LOCA, the Lao-grown ride-hailing and electric mobility startup, has announced the extension of its current fundraising round through the issuance of a USD 2.5 million Green Bond.
This new funding is expected to accelerate LOCA’s vision to transform urban transportation in Laos through the adoption of electric mobility and sustainable infrastructure.
The Green Bond issuance and sale will be facilitated by the three securities companies including BCEL-KT Securities Company Limited, LDB Securities Sole Company Limited and Lao-China Securities Public Company.
Proceeds from the Green Bond will be used to expand LOCA’s nationwide EV charging infrastructure, including an innovative program to revive defunct gas stations into EV-friendly charging and community hubs
In addition, part of the funding will go toward the rapid expansion of LOCA MINI, an affordable, 100 percent electric taxi fleet aimed at delivering safe, low-cost, and efficient on-demand transportation for city dwellers.
Soulisak Thamnuvong, Deputy Governor of the Bank of Laos said that this represents a significant milestone for the Lao capital market, particularly the issuance of green bonds.
He emphasized that it plays a vital role in fundraising for various entities and provides diverse investment opportunities linked to environmental business practices. This development is important for the country’s economic growth and for reducing emissions.
“We’ve already secured a committed investment in our earlier round, but we’re extending this round to push our 2035 vision forward—now targeting success by 2030,” said Souliyo Vongdala, Co-Founder and CEO of LOCA.
“There isn’t yet a serious player who truly believes EV vision for Laos, so we have no choice but to move forward and commit ourselves to pioneering this transition. We’ve done it before with ride-hailing—helping grow an entire market—and we’re ready to do it again for electric mobility. Our hope is that by leading the way, others will follow, creating a thriving industry and more opportunities for the people of Laos”
Since its inception in 2018, LOCA has grown into the first and largest ride-hailing platform in Laos, with over 1,000 active drivers, 90 percent of whom now operate EVs. Originally aiming to become a 100 percent EV fleet by 2030, LOCA is now on track to reach that goal five years early.
“LOCA is not only growing rapidly but doing so profitably and responsibly,” said Phonepasong Mixab, Co-Founder and Co-CEO of LOCA.
“With a strong team, innovative technology, and a proven business model, we’re confident that this round will bring excellent returns to investors—while also creating real, lasting impact for the Lao people.”
The Lao EV market has seen exponential growth, with four-wheel BEV registrations rising from 1,414 in 2022 to over 5,100 in 2024, and projections showing 8,000+ by 2025 and 15,000 per year by 2030. LOCA’s EV charging infrastructure has already served more than 8,000 unique vehicles, effectively supporting nearly 100 percent of Laos’ BEV drivers, both taxi operators and private owners.
EV drivers in Laos are now saving over 70 percent in fuel costs compared to gasoline, making the switch not only environmentally responsible but also economically smart. Combined with falling EV prices, the adoption rate is only expected to accelerate.