Caixa in €2m round for Scutum

Oil & gas firm Repsol and Spain's Centre for the Development of Industrial Technology (CDTI) also contributed to the round.

Caixa committed capital via Caixa Innvierte Industria, a €23m fund that backs industrial technology companies. The transaction is the sixth completed through the vehicle.

Scutum will use the fresh funding to industrialise production and begin marketing its new model of electric scooter.

Company
Founded in 2011 and based in Barcelona, Scutum has designed, developed and manufactured an electric scooter with a removable battery. The firm's technology is designed to eliminate the need for a charging point near the vehicle, allowing users to charge the battery at home or in the office.

The scooters are equipped with two types of batteries: a 16-kilo unit that is recharged in 1.5 hours and a larger 25-kilo unit that takes 3 hours to recharge and lasts for 80km.

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