Kymco(Kwang Yang Motor Co) is a Taiwan based company that manufactures motor scooters, motorcycles, and ATVs. Kymco has partnered with Haryana based electric scooter startup Twenty Two Motors.
Kymco said that it will invest $65 million in a span of over three years. Above all this is the biggest investment Twenty Two has ever got. Last year it raised $1.6 Mn pre-Series A funding round in April 2017.
Parveen Kharb, CEO and co-founder, Twenty-Two Motors, said a few words about the deal. “Twenty Two Motors was founded with the sole aim to change the commutation landscape in India by providing powerful smart vehicles to generation next. Electric mobility is the future of the world – a near future, not distant. We envisioned facilitating Indian customers with smart EV vehicles and a proper infrastructure with charging stations and efficient battery and our partnership with Kymco is the next step in this direction. This unique partnership will prove to be a revolution for fundamentals of Indian auto sector which no one expected so far as we shall be creating a complete new ecosystem for premium EV mobility in India.”
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For the first year, Kymko will invest $15 million in Twenty Two Motors, and the remaining in the next three years. Though Kymko or Twenty Two did not disclose the amount of stake Kymko will own after the deal. But as a guess from the experts, Kymco will lead to stake acquisition of around 25%.
Kymco will bring its EV total solution first called Ionex. So that the consumers and governments to smoothly adopt premium electric mobility. Hence Ionex battery swapping solution will be incorporated into the Flow electric scooter currently on sale by Twenty Two Motors. The new removable Ionex battery is lighter, water-proof and can be fully top up in less than an hour. A fixed reserve battery is a new addition which is kept full by the primary battery for emergency. You can go up to 20km on the reserve battery.
Allen Ko, the chairman of Kymco, said, “Kymco is on a social mission to change modern transportation and India is one of the most important markets from that point of view. We found a natural partner in Twenty Two Motors as we have synergies in terms of vision, technological innovation and outlook. Together, we aim to change the landscape of urban mobility in India. ”
Kymco offers the first cloud-based EV infrastructure operating system that works seamlessly with vehicles, batteries and charging station.
“While Ionex enables consumers to go electric without compromise, businesses and governments need to have reliable solutions for charging stations, removable batteries and related IT support systems before they opt for EVs. Therefore, Ionex Commercial is here to provide a total package to empower. Enable all businesses and governments to adopt premium electric mobility,” said Ko.
The upcoming two-wheelers will come under the name Twenty Two Motors Kymco two-wheelers. With a manufacturing facility of 1 lakh units per annum. Kymco-Twenty Two Motors are already looking at a new manufacturing facility. The reworked Flow will launch next year as the same price as Rs 74,740 (ex-showroom Delhi) followed by Gurgaon, Jaipur, Hyderabad, Pune and Bangalore.