Beam Mobility and Neuron Mobility announced on the 4th that they are pursuing a merger to strengthen their leadership in the electric scooter business in the Asia-Pacific region and have signed a preliminary agreement.
The two companies are electric scooter operators based in Singapore, and through this merger, they plan to combine industry expertise and establish a sustainable growth foundation that has revenue and scalability. The merger is expected to be completed within 60 days.
After the merger, the two brands, Beam and Neuron, will be maintained, and the integrated entity will provide services in over 100 cities worldwide. Neuron Mobility has a strong presence in Australia and Canada, while Beam Mobility has a solid footing in Korea, Southeast Asia, and Turkey. Recently, Beam has also attempted to expand into the U.S. market.
Zachary Wang, Neuron Mobility's CEO, will serve as the global CEO and chair of the board of the integrated entity after the merger. Allen Zhang, CEO of Beam Mobility, will act as the CEO for the Asia region, working alongside CEO Wang for integrated management. Deb Kangopadiya, the chief executive officer of Beam Mobility, plans to support industry development as a strategic advisor by collaborating with key industry organizations. The headquarters of the integrated entity is expected to be located in Singapore.
Zachary Wang, CEO of Neuron Mobility, said, “I am pleased to share our plan to create a global electric scooter operator with a profitable growth path by combining the strengths of both companies,” adding, “We will create new growth opportunities based on the market strengths of both companies.”
Allen Zhang, CEO of Beam Mobility, noted, “This merger is an opportunity to maximize the capabilities of both companies,” stating, “The combination of Neuron's performance in the bid-based market and Beam's expertise in emerging markets will serve as a foundation for sustainable global expansion.”
Existing investors in Neuron Mobility, including Square Peg Capital and GSR Ventures, along with investors in Beam Mobility, such as Affirma Capital, Hana Ventures, and Peak XV Partners, will participate as shareholders in the integrated entity.