”la Caixa”, Repsol, and the CDTI invest in the Scutum company, which develops electric scooters with removable batteries
”la Caixa”, Repsol, and the Centre for Technological and Industrial Development (CDTI) have invested two million Euros into the Scutum company, which develops a new concept of electric scooters based on an electric platform with removable, easily transported batteries.
This technology, patented by Scutum, avoids the need to have a charging point close to the vehicle and allows users to charge their batteries in their homes and offices. The vehicles have 2 types of batteries: One is 16 kilograms and charges in 1.5 hours; the other is higher capacity, 25 kilograms, needs 3 hours to charge, and has a range of 80 kilometres.
Scutum, which began its operations in 2011 in Esplugues de Llobregat (Barcelona), has developed its first model of motorbikes with patented, proprietary technology that has a removable, easily transported battery system. The company currently is marketing the S02 model, which is easily adaptable to professional solutions and targeted towards companies that have large scooter fleets (messaging, couriers, distribution, etc.). The company also has a prototype that has the most essential components, the S01 model, which is targeted towards the general public. The new partners have provided two million Euros in order to industrialise production and launch the marketing for this new S01 model.
The company is led by Carlos Sotelo, a professional ex-pilot with commercial experience in the field of electric mobility, and a team of professionals with a long professional career in the motor industry.
Market for two-wheeled electric mobility
The market for electric scooters has been experiencing great growth not only in Spain, but also across the world. Sales of electric scooters have experienced notable growth over the past few years due to several factors, such as price (they barely consume 0.50 Euros per every 100 kilometres) and the easiness to charge, an aspect that is accentuated in the Scutum models.
Currently there are 200 million two-wheeled vehicles in the world, of which 2% are electric. All forecasts point to strong growth in the share of electric scooters in the medium term.
About Caixa Capital Risc
The fund through which ”la Caixa” is making its investment in Scutum, Caixa Innvierte Industria, is an investment vehicle created along with the participation of the Centro para el Desarrollo Tecnológico Industrial (Centre for Industrial Technology Development, CDTI) under the Programa Innvierte framework and has a minority participation by the Institut Català de Finances (Catalan Finances Institute, ICF). With a total investment volume of 23 million Euros, the fund invests in companies based in Spain which operate in the field of industrial technologies with a strong component of technology and internationalisation.
The investment in Scutum is the sixth operation that this fund has made. Caixa Innvierte Industria currently has in its portfolio Xtraice, a company specialised in the development and marketing of skating rinks with ecological-friendly ice; Pevesa, which develops vegetable proteins through biotechnology for applications in ecological-friendly agriculture and food; Forest Chemical Group, which manufactures industrial thermal tapes; Fast Drinks, which manufactures self-heating cans; and Stinser, which offers complete management of steel as a raw material to sector industries such as automotives and household appliances.
Caixa Capital Risc is the venture capital arm of ”la Caixa”, which invests in the early stages of innovative Spanish companies with a high growth potential, accompanying them throughout their various stages of their development. With a total capital commitment of 103 million Euros, the company invests in innovative companies through 5 investment funds: Caixa Capital Micro, Caixa Capital BioMed, Caixa Innvierte BioMed II, Caixa Capital TIC and Caixa Innvierte Industria.