Zapp EV gets $10 million funding, plans rollout of i300 urban scooter in Europe and Asia

First vehicle deliveries from the British electric two-wheeler OEM expected in Europe in the coming months, to be followed by commercial rollout in Asia in late 2024.

Autocar Pro News Desk By Autocar Pro News Desk calendar 14 Feb 2024 Views icon4039 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

The UK-based Zapp Electric Vehicles has announced that it has entered into a standby equity purchase agreement of up to $10 million with an affiliate of Yorkville Advisors Global. Zapp EV will use proceeds from the transaction primarily to start the production and commercial rollout of the i300, the brand’s high-performance electric urban motorcycle.

Zapp EV expects to make initial deliveries of the i300 in Europe in the months ahead, followed by commercial launch of the i300 in Asian markets in late 2024.

Swin Chatsuwan, founder and CEO of Zapp EV, said: “Our design and engineering teams have delivered an exceptional product. With this vote of confidence from a renowned investor, we have the financial resources for the expected rollout of i300s this year.”

Zapp EV's Swin Chatsuwan: "We look forward to the first i300 deliveries in Europe and to expedite our commercial rollout across key Asian markets."

Chatsuwan added: “Consumer appeal is a key differentiator in this space, and we think the i300’s eight-time award winning design, high-performance specifications, and sustainability, all at an affordable price, give Zapp the key ingredients for success. We aim to achieve a positive gross margin from the start of an anticipated ramp-up in customer deliveries. Zapp needs very little capital by industry standards to achieve our goals due to our balance sheet light business model leveraging contract manufacturing. We look forward to the first i300 deliveries in Europe, receipt of European Community Whole Vehicle Type Approval now that all requisite vehicle tests have been successfully completed, and capitalising on this progress to expedite our commercial rollout across key Asian markets.”

Zapp EV anticipates that sales of electric two-wheelers will grow significantly in most parts of the world in the years ahead, especially in emerging markets. Among other key competitive advantages and product differentiation, the company states that “Zapp’s i300 rollout will not be impeded by investments in dedicated charging infrastructure since its two lightweight portable batteries can be taken indoors and charged at any wall socket.

After starting production, its (Zapp EV’s) asset-light business model, employing contract manufacturing in tandem with receivables financing arrangements through the Export Import Bank of Thailand, will enable the rapid scaling up of its business.”

All images: Zapp EV

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