Singapore-based electric motorbike manufacturer, Scorpio Electric has raised US$ 6.3M in a funding round held in November 2020 from undisclosed investors.
Proceeds from the funding round will be used by the company for software and hardware development of its first electric motorcycle, which is scheduled to be launched next year (2021). As per a statement by Scorpio Electric, the development process will include models and pre-production equipment that will undergo stringent quality testing and evaluation to make sure they follow international standards. A portion of the new funding will also go into finishing the construction of its headquarters and 3,600 square meter assembly plant at Teban Gardens in Jurong East. The company claims this plant is anticipated to produce up to 8K electric motorcycles every year.
Founded in 2017, Scorpio Electric is an international brand and electric vehicle company, focusing on electric motorcycle manufacturing with an emphasis on performance. It operates as a brand under EuroSports Technologies, a subsidiary of Singapore-listed company EuroSports Global (ESG). In Q2-2021, Scorpio Electric aims to unveil its showroom and offer pre-sales of its electric motorcycles via an online platform. It is also intending to start the production of its second electric vehicle in Q2-2021.
Scorpio Electric CEO Melvin Goh quoted, “There is so much untapped potential globally, but none more important than right here in our backyard of Southeast Asia. More than 15 million bikes are sold a year in this region, along with an extremely young demographic looking for new products, the future is full of chances.”
About EuroSports Global (ESG)
Founded in 1998, ESG focuses on the business of distribution of ultra-luxury and luxury vehicles and the delivery of after-sales services. Its automobile sales business retails new ultra-luxury and luxury automobile brands and pre-owned automobile brands including mainly Lamborghini, Alfa Romeo, Touring Superleggera and Jeep®. Its automobile distributorship and dealership provisions are as follows:
- Lamborghini- Sole authorized dealer in Singapore since 2002 and Indonesia since 2018
- Alfa Romeo- Exclusive importer and distributor in Singapore since 2004
- Touring Superleggera- Exclusive distributor in Singapore, Malaysia, Brunei and Indonesia and non-exclusive distributorship in the PRC since 2012
ESG’s after-sales services comprise upkeep and repair services and breakdown assistance services and sales of vehicle parts and accessories. The company has the only official service center in Singapore for all the automobile brands in its portfolio.
In 2018, ESG financed US$ 1.5M in EuroSports Technologies to accelerate the development of its electric motorcycle.
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