Zapp EV Secures $10M For i300 Scooter Launch In Europe, Asia

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Initial deliveries of electric two-wheelers from the British OEM are anticipated in Europe in the upcoming months, with a commercial launch in Asia planned for late 2024.

Zapp Electric Vehicles, based in the UK, has announced a standby equity purchase agreement worth up to $10 million with an affiliate of Yorkville Advisors Global. The company plans to use the proceeds primarily to commence production and commercial rollout of its high-performance electric urban motorcycle, the i300.

The initial deliveries of the i300 are expected in Europe in the coming months, with a commercial launch in Asian markets slated for late 2024. Swin Chatsuwan, founder and CEO of Zapp EV, expressed confidence in the product and the financial backing received, stating that it provides the necessary resources for the anticipated rollout of the i300 this year. He also highlighted the consumer appeal of the i300, noting its award-winning design, high-performance specifications, sustainability, and affordability as key factors for success. Chatsuwan emphasized the company’s goal to achieve a positive gross margin from the start of the ramp-up in customer deliveries and the minimal capital required due to its balance sheet light business model that leverages contract manufacturing.

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Chatsuwan also mentioned the company’s anticipation of the first i300 deliveries in Europe, the receipt of European Community Whole Vehicle Type Approval following successful vehicle tests, and the plans to expedite commercial rollout across key Asian markets. He pointed out that Zapp EV’s rollout of the i300 will not be hindered by investments in dedicated charging infrastructure, as its two lightweight portable batteries can be charged at any wall socket.

Zapp EV expects significant growth in sales of electric two-wheelers worldwide in the coming years, particularly in emerging markets. The company’s asset-light business model, which involves contract manufacturing and receivables financing arrangements through the Export-Import Bank of Thailand, is poised to enable rapid scaling of its business following the start of production.

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Aryaman Raghuvanshi
Aryaman Raghuvanshi
Aryaman Raghuvanshi is a Journalist at EFY. His passion is to explore the future of mobility, which gets him to cover latest technologies shaping the future of automobiles and EVs. But, at times he writes on broader technologies too. LinkedIn: https://www.linkedin.com/in/aryaman-raghuvanshi-2431b7153

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