VMOTO LIMITED — Capital/Financing Update 2024

Nov 24, 2024

25 November 2024

Vmoto Invested into Evotion in Singapore

Highlights

• Vmoto and Evotion Labs Pte Ltd (“Evotion”) have entered into an agreement for Vmoto to invest SGD 1 million (~AUD 1.15 million)[1] into Evotion for 12.5% shares in Evotion in Singapore.

• Evotion is a joint venture between Mah Pte Ltd, an established motorcycle distributor in Singapore and Maverick Investments Ltd, focusing on establishing an ecosystem of EV Bikes, battery swapping and charging infrastructure in Singapore and South-East Asia

• Vmoto and Evotion will use Vmoto products and solutions for pilot and trial projects in Singapore with the aim of deploying battery swapping and plug-in fast charging stations and infrastructure in Singapore and South-East Asia

Global electric vehicle company Vmoto Limited (ASX: VMT) (“Vmoto” or the “Company”) is pleased to announce that it has entered into an investment agreement with Evotion, a Singapore-based e-mobility company. Evotion is focused on developing an integrated ecosystem of electric vehicle ( EV ) bikes, battery swapping, and charging infrastructure in Singapore, with plans to expand these solutions across South-East Asia in the near future.

Overview of Evotion

Evotion was founded in 2021 through a partnership between Mah Pte Ltd, a leading motorcycle distributor in Singapore, and Maverick Investments Ltd. Recognizing the urgent demand for sustainable, emission-free transportation in Southeast Asia, Evotion was established to address this critical need.

Evotion's mission is to revolutionise mobility across the region by creating a comprehensive ecosystem of electric motorcycles ( EV Bikes ), battery-swapping stations, and charging infrastructure. Evotion aims to empower communities with eco-friendly transportation solutions that minimise carbon footprints, enhance connectivity, and propel Southeast Asia towards a greener and more sustainable future.

Evotion is the first company in Singapore to secure Type Approval (TR25 Part 4) from the Land Transport Authority (LTA) for operating battery-swapping infrastructure. The company is also on track to obtain its Electric Vehicle Charging Operator (EVCO) license within weeks.

Vmoto’s Managing Director, Mr Charles Chen said, “ We are excited to invest into Evotion and being part of Evotion’s business in bringing competitive EV Bikes, battery swapping and charging solutions into Singapore and South-East Asia in future. Combining Vmoto’s mature and competitive products and solutions with Evotion’s experience and network in Singapore and South-East Asia, we are confident that Evotion will be one of the most competitive operators in this segment of the industry. ”

1 Exchange rate: AUD 1.00: SGD 0.8730

Evotion’s spokesman, Mr Kevin Mah said, “ We are thrilled to announce our partnership with Vmoto and deeply appreciate their confidence in Evotion’s mission and vision. With Vmoto’s support, including their advanced technology, proven products, and extensive industry expertise, this partnership will significantly accelerate our plans to roll out e-mobility battery swapping and charging solutions. Together, we aim to deliver these innovations to our customers and users at a faster pace and on a larger scale, driving the transformation toward sustainable, emission-free transportation in Singapore and across South-East Asia.”

Investment Agreement

The key terms of the Investment Agreement are as follows:

• Vmoto will invest cash SGD 1 million (~A$1.15 million)[2] to Evotion by 30 November 2024;

• Evotion will issue 3,175 shares to Vmoto, which represents 12.5% of the total issued capital of Evotion;

• Evotion to evaluate the use of Vmoto’s products and solutions in Evotion’s operations; and

• Evotion will have a Board of Directors comprised of no less than 2 directors, with 1 director to be nominated by Mah Pte Ltd and the director to be nominated by Maverick Investments Ltd.

-ENDS-

The announcement was approved for release by the Board of Vmoto Limited

For further information, please contact:

Company enquiries

Charles Chen Managing Director T: +61 8 9226 3865 info@vmoto.com

Vmoto’s Social Media

Vmoto is committed to communicating with the investment community through all available channels including social media. Whilst ASX remains the primary channel for all material announcements and news, all Vmoto shareholders, investors and other interested parties are encouraged to follow Vmoto on our website ( www.vmoto.com ), Facebook ( www.facebook.com/vmotosoco ), Instagram ( www.instagram.com/vmotoofficial ) and YouTube ( www.youtube.com/vmotosoco ).

Forward Looking Statements

Forward looking statements are based on current expectations and are not guarantees of future performance, involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company. Actual results, performance or achievements may vary materially from any forward-looking statements. Although the Company believes that assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect in hindsight and, therefore, there can be no assurance that matters contemplated in the forward-looking statements will be realised. Accordingly, readers are cautioned not to place undue reliance on forward looking statements, which are current only as at the date of this announcement.

Shareholders Communications

Vmoto is committed to communicating with its shareholders regularly and efficiently and encourages shareholders to adopt electronic communication channels. Shareholders can update communications method by going to www.computershare.com.au/easyupdate/VMT.

2 Exchange rate: AUD 1.00: SGD 0.8730