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Wednesday, June 19, 2024

LOCA Secures Funding from ADB Frontier to Expand Electric Vehicles Fleet, Charging Network

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LOCA, Laos’s leading mobility service provider, has received significant funding from the Asian Development Bank (ADB) through ADB Frontier, with support from the United States Agency for International Development (USAID). This investment will enable LOCA to expand its electric vehicle (EV) fleet and EV charging network across the country.

Founded in 2018, LOCA announced its EV ambition in 2021 when Laos had only 40 EVs. Today, the company operates a fleet of 1,000 drivers, including 600 EV drivers and 150 women drivers. LOCA aims to achieve 100 percent EV integration by 2030 and will cease accepting internal combustion engine (ICE) vehicles after 2025.

Souliyo Vongdala, Co-founder and CEO of LOCA (photo supplied)

“This funding from ADB Frontier, supported by USAID, is a huge boost for LOCA and the future of e-mobility in Laos,” said Souliyo Vongdala, Co-founder and CEO of LOCA. “It validates our vision and strengthens our resolve to create a cleaner, greener transportation network.”

With Laos adding 500 new EVs each month, LOCA’s platform now hosts over 10 percent of the country’s EVs. The company is a leader in the EV charging market, capturing over 80 percent of all EV drivers. With 24 charging stations already operational and plans to reach 40 by the end of 2024, LOCA is driving the charge towards a more sustainable future.

 

Phonepasong Mixab, Co-founder and Co-CEO of LOCA (photo supplied)

 

“The support from ADB and USAID not only empowers us to expand our fleet but also to enhance our charging infrastructure, ensuring that EV drivers have the necessary support and convenience,” added Phonepasong Mixab, Co-founder and Co-CEO of LOCA. “This is a crucial step in our mission to reduce carbon emissions and promote eco-friendly transportation in Laos.”

 

LOCA’s commitment to sustainability and innovation has earned widespread support from drivers, customers, and its dedicated team. This new funding is set to accelerate LOCA’s efforts, providing the necessary resources to meet the growing demand for electric vehicles and charging stations.

 

“This investment is a testament to the incredible progress we’ve made in a short time,” said Souliyo Vongdala. “We are incredibly grateful to our drivers, customers, and team for their unwavering support. Together, we are driving towards a greener and more sustainable future for Laos.”

With this funding, LOCA is poised to continue leading the charge in the e-mobility revolution in Laos, setting a high standard for sustainable transportation solutions in the region.

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