Goldbell Group, Singapore’s largest industrial-vehicle provider, said it plans to acquire electric-car sharing startup BlueSG Pte for an undisclosed amount.
Goldbell plans to invest more than S$70 million ($52 million) into the business over the next five years after the deal gets completed around August, the closely held company said in an emailed statement on Friday. The funds will be used to add vehicles and establish a research and development center. BlueSG will serve as Goldbell’s global headquarters for car-sharing, it said.
BlueSG is a subsidiary of French company Bollore Group that launched in 2017 as part of a national car-sharing pilot program in Singapore. It currently has a fleet of more than 650 electric vehicles. Goldbell distributes and leases industrial vehicles such as trucks and vans.