower-backed 2W BaaS; fleet-first, two-battery motorcycle (140 km range, 80 km/h, 200 kg capacity)
Key scale (Sep 2026)	15 stations (Metro Manila) at Cleanfuel and MyTown; targeting ~1,000 medium-term, expanding to Cebu and Davao from 2027
Funding	AboitizPower's 1882 Energy Ventures
Website	voltai.ph

Voltai launched in October 2025 as what it describes as the Philippines' first large-scale battery-swapping ecosystem for electric two-wheelers, targeting fleet operators rather than individual retail buyers ^[41][42]. At launch it operated 15 swapping stations at Cleanfuel fuel stations and MyTown dormitory buildings across Metro Manila ^[41]. During the first half of 2026, Voltai ran pilot programs with logistics and delivery partners including JRS Express and ride-hailing service Xpress, with most pilot partners reportedly continuing into commercial agreements and fleet operators recording savings of 20–60% under the lease model ^[43].

Voltai operates inside the Philippines' EVIDA framework, under which local assembly of mandatory components is one of the conditions for the EVIS incentive package introduced in 2026; the fleet-first model — targeting logistics and delivery operators rather than retail buyers — is aligned with the part of the policy that rewards fleet procurement over individual consumer subsidy. Voltai's two-battery motorcycle offers up to 140 km of range, a top speed of around 80 km/h, and a 200 kg carrying capacity ^[43]. The company plans network expansion beginning in 2027, targeting roughly 1,000 stations over the medium term, moving beyond Metro Manila into Cebu and Davao ^[44].

14. RydeEV — Oyika-Powered Swap Network

Founded	2021 (Yinson GreenTech investment in Oyika)
HQ	Malaysia
Model	Oyika-powered 2W BaaS, Yinson GreenTech-backed; motorcycles run exclusively on swappable batteries (no plug-in charging)
Key scale (Sep 2026)	Selected for national MGTC/UNIDO pilot (29 stations w/ Blueshark, 40 e-motorcycles, Dec 2024–Feb 2025); Bateriku partnership June 2025
Funding	Yinson GreenTech
Website	rydeev.com

RydeEV approaches the Malaysian market through battery technology rather than motorcycle manufacturing: it is built on Oyika's brand-agnostic swappable-battery system, licensed via Yinson GreenTech's 2021 investment in Singapore-based Oyika ^[46]. RydeEV's motorcycles (branded Ryder and Hyper, with a Glyder model planned) run exclusively on swappable batteries — there is no plug-in charging option — each carrying two Oyika Gen-3 packs (1.65 kWh each, 10 kg) for up to 100 km of range at 55 km/h average speed ^[46].

RydeEV's motorcycles are locally assembled in Malaysia, which places it inside the country's AP MRA EV framework requiring local assembly within two years of import approval and at least 30% localisation within that period, and its selection for the MGTC/UNIDO national pilot ties it to a government-backed localisation program. In June 2025, RydeEV partnered with roadside-assistance network Bateriku to add swap stations at Bateriku's existing pitstop locations, expanding accessibility beyond RydeEV's own footprint.

15. Blueshark — Malaysia's Petronas-Backed Network

Founded	2018 (Sharkgulf Technologies Group); BMSB JV formed May 2025
HQ	Malaysia
Model	Petronas JV, 2W BaaS; Blueshark 51%, Petronas Dagangan 49%; exclusive distributor of Blueshark e-motorcycles
Key scale (Sep 2026)	20 stations, expanding to 50+ by mid-2026; RM1.95/swap or RM139 subscription (up to 120 swaps)
Funding	Sharkgulf Technologies Group; Petronas Dagangan Berhad JV
Website	blueshark.com

Blueshark Ecosystem Sdn Bhd (BESB), a wholly owned Malaysian subsidiary of China's Sharkgulf Technologies Group, launched its BlueSwap battery-swap network in the Klang Valley, Penang, and Johor, initially pricing swaps at RM 1.95 per battery pack or up to RM 139 for a subscription covering up to 120 swaps ^[52]. In May 2025, Blueshark signed a formal joint-venture agreement with state energy company Petronas Dagangan Berhad, forming Blueshark Malaysia Sdn Bhd (BMSB) — Blueshark holds 51%, Petronas Dagangan 49% — to serve as the exclusive distributor of Blueshark-branded electric motorcycles and to operate battery-swap services at selected Petronas fuel stations, with local assembly handled by EP Manufacturing Bhd subsidiary EP Blueshark ^[49][50][51].

