Ending ICEage by 2040: Singapore’s Sustainable Transportation Startup Scene Hots Up

Radhika Wijesekera –

SINGAPORE (January 22, 2024) – According to Startup Genome, a US-based policy advisory and research organisation for both public and private companies that aims to accelerate the success of their startup ecosystems, Singapore has a flourishing ecosystem that is home to approximately 4,000 tech startups. In fact, Startup Genome and the Global Entrepreneurship Network ranked Singapore’s startup ecosystem 18th in the world and fifth in Asia.

Among the array of ecosystems, sustainable transportation is seen as one of the most promising areas for startups in the country. Singapore is committed to reducing its carbon footprint and has set itself the ambitious target of completely phasing out vehicles with internal combustion engines by 2040. Therefore, startups that are focused on developing sustainable transportation solutions, including electric vehicles, charging stations, and smart transportation systems, could be well-positioned to meet the growing demand for eco-friendly transportation.

Among the many sustainable transportation startups in the country, the following stand out as being particularly noteworthy:

Neuron is an app-based rental platform dealing with bicycles and kick scooters. Users are able to scan QR codes to unlock bikes, for which they make rental payments online for the ability to use them. The trip is brought to an end by taking a photograph of the scooter or bike once it is parked at a designated station. Neuron also offers charging stations for the kick-scooters. Neuron’s primary business models are retail, energy technology and travel and hospitality. Neuron has raised a total funding of over $81 million and generated approximately $20 million in revenue since its inception in 2016.

Beam is another electric scooter sharing app that enables users to locate, book, and unlock a scooter via the mobile application. It offers useful features such as variant payment methods and rides without deposits. At the end of their ride, users simply need to park the scooter at any public parking space that the mobile app covers.
Beam was established in 2018 and generates an average annual revenue of $1.48 million per annum.

Go Bike Singapore was founded in 2021 and has a user app that enables riders to book bike transport, repairs, and rentals. In addition, the Go Bike Singapore app hosts a marketplace where users can buy and sell bicycles and bike parts locally and internationally. Go Bike Singapore offers curated bike tours of Singapore, with the option of renting bikes of a variety of sizes along with helmets that will fit any biker. Founder Laurent Misso, an avid mountain biker realised the need for bicycle rental and repair solutions himself during a nasty accident where he found it challenging to seek both medical and bike repair help easily. This led to his entrepreneurial journey to create an all-encompassing solution for cyclists in Singapore to travel and explore the country easily and safely.

Azura Marine designs and builds eco-friendly yachts that run on solar energy. The company was established in Singapore in 2012, by a team of naval architects and engineers who spent years researching hydrogen-solar-electric marine propulsion along with optimised hull shapes that could achieve maximum efficiency, resulting in a novel solar-powered trip across Indonesia.

ION Mobility was set up back in 2019, and over the years, this start-up has gathered the support of no less than 15 investors, including India’s TVS Motor Company. With over $ 28 million in funding, ION Mobility is involved in the design and development of electric motorbikes that incorporate features such as a TFT display, an integrated battery pack, and keyless starting. The company earns an annual revenue of $ 2 million on average.

BlueSG is an electric fleet-based car sharing service provider based in Singapore which was established in 2017. This start-up allows users to book a BlueCar parket at BlueSG charging stations using the app or their website. Users can then pick up a car at the designated charging station, while they can drop off the car at any of the listed charging stations. The average range of a BlueCar is specified at 200km.

Oyika is a startup that develops battery swapping capabilities for electric vehicles. Established in 2018, Oyika has garnered the support of 6 investors, with a combined investment of $ 111 million to date. Oyika provides smart batteries, along with a vehicle control unit enabling e-scooter location tracking, anti-theft control and remote operation. Its swapping station locator application enables users to find stations, reserve batteries beforehand, insert and collect batteries using facial recognition technology.

Scorpio Electric is a start-up that was established in 2017 to produce electric two-wheeler vehicles. With a funding capacity of $16 million, the company develops electric two-wheelers with features such as power balancing, optimum maintenance, and an integrated drive train. It also offers an AI-enabled mobile app that includes battery analytics, remote anti-theft, and charting station location features.

AVEVAI is unfunded startup that was set up in 2018 and develops electric LCVs and advanced automotive technologies. The company seeks to provide tailored electromobility solutions to businesses based on its two vehicle models IONA Van and INOA Truck. The company claims that its vehicles can provide a travel range of up to 300km while offering Graphene Energy Management Systems (GEMS) – a BMS that utilises graphene-infused supercapacitors and smart algorithms to optimise battery life and Graphene Green Quantum Cells (G2CQ) – a range extender for petrol and diesel engines.

F-Drones is a Singapore-based start-up that provides commercial drone deliveries that go beyond the visual line of sight. The company’s goal is to make maritime logistics more efficient and sustainable, for which they develop and operate their own aerial delivery drones. These solutions are used by a companies that hail from a range of countries and industries and help them reduce their costs, time and emissions by upto 80%.