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May 21, 2007
Vectrix: US Electric Scooter Maker With Italian Stylings To IPO On AIM
US-based electric scooter maker Vectrix said it plans to raise £37.44M through an IPO of about 259.36M shares. The company will have a market capitalization of about £135M. Trading is expected to begin on May 24.
While Vectrix was founded way back in 1996, it is only just now selling its first mass-produced vehicle, the MAXI Scooter, primarily in Italian cities, and in other European cities in Spain, the UK, Greece, France and Switzerland, as well as markets in the US and Australia.
There are some definite issues with the scooter, most notably its steep price. However, for some this is a dream vehicle, especially for greens. It has zero emissions. it is very quick. The MAXI is comparable to a 400cc scooter with the torque of a Ducati 900. Top speed comes in a 62mph. A standard three-pin plug is all that is required for a charge. And a two-hour charge will give you around 68 miles of riding. So this is a sweet ride for tooling around Milan but not the vehicle for people who want to Easy Rider it across the US.
Prior to the IPO, Vectrix raised significant funding from industrial giant Parker Hannifin. In March 2003, Parker acquired a 50% interest in Vectrix’s fuel cell hybrid patent. Other investors include Morgan Stanley and GH Venture. The company's COO is Carlo Di Biagio who was CEO and CFO of Ducati Motors.
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Posted on May 21, 2007 06:22 AM | Posted to Alternative Energy | Permalink
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