Singapore-based EuroSports Technologies (EST), a developer of next generation electric motorcycles, announced today it has received S$2 million (US$1.5 million) in seed capital from its parent company EuroSports Global (ESG), with a commitment of another S$3 million subject to certain milestones.
The funds will be used to accelerate the development of its model EST-X, a fully-electric and intelligent motorcycle. It is initially slated to launch in Southeast Asia, which represents a massive initial target market for the startup, with 200 million motorcycles and regional sales of 15 million units per year right on our doorstep.
After its successful launch in this region, the company will 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 Joel Chang, COO of EST, which has just come out of stealth mode.
According to the World Health Organisation, air pollution is the number one cause of premature deaths in low-and middle-income Asian countries, accounting for 88 per cent 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.