Blueshark's local position is structural: the Petronas joint venture includes assembly handled by EP Manufacturing Bhd's subsidiary EP Blueshark, which places the operation inside Malaysia's AP MRA EV local-assembly condition and the 30% localisation target that applies within two years of approval; the 51/49 split with Petronas Dagangan is itself a form of enforced local participation, and the assembly partner is a listed Malaysian manufacturer. As of mid-2025, the JV aimed to expand from 20 to more than 50 battery-swap stations nationwide by mid-2026, at a cost of roughly RM 50,000 per station shared between the two partners ^[49].

The Regional Landscape: Five Markets, Different Playbooks

Vietnam has the deepest infrastructure and the most direct OEM-vs-OEM competition. VinFast/V-Green's station count alone (4,500+, targeting tens of thousands) dwarfs every other national network in this guide, and it is racing against Selex Motors' open, multi-brand approach, TMT-EGREEN's licensed-technology play, and Honda's dealership-based Mobile Power Pack e: — all in the same cities at the same time ^{[6][8][9][10][16][17]}. Hanoi's planned low-emission zone from 2026, and its EVN partnership for up to 10,000 additional swap cabinets, suggest municipal policy will keep accelerating this build-out ^[7].

Indonesia has the widest mix of state, platform, and independent-startup models. Pertamina's direct involvement through Electrum shows state-energy confidence in the model ^[39][42]; SWAP Energi represents the longest-running independent operator, tied to its own Smoot motorcycle brand ^[22][23][25]; and SGB/Volta shows a delivery-logistics company (SiCepat) building a closed ecosystem for its own use case first ^[28][29][31]. Indonesia's roughly 90-million-motorcycle base is the largest addressable market in the region ^[2].

Thailand's operators grew out of energy conglomerates rather than pure BaaS startups. Winnonie (Bangchak) and ETRAN both trace back to state-linked energy companies looking to diversify into mobility, and the UN Environment Programme has separately profiled Bangkok's battery-swap stations as addressing the long home-charging times that keep taxi and delivery riders off the road ^[34][37][40].

The Philippines and Malaysia are the newest and smallest markets covered here, each currently anchored by essentially one credible operator per country plus one challenger. Voltai (backed by AboitizPower) is explicitly targeting fleet operators first in the Philippines ^[41][43]; RydeEV and Blueshark were the two operators selected for Malaysia's national government pilot, and Blueshark's subsequent Petronas joint venture is the clearest signal yet of state-energy backing entering that market ^[47][49].

Regional cross-pollination is increasing. Oyika's technology now underpins networks in Indonesia, Thailand, and (via RydeEV) Malaysia ^[33][46]; VinFast is exporting its Vietnam-proven model to Indonesia and the Philippines ^[3][4][5]; and Gogoro's technology sits inside Indonesia's Electrum while Gogoro itself separately pilots in the Philippines ^[18][19][45].

Local Content Requirements and Subsidy Thresholds: The Policy Layer

A factor that runs across every market in this guide — and that operators and investors ignore at their peril — is the growing thicket of local manufacturing and local content rules. These rules determine which vehicles and batteries qualify for subsidies, which can be sold to consumers at all, and in some cases which swap cabinets can be installed on public infrastructure.

Indonesia: TKDN (Tingkat Komponen Dalam Negeri). Indonesia's local-content framework is the most developed in the region for two-wheelers. The TKDN percentage measures the share of domestic components in a finished product, and it is tied directly to subsidy eligibility and government procurement. SWAP Energi's Smoot-branded motorcycles, for example, are cited at 47% TKDN ^[25], and Volta models are cited at 47.36% TKDN ^[55][59]. Indonesia's electric-motorcycle subsidy program has been structured around minimum TKDN thresholds that OEMs must meet for their models to qualify. For battery-swap operators, the practical consequence is that the vehicle side of the network — not just the cabinet side — is subject to local-content scrutiny, which favors operators tied to domestically assembled or manufactured motorcycles (SWAP/Smoot, SGB/Volta, Electrum/Gesits) over those importing fully built units.

