Scorpio Electric, a Singapore-based smart e-motorcycle startup, announced a US$6.3 million in fresh funding from undisclosed private investors.
The fresh capital will be used for the development and production of its zero-emission, fully-electric motorcycle, intended to launch in 2021.
A portion of the proceeds will also be used for software and hardware development of its first motorcycle. This will include the construction of prototypes that will undergo quality checks, in accordance with international standards.
Additionally, Scorpio will invest in the completion of its headquarters and assembly plant. The 3,600 sqm plant is expected to produce up to 8,000 electric motorcycles annually.
The regional market presents an opportunity for Scorpio Electric to expand in Southeast Asia, which has over 200 million motorcycles and 15 million annual transactions.