SMRT to distribute locally made electric motorbikes here and in region
Electric motorcycle-maker EuroSports Technologies has teamed up with SMRT-owned Strides Transportation to develop, market and supply smart electric motorbikes.
In an announcement to the Singapore Exchange yesterday, EuroSports Technologies said the two local companies have signed a memorandum of understanding (MOU) that will see Strides appointed as the sole distributor of commercial electric motorcycles in Singapore and the Asia-Pacific.
This range of two- and three-wheelers will be separate from EuroSports' Scorpio brand of premium electric motorbikes. It will be targeted for food delivery and logistics applications.
EuroSports Technologies - part of listed sportscar distributor EuroSports Global - will be rolling out the new range of commercial motorbikes by the fourth quarter of this year, ahead of Scorpio's production next year.
Like Scorpio, these motorcycles will be equipped with smart features such as over-the-air software updates, connectivity to the Internet of Things and in-house charging systems. But they will have lower performance, fewer premium features and a substantially lower price tag.
EuroSports chief executive Melvin Goh described the non-binding MOU as a "momentous milestone".
He said: "As the creator of Scorpio Electric, the first Singapore home-grown high-performance smart electric motorcycle, we are proud to fly our flag high in the international scene with Strides.
"The collaboration will broaden the scope of our reach to tap the unfulfilled potential of regional electric vehicle markets."
SMRT Road Holdings president Tan Kian Heong said: "This collaboration is part of our plans to build businesses in the electric vehicle ecosystem towards a greener Singapore and South-east Asia region."
The MOU is valid for one year, up to March 31 next year.
As at the end of last year, EuroSports Technologies had raised US$8.5 million (S$ 11.3million) in funds. It hopes to raise another US$15 million by the end of this year.