Vietnam: localisation pressure on OEMs, and a domestic champion. Vietnam does not yet publish a single headline TKDN-style number for electric two-wheelers, but localisation is a live policy theme. VinFast's position as a domestic manufacturer is central to its scale advantage, and the VGX joint venture — Petrolimex, Xuan Cau Holdings, and Selex — ties swap infrastructure to a Vietnamese state-linked fuel-retail network. Honda's Hanoi pilot with LG Energy Solution is explicitly framed as a test bed for the wider Southeast Asian market ^[2], which in practice means the pilot must demonstrate a localisation pathway, not just a technical one. For foreign operators, the signal is that swap networks built on imported vehicles face a harder path than those anchored to domestic assembly.

Thailand: BOI incentives and the EV3.5 package. Thailand's Board of Investment has used tax incentives and its EV3.5 subsidy package to pull electric two-wheeler manufacturing onshore, with local production and battery-localisation conditions attached to the most attractive incentives. This is one reason Thailand's swap operators — Winnonie (Bangchak) state-linked energy conglomerates with the balance sheet to meet local-investment conditions ^[34][37][40]. For an operator entering Thailand, the subsidy threshold effectively sets a floor on how much of the vehicle and battery must be made locally to hit a competitive consumer price.

Philippines: the Electric Vehicle Industry Development Act (EVIDA) and local assembly push. The Philippines' EVIDA framework and related incentives have been used to encourage local assembly of electric two- and three-wheelers, and Voltai's position as an AboitizPower-backed operator targeting fleet customers first ^[41][43] fits a policy environment where fleet procurement — rather than individual consumer subsidy — is the more reliable near-term demand signal. The local-content question in the Philippines is less about a single TKDN-style number and more about whether fleet buyers can access incentives tied to domestically assembled vehicles.

Malaysia: local assembly as a condition of the Petronas JV. Malaysia's most concrete local-content signal in this guide is structural: the Blueshark–Petronas joint venture includes local assembly handled by EP Manufacturing Bhd subsidiary EP Blueshark ^[49][50][51]. That is local content enforced through the corporate structure of the JV itself rather than through a standalone subsidy threshold. RydeEV's selection for the MGTC/UNIDO national pilot ^[47] similarly ties it to a government-backed localisation program.

What this means in practice. Across the region, local-content rules are converging on the same three pressure points: (1) the vehicle must be assembled or manufactured locally to qualify for the best subsidies; (2) the battery pack is increasingly subject to its own localisation requirements; and (3) swap infrastructure tied to state-linked fuel-retail or utility networks (Pertamina, Petronas, PTT, Petrolimex, PLN) carries an implicit local-partner requirement. For a foreign supplier or operator, the practical consequence is that the "build a network" decision is inseparable from the "localise the vehicle and battery" decision — which is one reason the white-label, local-partner-operated model has become more common than direct market entry.

What This Means for Operators and Investors

If you are evaluating battery swapping for a motorcycle fleet or a market entry in Southeast Asia in 2026, three practical takeaways follow from the data above:

1. Local content rules shape what is deployable. TKDN in Indonesia, BOI/EV3.5 in Thailand, EVIDA in the Philippines, and the local-assembly condition inside Malaysia's Petronas–Blueshark JV all determine which vehicles and batteries qualify for subsidy and, in some cases, which cabinets can be installed on public infrastructure.
2. Build a self-operated network — procure the full hardware-plus-software stack and run the energy layer under a proprietary brand, which is the model TYCORUN supplies, with support for intelligent swap cabinets, BaaS billing, and fleet SaaS from pilot stage through city-wide scale.

The variables that decide between the two routes are the same ones that decide whether either works in a given market: station density on the routes actually served, battery compatibility with vehicles that can be sourced under local content rules, grid resilience where charging is unreliable, and a provider with documented fleet-scale delivery rather than a roadmap. See TYCORUN's battery swapping case studies or explore the battery swap cabinet range to scope a custom network for a specific market.

FAQ

Which company runs the largest battery-swap network for motorcycles in Southeast Asia?

By installed station/cabinet count, VinFast/V-Green in Vietnam is the largest disclosed network in this guide, with 4,500+ cabinets as of January 2026 and a stated target of 45,000 by early 2026 ^[6]. By cumulative reported swaps, SGB/Volta in Indonesia (3.7M+) and SWAP Energi (also Indonesia) report the largest usage figures ^[25][57]. Different operators count "stations," "cabinets," and "swaps" differently, so these are not perfectly comparable.

Is battery swapping for motorcycles interoperable across brands in Southeast Asia?

