EuroSports Technologies (EST), Singapore’s home-grown developer of next generation electric motorcycles, recently received $2m of seed capital from its Singapore-listed parent company EuroSports Global (ESG) with a commitment of another $3m subject to certain milestones.
Funds received will be used to accelerate the development of EST’s Singapore-developed electric motorcycle, code-named “EST-X”, which combines convenience, performance, and intelligence into a single affordable vehicle package.
EST’s motorcycle is initially slated to launch in Southeast Asia, a vibrant market of 200 million motorcycles. Annual registrations of all brands in this region is estimated to be 15 million units. After our successful launch in this region, we 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.
According to the World Health Organization, air pollution is the number one cause of premature deaths in low-and middle-income Asian countries, accounting for 88% 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.” said Joel Chang.