Scorpio Electric
Scorpio Electric is a Singaporean electric vehicle manufacturer specialising in electric motorcycles, focusing on design, performance and technology. The brand is owned by EuroSports Technologies Pte Ltd (EST). History Before 2017, EuroSports Technologies was named Spania GTA Asia Pacific Private Ltd., a wholly-owned subsidiary of EuroSports Global Limited. In 2017, the company announced amendments in its scope of business to an investment holding company and manufacturing and assembly of motorcycles and scooters. It was with this change that Scorpio Electric was established. In 2018, Scorpio Electric received S$2 million (US$1.5 million) worth of seed capital from its Singapore-listed parent company EuroSports Global (ESG), with a commitment of another S$3 million (US$2.2 million) subject to hitting milestones. A prototype design model of the X1 was first unveiled in 2019 at the Singapore Week of Innovation and Technology (SWITCH) and Singapore Fintech Festival (SFF) with Prime Minister Lee Hsien Loong and the Minister of Foreign Affairs, Dr Balakrishnan, in attendance. In November 2020, Scorpio Electric announced that it had completed a US$6.3 million fundraising without disclosing investors’ identities. US$5 million of these funds were raised through share subscription agreements with investors, while an additional US$1.3 million was raised from EST convertible loans.