SINGAPORE, Feb 5 (Bloomberg): Goldbell Group, Singapore’s largest industrial-vehicle provider, said it plans to acquire electric-car sharing startup BlueSG Pte for an undisclosed amount.
Goldbell plans to invest more than S$70 million (US$52 million) into the business over the next five years after the deal gets completed around August, the closely held company said in an emailed statement on Friday.
The funds will be used to add vehicles and establish a research and development center. BlueSG will serve as Goldbell’s global headquarters for car-sharing, it said.
BlueSG is a subsidiary of French company Bollore Group that launched in 2017 as part of a national car-sharing pilot programme in Singapore.
It currently has a fleet of more than 650 electric vehicles.
Goldbell distributes and leases industrial vehicles such as trucks and vans.
The 41-year-old Goldbell Group meanwhile is Singapore's largest commercial vehicle leasing company, whose subsidiaries include on-demand mobility startup SWAT and xSquare, which specialises in autonomous warehousing solutions.
According to media reports in Singapore, the S$70 million investment will go to areas such as adding new vehicles to the fleet. Mr Chua said that Goldbell is looking to include other types of EVs to the fleet, beyond BlueSG's signature white hatchbacks.
It also plans to partner other companies to allow BlueSG users to charge their vehicles using their EV charging points.
Goldbell will also establish a new research and development centre with a dedicated technology team that will work on developing new mobility technologies and algorithms.
Singapore will act as BlueSG's global headquarters. - Bloomberg
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