Singapore-based smart electric vehicles company EuroSports Technologies, which owns the Scorpio Electric brand of EVs, has raised $6.3 million in funding from private investors, according to a statement on Tuesday.
EuroSports Technologies will use the latest proceeds to develop and produce its latest zero-emission, fully electric motorcycles. Some parts of the funding proceeds will be used for software and hardware development of the company’s first electric motorcycle.
The development will include numerous prototypes and pre-production builds that will undergo rigorous quality testing and checks to adhere to international standards, the company said. The company plans to produce its E2 prototype in Q2 of 2021.
Besides, the company will invest in the completion of its headquarters and assembly plant. The 3,600 square metre assembly plant at Singapore’s Teban Gardens is expected to produce up to 8,000 electric motorcycles annually.
“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,” said Melvin Goh, CEO of EuroSports Technologies.
In 2018, EuroSports Technologies had raised S$2 million ($1.5 million) in seed funding from its parent company, EuroSports Global Limited.
According to the press release, EuroSports Technologies’ parent company EuroSports Global is the sole authorised dealer for Lamborghini in Singapore since 2002 and Indonesia since 2018. It is also the exclusive importer and distributor for Alfa Romeo in Singapore since 2004 and the exclusive distributor for Touring Superleggera in Singapore, Malaysia, Brunei, and Indonesia and nonexclusive distributorship in China since October 2012.