First published on the Cleantech Investor website, 9 November 2012
by Richard Jordan, K&L Gates
Share Price: 1.875p
Very few cleantech companies, let alone electric vehicle companies, have made it on to the stock exchange in recent years. That changed today, however, with the admission of Australian-listed Vmoto Limited, a manufacturer and distributor of electric scooters, to London's AIM Market. As part of the admission, Vmoto raised £1.6m from institutional investors through a placing by finnCap.
Admission to AIM follows the company's UK launch on 27 September in London, where potential investors and purchasers had a chance to see the scooters and meet management. Many of those that attended were impressed by the build quality, specifications and low price of Vmoto's products. For example the 80L, roughly equivalent to a 50cc petrol scooter, costs around £1,300, can do 30km per charge, at up to 45 km/h, and its battery pack can be removed and charged indoors, making the 80L an ideal choice for commuters. At the other end of the range, the heavy duty 120LD will go 140km on a single charge at up to 65 km/h, making it suitable for couriers and fast food delivery.
Vmoto has been steadily raising its profile in recent months, with high profile client wins such as PowerEagle, a large Chinese manufacturer of electric scooters, which has shifted production to Vmoto's facilities in Nanjing Province, famous for low-cost, high quality manufacturing. Charles Chen, Managing Director, commented,
"We have been delighted by the reaction to our AIM listing in London and are pleased to welcome a number of high quality UK institutions to our register. The funds we have raised will enable us to deliver on our existing opportunities in an expedient way, including ramping up PowerEagle production lines. We intend to make the most of the support shown by the London investment community to expand our marketing and sales operations in Europe to exploit the growing demand for electric scooters."