Smart electric vehicle company, Scorpio Electric, has successfully raised US$6.3 million (over RM26 million) in funding to develop and produce the world’s latest fully-electric motorcycles. They’re not just planning to produce eco-friendly two-wheelers, but also smart in nature and operations. Like smart, smart.
Based in Singapore, Scorpio Electric has strong connections within the Southeast Asian market, which they’re planning to penetrate with their upcoming ‘green’ products. With an initial S$2.0 million in seed funding from its parent company, EuroSports Global Limited (they run Lamborghini and Alfa Romeo dealerships in Singapore), it won’t be long before we see the brand on the roads.
With the use of artificial intelligence and data analytics, Scorpio Electric intends to produce some of the world’s smartest electric bikes which are targeted to be more energy efficient with enhanced connectivity features. This huge dose of funding will ensure that its R&D will kickstart the entire process of building its first fully electric motorcycle of the future.
The funds will also be used to build and upgrade its futuristic assembly plant located in Teban Gardens with a targeted capacity of producing over 8,000 motorcycles annually. This will ensure that once they’ve penetrated the Southeast Asian markets, the demands will be met accordingly, without any major issues.
According to Mr Melvin Goh, Chief Executive of Scorpio Electric, “The future is electric! We at Scorpio Electric are all very excited for this US $6.3M fund raise, and are happy to know that our investors share the same vision as we have. 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 opportunity. We want to thank our investors and all our partners for joining us along this journey. A lot more to come!” added Mr Goh.