Singapore-based international e-scooter operators Beam Mobility and Neuron Mobility have signed a preliminary agreement as they work towards a merger that will solidify their micro mobility leadership in Asia Pacific.
The merger of the two Singapore-headquartered companies will bring together strong industry expertise, laying a solid foundation for profitability, scalable growth, and long-term success, Beam said in a statement on Wednesday.
The combined company will operate in over 100 cities and will retain both the Beam and Neuron brands, deploying each in their strongest markets.
Neuron is a market leader in Australia and Canada, while Beam’s strong presence in South Korea, Southeast Asia, and Turkey, as well as their recent launch in the U.S., unlocks exciting new opportunities.
Completion of the transaction is expected within 60 days, subject to customary closing conditions.
Neuron Mobility’s Co-founder and Chief Executive Officer, Zachary Wang, will lead the combined company as Chairman and Global Chief Executive Officer.
He will be supported by Beam Mobility’s Chief Executive Officer and Co-founder, Alan Jiang, who will become the Chief Executive Officer of Asia.
Beam’s President, and fellow Co-founder, Deb Gangopadhyay, will become a strategic advisor while shaping the industry with groups like the Open Mobility Foundation.
Further leadership appointments will be announced in due course. The new company will be headquartered in Singapore.
Existing Neuron Mobility investors, including Square Peg Capital and GSR Ventures, along with Beam Mobility’s investors, including Affirma Capital, Hana Ventures, and Peak XV Partners, will all take a stake in the new company.
“We are excited to share our plans to bring together the strengths of both companies, creating a truly global e-scooter operator with a clear path to profitability,
“The combined company will leverage Neuron’s leadership in Australia and Canada, along with Beam’s strong presence in South Korea, Southeast Asia, and Turkey, while also unlocking new opportunities for growth,” said Zachary Wang, Chief Executive Officer of Neuron Mobility.
Meanwhile, Alan Jiang, Chief Executive Officer of Beam Mobility, said the deal unlocks a wealth of exciting opportunities, allowing the two firms to leverage the best of both companies.
“As well as strengthening our position in Australia and New Zealand, Beam’s large vehicle fleet and expertise in permit-based and emerging markets, combined with Neuron’s strong track record in tender-based markets, will provide a solid foundation for sustainable growth and international expansion,” he added.
Deb Gangopadhyay, President of Beam Mobility, said he is incredibly proud of what they have built at Beam over the past seven years.
“This merger unites two of the most innovative companies, and I’m excited to support the combined company as a strategic advisor,
“I’m also looking forward to shaping the future of our industry through leadership and collaboration with key organizations such as the Open Mobility Foundation,” he added.