Scorpio Electric secured US$6.75 million* investment at US$150 million valuation as the brand works towards the production of their first international product
The Scorpio Electric X1 will commence production and global deliveries in second half of 2023
Media OutReach – 13 January 2023 – Scorpio Electric Pte. Ltd. (the “Scorpio Electric”) has successfully raised US$6.75 million to further develop and test its first electric motorcycle, the Scorpio Electric X1 (the “X1”). The funds will be used to manufacture the first batch of X1 pre-production prototypes. Mass production and global deliveries of the X1 are set to commence in the second half of 2023. To expand the future portfolio of vehicle model line-up, funds will also be allocated to develop new premium electric motorcycle models and variants that support the onward global march towards adoption of more sustainable energy alternatives.
Scorpio Electric is a smart electric vehicle company specialising in high-performance electric motorcycles. The X1 features a futuristic and unique design in a practical maxi-scooter form factor. The X1 delivers dynamic ride and handling capabilities, while equipped with the latest smart rider technology and connectivity.
Scorpio Electric has experienced significant breakthroughs throughout 2022, some of which include additional research and development of the future motorcycles’ models, crystallisation of production pipelines, and timelines. Scorpio Electric has seen its business develop rapidly, and anticipates many more lucrative opportunities to come their way. With the support of investors, Scorpio Electric will be one step closer to realising its vision of becoming a global brand in the electric mobility space.
“Developing an international product of high standards is no meagre task, and our engineering team is working tirelessly to validate and test the X1.” Mr. Joshua Goh, the CEO of Scorpio Electric, commented,
“The pandemic presented our business with plenty of hurdles. It was a contributing factor to our new production timelines. Moving into 2023, international travel has reopened and we are working closely with a Chinese conglomerate to assemble the X1. We have plenty of supporters and business partners who are anticipating eagerly. This year will be an exciting one!”
*An aggregate fund of US$6.75 million was raised from various investors. US$1.75 million was raised in May 2022 and US$5.00 million in January 2023. Please refer to Announcement dated 11 November 2022 and 12 January 2023 made by EuroSports Global Limited on the SGXNet.
The issuer is solely responsible for the content of this announcement.