Only partially, and only in specific networks. Oyika's technology is explicitly brand-agnostic and works across multiple motorcycle models in Indonesia, Thailand, and Malaysia ^[33][46]. Selex Motors' network became open to a second major brand (Yadea) via its 2026 VGX joint venture ^[12][14]. Most other networks in this guide — VinFast/V-Green, Honda's Mobile Power Pack e:, ETRAN, Voltai, SGB/Volta — remain closed to their own vehicles.

How much does a motorcycle battery swap cost in Southeast Asia?

Prices vary widely by country: around VND 8,000 (about US$0.30) per swap with Selex Motors in Vietnam ^[9]; roughly Rp1,000–Rp5,000 per swap with SGB Volta in Indonesia (SGB Mitra: Rp1,200–Rp6,000) ^[56]; RM 1.95 per battery pack (or a RM 139 subscription for up to 120 swaps) with Blueshark in Malaysia ^[52]; and a Philippine peso monthly battery-subscription model (around ₱439/month per battery) with VinFast ^[61].

Which countries have state energy companies directly involved in battery swapping?

Indonesia (Pertamina, via Pertamina Patra Niaga and the Electrum joint venture) ^[18][39][42], Malaysia (Petronas, via its joint venture with Blueshark) ^[49][50], and Thailand ^[34][37] all have direct state-linked energy-company involvement in motorcycle battery swapping.

Is battery swapping mainly serving delivery and ride-hailing fleets, or individual consumers?

Both, but the split differs by country. Selex Motors, Voltai, and ETRAN are explicitly built around delivery-fleet and food-delivery-rider economics first ^{[22][38][41][43]}. SWAP Energi, SGB/Volta, RydeEV, and Blueshark serve individual consumer riders as their primary base, with fleet partnerships layered on top ^{[22][28][46][49]}.

Do local content requirements affect which battery-swap networks can operate in Southeast Asia?

Yes, and increasingly so. Indonesia's TKDN framework ties subsidy eligibility to domestic component share (SWAP/Smoot is cited at 47% TKDN ^[25], and Volta is cited at 47.36% TKDN ^[55][59]); Malaysia's Blueshark–Petronas JV includes local assembly through EP Blueshark ^[49][50][51]; Thailand's BOI/EV3.5 incentives attach local-production conditions; and the Philippines' EVIDA framework encourages local assembly. In practice, this favors operators tied to domestically assembled vehicles and local energy partners over those importing fully built units — one reason the white-label, local-partner-operated supplier model has become more common than direct market entry.

Sources

Inline numbers are bracketed to this list. Dates reflect publication date; company claims are identified as such throughout the text.

