Singapore startup Scorpio Electric announced today (January 12) that it has successfully raised US$6.75 million from various investors to manufacture pre-production prototypes for its first electric motorcycle.
Specifically, it recently raised US$5 million in January 2023, in addition to the previous US$1.75 million raised in May 2022. The total investment of US$6.75 million investment has now valued the company at US$150 million.
Its first electric motorcycle is called the Scorpio Electric X1, and is named after the most powerful star in the Scorpio constellation.
The X1 is designed to challenge the boundaries of urban electric mobility. It features a futuristic and unique design in a practical maxi-scooter form factor, and is equipped with the latest smart rider technology and connectivity.
According to the company, it is set to start mass production and global deliveries for X1 only in the second half of this year. Currently, the X1 is already available for pre-orders.
“Developing an international product of high standards is no meagre task, and our engineering team is working tirelessly to validate and test the X1,” said Joshua Goh, CEO of Scorpio Electric.
“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.”
More electric motorcycles are in the pipeline
The company added that the funds will also be used to develop new premium electric motorcycle models and variants that support the adoption of more sustainable energy alternatives.
Founded in 2017, Scorpio Electric is a smart electric vehicle company that specialises in high-performance electric motorcycles.
It has experienced significant breakthroughs over the past year, some of which include additional research and development of the future motorcycles’ models, crystallisation of production pipelines and timelines.
With the support of investors, Scorpio Electric is confident of achieving its ambition to become a global brand in the electric mobility space.
Featured Image Credit: Scorpio Electric