TVS Motor Company announced Tuesday that their Singapore-based arm will purchase 25% equity stake in German electric mobility products and components startup Killwatt GmbH. TVS Motor (Singapore) Pte Ltd, is acquiring 8,500 newly issued common shares of Killwatt for a total of nearly 2 million euros (nearly Rs 18 crore). The deal is based on cash consideration of 235.29 euros per share meaning investors will be able to benefit from future dividends.
The company sees Killwatt as a partner in their mission to become a leader in e-personal mobility and provide customers with sustainable solutions. This follows TVS Motor Company’s recent acquisitions, further emphasising the importance of electric mobility. Killwatt’s portfolio of products and components caters to electric two-wheelers and three-wheelers.
TVS Motor Company is an Indian multinational two-wheeler manufacturer with a mission to provide customers with mobility solutions. Fuelled by new technologies and customer insights, the company has an expansive two-wheeled product portfolio that includes scooters and motorcycles, backed by a world-class offer of services. It has achieved industry leadership in two of its main product categories in the Indian market.
Killwatt GmbH is the brain-child of Alexander Paul Schattat, an innovator, inventor and entrepreneur. He has a track record of developing industry changing electric mobility concepts. Besides Killwatt, Alexander has been involved in numerous projects and initiatives related to the electric mobility industry. He currently serves as the innovation director of Killwatt. By partnering with TVS, Killwatt stands to gain valuable experience that can help it in its mission to take e-mobility to the next level.