1. Vietnam News — "Việt Nam surges into battery-swapping for e-scooters" (Mordor Intelligence SEA market size; Selex, TMT-EGREEN figures), 2025-10-10 — vietnamnews.vn
2. Electrek — "Honda and LG team up to accelerate battery-swapping electric motorcycles" (Hanoi pilot, MPPe platform), 2026-05-18 — electrek.co
3. The Tribune (Philippines) — "VinFast sees battery swapping as key in Southeast Asia," 2026-06-30 — tribune.net.ph
4. EMobility+ — "VinFast Accelerates Southeast Asia Expansion with Battery-Swapping E-Motorcycles in Philippines," 2026-06-11 — emobilityplus.com
5. CleanTechnica — "VinFast Brings Battery-Swapping Electric Motorcycles To The Philippines," 2026-06-10 — cleantechnica.com
6. Tuoi Tre News — "Vietnam's VinFast launches 4 new electric motorbike models, expands battery-swapping network," 2026-01-16 — news.tuoitre.vn
7. Vietnam Investment Review (via Magzter) — "Infrastructure for Charging Stations Expands in Capital" (V-Green/EVN Hanoi 7,000–10,000 cabinets), 2026-06-29 — magzter.com
8. Tuoi Tre News — "Battery-swapping race heats up in Vietnam's electric motorbike market," 2025-08-26 — news.tuoitre.vn
9. Vietnam News — Selex/TMT-EGREEN figures (see source 1) — vietnamnews.vn
10. VietNamNet — "Swapping EV batteries takes only 2 minutes, cabinet race accelerates" (Selex VND8,000/swap; TMT-EGREEN; Honda 19 dealers), 2025-10-23 — vietnamnet.vn
11. ADB Ventures — "Selex" portfolio page (51 stations, 20,000-motorcycle capacity) — ventures.adb.org
12. TNGlobal — "China's YADEA, Vietnam's Selex to jointly develop battery-swapping network for electric motorcycles," 2026-05-28 — technode.global
13. Wikipedia — "Selex Motors" — en.wikipedia.org
14. Selex Motors — official news/announcements (VGX joint venture with Petrolimex and Xuan Cau Holdings) — selex.vn
15. Selex Motors — "Selex Motors and the Unique Battery Swapping Station" (republishing Nikkei Asia reporting on Grab/Lazada partnerships, $5.5M funding) — selex.vn
16. VietNamNews (bizhub) — "Swap power sparks electric scooter revolution" (Selex ~90 stations since April 2023; TMT Q4 2025 plans) — bizhub.vietnamnews.vn
17. Segmenty / Wuling-EV.vn — "TMT Motors secures exclusive rights to EV battery swapping technology," 2025-08-05 — segmenty.com
18. Gojek Newsroom — "Electrum, Pertamina, Gogoro and Gesits' enhanced collaboration accelerates Indonesia's two-wheel electric vehicle ecosystem," 2022-02-22 — newsroom.gojek.com
19. Gogoro — "Gogoro Drives Strong Momentum in Indonesia with New Strategic Partnerships," 2022-01-25 — gogoro.com
20. Gojek — "Gojek and TBS Energi Utama Form a Joint Venture to Accelerate the Development of Indonesia's Two-Wheel Electric Vehicle Ecosystem," 2021-11-18 — gojek.com
21. Kompas — "Ini Strategi Electrum, Patungan Gojek-TBS..." (14 Battery Swapping Station units, 212 batteries, 7 GES locations), 2022-02-24 — money.kompas.com
22. Google Play — "SWAP" app listing (700+ Swap Stations at Alfamart/Alfamidi/Shell/BP-AKR/Circle K), accessed 2026-09 — play.google.com
23. New Energy Nexus — "The startup on a mission to electrify Indonesia's 125 million motorcycles" (SWAP Energi, 800+ stations, 14 provinces), 2024-11-06 — newenergynexus.com
24. LeadIQ — "Swap Energi Company Overview" (PLN and Grab partnerships) — leadiq.com
25. TYCORUN — "Top 10 Electric Two-Wheelers With Swappable Batteries In Indonesia" (Smoot/SWAP Energi, 1,000+ stations claim, 47% TKDN), 2025-09-12 — tycorun.com
26. HelloSwap Global — "Battery Swap Companies: Swap Energi Indonesia vs. HelloSwap" ($22M Series A, ~$76M valuation, Forbes Asia 100 to Watch) — helloswap-global.com
27. DailySocial — "Kejora-SBI Orbit Fund Returns to Lead Funding for SWAP Energy" (400+ stations, 1,500-station target) — en.dailysocial.id
28. IDN Financials — "Volta Indonesia Builds Battery Swapping Stations" (200 stations target) — idnfinancials.com
29. The Jakarta Post — "First Volta factory to churn out 5,000 e-motorcycles per month," 2021-11-15 — thejakartapost.com
30. IDN Financials — "Promoting EV ecosystem, Volta to join hands with PLN for battery-swapping facility" (250 points) — idnfinancials.com
31. The Bridge Club — "Volta receives a power up from Twin Towers Ventures, Rigel Star" (3M+ swaps, Petronas VC investment) — thebridgeclub.beehiiv.com
32. CB Insights — "Volta Indonesia" company profile (founded 2017, SiCepat acquisition 2021) — cbinsights.com
