TVS motors and ION Mobility
TVS Motor Company is electrifying the two-wheeler market with its exciting partnership with ION Mobility, a leading electric vehicle startup based in Singapore! This strategic investment agreement of $9.5 million by subscribing to 3,144,198 series AA shares. It is set to provide the necessary support to ION and help them succeed in the rapidly growing electric two-wheeler markets in Singapore and Indonesia.
About the Investment
TVS Motor (Singapore) Pvt. Ltd.’s paid-up share capital currently stands at $400,000, consisting of 5,150,000 Ordinary Shares, and $6,779,468.77, represented by 2,877,328 preference shares. ION Mobility has recorded consolidated turnovers of NIL for fiscal years 2019-2020, $3,017 for the fiscal year 2020-2021, and NIL for the fiscal year 2021-2022.
TVS, the top-performing Indian scooter brand, is poised to enhance its product portfolio and expand its global reach with this forward-thinking collaboration. The company is committed to sustainability and scalable solutions, making this partnership a natural fit.
Announcements by the Leaders
The managing director of TVS Motors said, “TVS Motor is committed to developing exciting products for consumers across global markets. We are thrilled to partner with ION Mobility, a full-stack EV company with a strong team of engineers and a technical base in Singapore, to drive the premium electric two-wheeler growth in the region. We share a common vision and are eager to support them as a strategic investor.”
James chan the CEO and founder of Ion Mobility on the occasion of this investment plan said, “I am delighted with the vote of confidence that my team and I have received from TVS Motor via the funding round and partnership. We are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to accelerate our ‘Mobius’ M1-S production readiness, as well as the design and development of other models. We look forward to leading the charge towards an electric & sustainable two-wheeler future together.”
About Ion Mobility
ION Mobility Pte. Ltd. is a tech company located in Singapore with the sole aim of promoting sustainability. By combining cutting-edge hardware and software with human-centered design, we aim to deliver smart electric motorbikes and energy storage solutions that are truly for everyone along with making a positive impact on nature.
ION Mobility is the maker of the MS-1 electric scooter which is a sleek design and futuristic qualities. The scooter has an acceleration of 0-50km/hr within 3.7 seconds, and a top speed of 105km/h with an exclusive range of 150km thanks to the 4kWh of battery fitted in the scooter.
Get ready for a game-changer in the electric scooter industry, as TVS and ION team up to drive innovation and growth. The investment amount may be undisclosed, but the impact of this partnership is sure to be huge!
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