EuroSports Global Limited, a distributor of luxury automobiles, announced that its wholly-owned subsidiary EuroSports Technologies Pte. Ltd (EST) had raised US$1.3 million from first round of fund raising in November 2019 andUS$5 million in funds today for its electric vehicle brand, Scorpio Electric.
US$5 million of these funds were raised through share subscription agreements with investors while an additional amount of US$1.3 million was raised from EST convertible loans, where these loans would be automatically converted into EST Ordinary Shares after the closing of the EST Fundraising in accordance to the terms of the EST Convertible Loan Agreements.
These funds would be used for EST’s general working capital purposes, such as operating expenses and development expenses while the other proceeds would be used for software and hardware development of Scorpio Electric’s first electric motorcycle.
Scorpio Electric is a brand under EST which specializes in creating electric motorcycles with a focus on high performance. Scorpio Electric also differentiatesthemselves by making their motorcycles “smart” with the use of artificial intelligence and data analytics, allowing them to be even more energy efficient.
The brand has plans to launch the motorcycle in 2021 and the funding would be used in the numerous prototypes and pre-production builds that will undergo rigorous quality testing and checks to adhere to international standards.
Additionally, the company will invest in the completion of their headquarters and assembly plant, which includes developing the various equipment, parts moulds,tooling, and IT systems, etc.
“The future is electric! We at Scorpio Electric are all very excited for this US $6.3M fundraise, 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!” said Melvin Goh, Chief Executive of EuroSports Global. – BusinessNewsAsia.com