Zapp Electric Vehicles, makers of the self-billed “fastest accelerating” scooter in the world, is about to go public through a SPAC arrangement with special purpose vehicle CIIG Capital Partners, it was announced today.
Once the transaction closes, the deal will see shares in the Cayman Islands-exempted company (run from London) trading on Nasdaq in New York.
Zapp made its mark in June when it released its debut electric scooter, the i300 model, with the launch coming five years or so after the company’s founding in 2017.
The i300 is branded as an “urban electric high-performance” vehicle on two wheels. It’s targeting consumers seeking emissions-light urban transport, but with an added dose of “fun”.
Inside the i300 is a 6kg lithium-ion battery stack. Through the provided 220v/110v wall plugs, fast charging enables Zapp’s scooters to be replenished, from 20% charge to 80%, in under 40 minutes.
In terms of the climate impact, Zapp has tried to reduce moving parts, assembly steps and bodywork and claims its materials selection is also eco-friendly.
Constructed with a light-weight metal alloy, Zapp’s scooters contain an electric motor that, in addition to the usual winding circuits, employs permanent magnets for additional current transmission capacity.
According to Zapp, there’s also a carbon fibre-made belt drive for ramping up speeds, meaning the scooter can reach 60 miles per hour from stationary in around five seconds.
Swin Chatsuwan, founder and CEO of Zapp, said: “Entering the public markets is an important milestone for Zapp and one we have been diligently working toward since our founding.
“Combining with CIIG II (the SPAC) and becoming a publicly listed company will enable us to scale our business, increase production and fulfill demand for electrification in the largely underpenetrated electric two-wheel market.”