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Live signals: ZENO RAISED USD 25m Series-A (Mar 26); SPIRO RAISED USD 270m (June/July 26); ARC RIDE RAISED USD 23m Series A Equity + USD 10.3m Debt (Sep26); OLA PLANS INR 1.5bn QIP; YULU USD 93m (Aug 26); E3ELECTRIC.AI RAISED USD 10.4m (Jul 26); RIVER RAISED USD120m (Aug 26); SIMPLE ENERGY RAISED USD 13.5m Series B Equity + USD 13.1m Debt (Jun 26); DODAI RAISED USD 13m Series A (May 26); MATTER RAISED USD 25m (Aug 26); BGAUSS RAISED INR 1100m (Aug 26); ROAM TARGETS USD 15-20m; DAT BIKE RAISED USD 22m (Oct 25); OMOWAY Undisclosed (10s of millions of USD)(Jan 26); ULTRAVIOLETTE RAISED USD 85m Series E (Sep 26); SPIRO ADDITIONAL USD 18m Debt (Sep 26); GOGORO RAISED USD 61.8 million (Oct 2026)

Wk 8 2025 – Talking to Marko Lehtimaki of Donut Lab; Damon’s Financials are Hogwash; Indonesian Startups wake-up
Donut Lab Indonesia

Wk 8 2025 – Talking to Marko Lehtimaki of Donut Lab; Damon’s Financials are Hogwash; Indonesian Startups wake-up

Marko Lehtimaki of Donut Lab designed Verge Motorcycles' most torque and power-heavy motor. Now, he wants to be the go-to for anyone seeking performance, BoM cost reduction, and shortening development periods, all at the same time.

Published : February 21, 2025
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The Verge Motorcycle is dramatic even before you read the performance numbers or get a leg over it. There is no hub in the rear wheel. The entire motor is hidden inside the rim, and the whole thing looks like a…Donut!

You know where the Donut name came from.

The performance numbers are class-leading. Now, the Lehtimaki brothers of Verge have carved out the business, with Tuomo running the motorcycle company and Marko running Donut Lab, an engineering consultancy aiding startups with their motor, battery, other hardware, and software. They are opening the IP, and it’s a compelling offer as it reduces BoM, cuts down development time, and delivers outstanding performance numbers.

We are creating universal building blocks… We are creating universal building blocks… InsightEV · February 20, 2025 Read full story

Damon Hides a Lot

Damon announced their Q2 FY 2025 results yesterday, and there’s admirable window dressing in the brief statement they released. The company claimed a USD 32.5 net income, explaining that this was equivalent to USD 2.51 per diluted share. On paper, it’s a pivotal shift from the USD 7.1m loss in Q2 FY 2024 or USD 2.71 per diluted share.

However, this is a company without revenue!

Making Sense of Damon’s Q2 2025 Making Sense of Damon’s Q2 2025 InsightEV · February 19, 2025 Read full story

Indonesian Startups are Waking up

We analysts often look at Indonesia, lump it together with ASEAN, and feel happy in presenting a lumpy analysis of the entire region because everyone rides Bebeks / Scubeks. But that’s far from the truth.

Indonesia is the most critical country in ASEAN, as big as the next four ASEAN markets (Vietnam, Malaysia, Thailand, and the Philippines) combined. At 6.33m in sales in 2024, it is the third biggest two-wheeler market in the world, after India and China.

Yet, Indonesia does not even register when it comes to electric two-wheelers. The penetration is low. The start-ups are just starting up, and there is no outlier today. Some promising startups showed up at the ongoing Indonesia International Motor Show (IIMS).

An Electric Dawn in Indonesia? An Electric Dawn in Indonesia? InsightEV · February 17, 2025 Read full story

That’s a wrap for today. This newsletter will be back next Friday. The posts on the website are more frequent.

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Previous Article

We are creating universal building blocks…

Designing a pack and motor are challenging and time-consuming but off-the-shelf stuff is mediocre and gives you no edge. Donut Lab wants to change everything with their high-power and high-torque motors and optimized batteries. This week, we sat down with Marko Lehtimaki , the CEO.

Next Article

KTM Finally has a Restructuring Plan

At yesterday's court hearing, KTM creditors have accepted a restructuring plan proposed by the board. As part of the plan, nearly EUR 548m would be received by the creditors by end-May. India-based Bajaj Auto is bringing some of the money but there remains a larger investor yet to be named.

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