SCORPIO Electric, the electric vehicle brand of Catalist-listed luxury car distributor EuroSports Global : 5G1 0%, has secured US$6.8 million in funds from various investors. 

The startup said on Thursday (Jan 12) that the funds will be used to further develop, test and manufacture the prototypes of its first batch of electric motorcycles, the Scorpio Electric X1 (X1). 

Mass production and global deliveries of the X1 are slated to take place in the second half of 2023. 

Some of the funds will also be allocated to developing new premium electric motorcycle models and variants to expand the future portfolio of vehicle model line-up. This is also part of global efforts towards adopting more sustainable energy alternatives, said Scorpio Electric. 

Out of the total fundraise of US$6.8 million, about US$1.8 million was secured in May 2022. 

The remaining US$5 million was raised in January 2023 through a share subscription agreement with an existing, independent corporate investor of Scorpio Electric over five tranches at the pre-money valuation of US$150 million. 

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Following the issue of Scorpio Electric subscription shares, EuroSports’ stake in the subsidiary will be effectively reduced to 72.37 per cent from 75.05 per cent previously. Scorpio Electric will remain as one of the group’s subsidiaries. 

Scorpio Electric chief executive Joshua Goh said the company is working closely with an unnamed Chinese conglomerate to assemble the X1. 

In the past year, Scorpio Electric has conducted additional research and development of future motorcycle models and seen rapid business development. 

The brand is part of EuroSports Technologies, a subsidiary of Singapore-based EuroSports Global, which holds the Lamborghini and Alfa Romeo dealership franchises.

Shares of EuroSports Global ended Wednesday unmoved at S$0.196.

*Amendment note: An earlier version of this story mentioned that the funding will be used for the first batch of motorcycles, when in fact Scorpio Electric is still in the process of pre-production.