ZAPP EV secures $1.5m to start production of i300 motorbike
British electric motorbike brand Zapp EV has secured a major funding commitment to start production of its i300 bike.
The firm has entered into a standby equity purchase agreement with US investors which will unlock $1.5 million to begin the production and commercial rollout of the i300. It says it hopes to begin customer deliveries in Europe in the coming months, and launch the bike in Asia by the end of 2024.
Under the deal, Zapp will then have the option to sell further shares up to a value of $8.5m to its investors to help fund future development.
The i300 is a compact electric motorbike designed for urban use. Zapp EV says it offers motorcycle levels of performance with ease of use and manoeuvrability of a scooter. With a peak output of 20bhp, Zapp says it’s equivalent to a 125cc motorbike, and can reach an urban-friendly 30mph in 2.8 seconds. Two removable batteries mean owners can charge them at home, with a 20-80% charge taking around 40 minutes. Maximum range is around 37 miles.
With deliveries expected in the first half of the year, customers can pre-order the i300 for £6,900.
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.
“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 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.”
