Singapore’s EuroSports raises US$1.5 million to accelerate development of electric motorcycle EST-X model

Mon Dec 31, 2018 - 8:00am UTC
EuroSport

EuroSports

31/12/2018 – EuroSports Technologies (EST), a developer of next-generation electric motorcycles based in Singapore announced recently that it has received S$2 million (about US$1.5 million) in seed capital.

The funds were raised from its parent company EuroSports Global (ESG), which also promised an additional S$3 million (about US$1.5 million) capital if certain milestones are achieved.

For now, EuroSports Global plans to use the funding capital to accelerate the development of its model EST-X, a fully electric and intelligent motorcycle.

The motorcycle is initially slated to launch in Southeast Asia as it represents a huge target market for the startup with 200 million motorcycles.

The exhaust-free carrier is expected to be affordable and targeted at Southeast Asia motorcycle market of 15 million units a year.

After its successful launch in the region, the company plans to follow up with an international debut.

“By launching this new electric motorcycle, EST aims not only to deliver a dramatically better mobility experience for end users but also help alleviate the world’s air pollution problem,” said the COO of EST Joel Chang.

According to the World Health Organization, air pollution is the number one cause of premature deaths in low- and middle-income Asian countries, accounting for 88 percent of these fatalities.

Globally, air pollution is estimated to kill a shocking seven million people per year. Vehicle emissions are a major cause of this, including those from scooters and motorcycles which remain mostly gasoline powered and highly polluting.

“Air pollution is clearly a health crisis globally. By encouraging societies to switch to electric motorcycles, we can help alleviate the problem. Electric motorcycles are cleaner, easier to maintain given fewer moving components, and cheaper to use over their lifetime compared to gasoline motorcycles,” added Chang.

ESG is Singapore’s distributor of ultra-luxury automobiles and is the exclusive distributor for Lamborghini and Alfa Romeo franchise.

The newly set up EuroSports Technologies is expected to unveil a prototype of EST-X, late next month.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.