Germany's eROCKIT snags $12.2 mln in funding from Motovolt

eROCKIT, a German electric push bikes mobility company, has received fresh investment from its Indian peer Motovolt.

Under the deal, the company has sold a stake to Motovolt, which has infused 1 million euros ($1.1 million) in the German stock corporation, while investing $11.1 million in the construction of an eROCKIT production facility in India.

eROCKIT is planning to utilize the latest capital injection to bolster the production of the eROCKIT One, its product that comes with a new battery, thus more power, in Hennigsdorf near Berlin.

Moreso, as part of its product strategy, an eROCKIT entry-level model will be developed over the next few months, which will serve as a platform for further international models.