Singapore electric motorbike maker Scorpio Electric bags $6.3m in funding

Smart electric vehicle (EV) firm Scorpio Electric said it has secured US$6.3 million in funding to further develop and produce its fully electric motorcycles.

The Scorpio Electric team with Singapore prime minister Lee Hsien Loong (second from the left) / Photo credit: Scorpio Electric

More specifically, the Singapore-based startup said that part of the funding will go to the software and hardware development of Scorpio Electric’s first electric motorcycle. This would include the manufacturing and testing of pre-production builds, according to a statement.

The company said it plans to invest in the completion of its headquarters and assembly plant at the Teban Gardens area in Singapore, which it expects to produce up to 8,000 motorcycles per year.

In the second quarter of 2021, Scorpio Electric aims to launch its showroom and offer digital pre-sales of its electric motorcycles. It also looks to start the production of its second EV in the third quarter of next year.

“There is so much untapped potential globally, but none more important than right here in our backyard of Southeast Asia,” said Scorpio Electric CEO Melvin Goh. “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.”

Founded in 2017, Scorpio Electric is a brand under EuroSports Technologies, a subsidiary of Singapore-listed company EuroSports Global (ESG). The company specializes in the distribution of and after-sales services for ultra-luxury and luxury automobiles.

In 2018, ESG invested US$1.5 million in EuroSports Technologies to accelerate the development of its electric motorcycle.

Another eclectic motorbike startup in Singapore is Ion Mobility. In contrast to Scorpio Electric, Ion Mobility focuses on making affordable EVs and making the tech more accessible to Southeast Asia’s masses.

See Also: Bringing electric motorbikes to Southeast Asia’s masses

Ion Mobility also recently raised US$3.3 million in seed funding from a number of investors, including Monk’s Hill Ventures and Asia-focused 500 Durians, to launch its products across Southeast Asia, starting with Indonesia.