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Singapore

GOLDBELL COMPLETES ACQUISITION OF BLUESG, TO INVEST S$40 MILLION BY 2023

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Singapore


GOLDBELL COMPLETES ACQUISITION OF BLUESG, TO INVEST S$40 MILLION BY 2023

A BlueSG electric car-sharing vehicle is parked at a charging station in a
public housing estate in Singapore December 12, 2017. REUTERS/Edgar Su

AHMAD ZHAKI ABDULLAH

@ZhakiCNA
Ahmad Zhaki Abdullah
18 Oct 2021 03:36PM
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SINGAPORE: Singapore’s Goldbell Group has completed its acquisition of electric
car-sharing firm BlueSG and is set to invest S$40 million to grow the company
over the next two years, the vehicle leasing firm announced on Monday (Oct 18). 

The amount makes up 60 per cent of the S$70 million it previously said it will
invest in the company over five years. 


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BlueSG - which currently has about 650 shared electric vehicles (EVs) in
Singapore - was previously a subsidiary of French conglomerate Bollore Group.

It began operations here in 2017, in partnership with the Land Transport
Authority and the Economic Development Board, as part of efforts to make
Singapore’s transport system more sustainable. 

The 41-year-old Goldbell Group first announced the acquisition in February this
year, although it had declined to say how much the deal was worth. 

In a media release on Monday, Goldbell said it is on track to expand BlueSG’s
fleet size with immediate effect. It also aims to increase the electric
car-sharing operator’s staff strength by 20 per cent at the end of this year
with the addition of a new technology team.

“Among Goldbell’s immediate priorities is to realise BlueSG’s potential with the
expansion of its business and technical capabilities to develop a business model
that will be replicated in other smart cities across the Asia Pacific Region,”
the company said. 


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This will begin with Goldbell setting up a global headquarters for car-sharing
by the end of this year, to be established through BlueSG. 

It will set the stage for overseas expansion within the “next few years”, the
firm said.

RELATED:

An open innovation platform, which will act as a testbed for experimental
technologies such as energy storage and management, advanced mobility systems
and charging technologies, will also be set up through BlueSG. 

“The BlueSG acquisition is in line with the establishment of Goldbell’s Global
Innovation Centre for Future Mobility, whose mission is to look into new
business models or technologies in the mobility space such as vehicle sharing,
app-based vehicle leasing, intelligent warehousing, mobility analytics, and
mobility algorithms,” the Singapore-based firm said. 

Goldbell chief executive Arthur Chua said BlueSG will enter a “new era” with its
acquisition. 


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“Not only are we interested in deploying newer generation, experimental
technologies in our car-sharing fleet, we are also looking forward to working
with companies, as well as local institutes of higher learning and research
institutes, to realise our vision to evolve the BlueSG fleet into a living lab
for Future Mobility innovations,” he said.

Jenny Lim, who previously served as BlueSG’s commercial and network director,
has been appointed BlueSG’s Singapore head, responsible for overall operations. 

In July, it was announced that BlueSG’s network of more than 1,500 electric
vehicle charging points would separately be acquired by French energy giant
TotalEnergies, previously known as Total. 

Goldbell said on Monday that existing BlueSG customers will continue to enjoy
the same “convenience and efficiency of the services as before” following the
TotalEnergies acquisition.

The company is looking forward to working with a variety of charging
infrastructure providers here, said Mr Chua.


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He added that Goldbell is also “excited” about the interest among international
companies looking to “tap into our BlueSG brand to showcase their new electric
vehicle models” as part of its fleet expansion quest, although he did not
identify specific companies. 

Source: CNA/az(gs)



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RELATED TOPICS

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