Key on - Panel does not light up and does not start

Did you also check the 30A main fuse?

Brockie said:

Did you also check the 30A main fuse?

MAIN fuse location?

Where is the Main fuse located on a 07' non-ABS 650 Vstrom? What amperage is it? I'm asking because a buddy I was riding with had his fail (NOT a Strom) and it took us 30 minutes to find the problem and replace the Main fuse. Sometimes called a fuseable link.

www.stromtrooper.com

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I tested all the fuses and their amperages and they are normal!

!2.3 at the battery is a little low

I would bridge the bolts on the starter solenoid with a spanner, you should get some sparks and the motor should crank.

If this does not happen it is your battery or the battery connections, (they work loose on bikes) also check the earth cable connection at the motor

If the motor cranks look at the big plug under the rubber cover on the left side above the radiator, look for hot/ burnt connections

Battery should be 12.7-12.8V

I would confirm the large multi-pin connector leading to the dash is OK. Pull it apart and check the condition of the pins. Look for evidence of heat and/or loose pins. Interesting that the Neutral light works and nothing else. Interesting that the Ignition switch is out. I've had more show on my 2011 when the Stator went out, the battery died, and the voltage was well under the 12.32 stated.

I still suspect the main fuse. I had exactly those symptoms with a blown main fuse.

Why is the ignition switch out? Did you replace the ignition switch with an aftermarket one? If so, then possible the wires do not match-up, or the ignition switch connector is not fully mated.
Several things to look at.