33. Wikipedia — "Oyika" (founding, Indonesia/Thailand/Malaysia footprint, Banpu NEXT investment) — en.wikipedia.org
34. Bangchak Corporation — "Bangchak Launches Startup 'Winnonie'" official newsroom release — bangchak.co.th
35. Bangchak Corporation — "From Debt-Free 'Winnonie' Motorcycle Taxi Drivers Promoting Environmental Sustainability" (120+ stations, 1,000+ users) — bangchak.co.th
36. Bangchak Corporation — "Winnonie Establishes Joint Venture with BTS Group" (33.3%/66.7% JV) — bangchak.co.th
37. TYCORUN — "Top 10 Battery Swapping Companies in Thailand" (Swap & Go/PTT, Winnonie, Oyika roundup), 2026-02-13 — tycorun.com
38. The Story Thailand — "ETRAN MYRA plans to penetrate B2B market and fast-track battery swapping stations" — thestorythailand.com
39. The Story Thailand — ETRAN funding/expansion coverage (100 Power Stations target, 50% market-share ambition) — thestorythailand.com
40. UNEP — "The big switch: battery swapping stations speed the shift to electric vehicles in Thailand," 2024-11-20 — unep.org
41. Top Gear Philippines — "Voltai says the future of two-wheel fleets is battery-swappable bikes" — topgear.com.ph
42. Power Philippines — "Aboitiz-backed Voltai launches PH's first e-motorcycle battery swap network," 2026-03-14 — powerphilippines.com
43. Southeast Asia Infra — "Voltai targets 1,000 EV battery swapping stations in the Philippines" — southeastasiainfra.com
44. Aboitiz Eyes — "Voltai eyes deploying more battery-swapping stations and motorcycle EVs" — aboitizeyes.aboitiz.com
45. Inquirer Technology — "Gogoro Brings Battery-Swapping Smartscooters To The Philippines," 2022-12-01 — technology.inquirer.net
46. soyacincau — "RydeEV Malaysia electric motorcycle, Oyika swappable battery," 2023-09-10 — soyacincau.com
47. UN Malaysia / MGTC-UNIDO — "Flag-Off Demonstration of Electric Motorcycle with Battery Swapping System" (RydeEV + Blueshark, 29 stations, GEF-funded) — malaysia.un.org
48. The Edge Malaysia — "Blueshark battery-swapping ecosystem" feature (BESB, Sharkgulf subsidiary), 2023-07-24 — theedgemalaysia.com
49. The Sun (Malaysia) — "Blueshark aims to have over 50 battery swapping stations nationwide by mid-2026 in tie-up with Petronas" — thesun.my
50. Bernama — "Petronas Dagangan and Blueshark Ecosystem Form Joint Venture to Advance Two-Wheeler EV Mobility in Malaysia" — mrem.bernama.com
51. 36Kr — "Shark Bay Technology and Petronas have established a strategic joint venture" (BMSB 51%/49% split, founding year 2018) — eu.36kr.com
52. Carlist.my — "Blueshark EV scooters launched in Malaysia" (RM1.95/swap, RM139 subscription pricing) — carlist.my
53. Malaysian Business — "Power Play: How Battery Swapping is Shaping the ASEAN E-Motorcycle Race" (Smoot/GESITS/ALVA as Indonesian first-movers), 2026-07-20 — malaysian-business.com
54. MOTAWILL — "Top 10 Battery Swapping Companies in Southeast Asia (2026 Ranking)" — motawill.com
55. PT NFC Indonesia Tbk (NFCX) — press release: "ESB-Volta Collaborates with PLN to Deploy Battery Swap Stations (SGB)" (SGB at PLN properties; Volta TKDN 47.36%), 2023-03-24 — mcash.id
56. Bloomberg Technoz — "Daftar Cicilan Motor Listrik VinFast dengan Skema Sewa Baterai" (SGB Volta tariff structure: Rp1,000–Rp5,000 for company stations, Rp1,200–Rp6,000 for partner stations; Volta Plus+ at Rp160/km), 2026-09-23 — bloombergtechnoz.com
57. MCASH Group / Gentari press release — "Gentari and MCASH Group Drive to Boost Green Mobility Usage in Indonesia" (3.7M battery swaps, 15,000+ Volta motorcycles, ~300 SGB stations), 2023-12-27 — mcash.id
58. Eco-Business — "EcoSecurities dan ESB luncurkan program 'Indonesia Sustainable Ride'" (ESB structure: Volta motorcycles + SGB infrastructure), 2025-04-23 — eco-business.com
59. Tempo — "Ini 5 Merek Mobil dan Motor Listrik yang Mendapat Subsidi" (Volta 401 TKDN 47.36%), accessed 2026 — tempo.co

Figures are based on publicly available company disclosures, government/NGO pilot-program documentation, and third-party business-press reporting, reviewed through September 2026. Station, cabinet, "point," and swap-volume figures use different definitions across operators and are not always directly comparable. This is an editorial analysis, not an official industry ranking.

Related posts: top battery swapping companies in Thailand; top motorcycle battery swapping companies in India; 15 Leading Motorcycle Battery Swapping Companies Worldwide