Electronic scooter firm Vmoto (LON:VMT) has raised £2.87mln (A$5mln) to help it accelerate its growth in the next two years.
Through two separate tranches it is issuing 227mln new shares. The initial placing of 54mln shares will raise £700,000 (A$1.2mln).
Vmoto also revealed that it has agreed a new joint venture with Chinese Co, an electronic technology company, which manufactures parts used in electronic vehicles.
The AIM quoted firm will invest A$1.35mln into Chinese Co, lend it A$1mln and allow it to use the company’s manufacturing facilities.
In return, Vmoto gets access to Chinese Co’s technology, new products and market development plan.
"We are pleased with the reaction to Vmoto in Australia and the UK over recent weeks and welcome new high quality institutions and investors to our register,” managing director Charles Chen said.
“The growth opportunity we are seeing for electric scooters and electric vehicles in general in China and around the world is significant and these extra funds mean Vmoto is now fully funded for immediate operations, and will allow us to accelerate that growth over the next 24 months.
"The joint venture is an important deal for Vmoto and has the potential to provide the company with several strategic benefits, including access to electric vehicle technologies central to the electric system.
“This in turn enhances Vmoto's IP and value add, enabling it to become a more integrated manufacturer.
"We also anticipate that the joint venture will increase both our revenues and profits and provide us with access to a more diverse base of electric vehicle products and markets."