Ryde Group (NYSE:RYDE) has acquired a 40% strategic stake in Atoll Discovery, a Singapore-based EV rental company operating nearly 100 BYD electric vehicles. The investment aligns with Singapore's ambitious EV transition plan, which aims to deploy 60,000 charging points and phase out combustion engines by 2040. Singapore's EV market is projected to reach $564 million by 2030, with a 27.46% CAGR. Atoll, founded in 2017 and led by industry veteran Steven Kwek, supplies vehicles to major partners including Singapore Electric Vehicles (SEV). This acquisition complements Ryde's RydeGreen Program, launched in December 2024, which aims to introduce 1,200 EVs by 2027 with a $1 million green bonus commitment. The strategic investment allows Ryde to expand its green mobility footprint while maintaining its core business focus and 0% driver commission model.
Ryde Group (NYSE:RYDE) ha acquisito una partecipazione strategica del 40% in Atoll Discovery, una societ脿 di noleggio veicoli elettrici con sede a Singapore che gestisce quasi 100 veicoli elettrici BYD. L'investimento 猫 in linea con il piano ambizioso di transizione verso i veicoli elettrici di Singapore, che punta a installare 60.000 punti di ricarica e a eliminare i motori a combustione entro il 2040. Il mercato dei veicoli elettrici di Singapore 猫 previsto raggiungere 564 milioni di dollari entro il 2030, con un tasso di crescita annuo composto (CAGR) del 27,46%. Atoll, fondata nel 2017 e guidata dal veterano del settore Steven Kwek, fornisce veicoli a partner importanti come Singapore Electric Vehicles (SEV). Questa acquisizione integra il Programma RydeGreen di Ryde, lanciato nel dicembre 2024, che mira a introdurre 1.200 veicoli elettrici entro il 2027 con un impegno di 1 milione di dollari in bonus verdi. L'investimento strategico consente a Ryde di espandere la propria presenza nella mobilit脿 sostenibile mantenendo il focus sul core business e il modello a commissione zero per i conducenti.
Ryde Group (NYSE:RYDE) ha adquirido una participaci贸n estrat茅gica del 40% en Atoll Discovery, una empresa de alquiler de veh铆culos el茅ctricos con sede en Singapur que opera cerca de 100 veh铆culos el茅ctricos BYD. La inversi贸n est谩 alineada con el ambicioso plan de transici贸n a veh铆culos el茅ctricos de Singapur, que busca desplegar 60,000 puntos de carga y eliminar los motores de combusti贸n para 2040. Se proyecta que el mercado de veh铆culos el茅ctricos de Singapur alcance los 564 millones de d贸lares para 2030, con una tasa de crecimiento anual compuesta (CAGR) del 27,46%. Atoll, fundada en 2017 y dirigida por el veterano de la industria Steven Kwek, suministra veh铆culos a socios clave como Singapore Electric Vehicles (SEV). Esta adquisici贸n complementa el Programa RydeGreen de Ryde, lanzado en diciembre de 2024, que tiene como objetivo introducir 1,200 veh铆culos el茅ctricos para 2027 con un compromiso de un mill贸n de d贸lares en bonos verdes. La inversi贸n estrat茅gica permite a Ryde ampliar su presencia en la movilidad ecol贸gica mientras mantiene su enfoque en el negocio principal y el modelo de comisi贸n cero para conductores.
Ryde Group (NYSE:RYDE) a acquis une participation strat茅gique de 40 % dans Atoll Discovery, une soci茅t茅 singapourienne de location de v茅hicules 茅lectriques exploitant pr猫s de 100 v茅hicules 茅lectriques BYD. Cet investissement s'inscrit dans le cadre du plan ambitieux de transition vers les v茅hicules 茅lectriques de Singapour, qui vise 脿 d茅ployer 60 000 points de recharge et 脿 茅liminer les moteurs 脿 combustion d'ici 2040. Le march茅 des v茅hicules 茅lectriques 脿 Singapour devrait atteindre 564 millions de dollars d'ici 2030, avec un taux de croissance annuel compos茅 (TCAC) de 27,46 %. Fond茅e en 2017 et dirig茅e par le v茅t茅ran de l'industrie Steven Kwek, Atoll fournit des v茅hicules 脿 des partenaires majeurs tels que Singapore Electric Vehicles (SEV). Cette acquisition compl猫te le programme RydeGreen de Ryde, lanc茅 en d茅cembre 2024, qui vise 脿 introduire 1 200 v茅hicules 茅lectriques d'ici 2027 avec un engagement d'un million de dollars en bonus verts. Cet investissement strat茅gique permet 脿 Ryde d'茅tendre son empreinte dans la mobilit茅 verte tout en conservant son c艙ur de m茅tier et son mod猫le de commission z茅ro pour les conducteurs.
Die Ryde Group (NYSE:RYDE) hat eine strategische Beteiligung von 40 % an Atoll Discovery erworben, einem in Singapur ans盲ssigen Elektrofahrzeug-Vermietungsunternehmen, das fast 100 BYD-Elektrofahrzeuge betreibt. Die Investition steht im Einklang mit Singapurs ehrgeizigem Plan f眉r den Umstieg auf Elektrofahrzeuge, der den Aufbau von 60.000 Ladestationen und die Abschaffung von Verbrennungsmotoren bis 2040 vorsieht. Der Markt f眉r Elektrofahrzeuge in Singapur wird bis 2030 voraussichtlich 564 Millionen US-Dollar erreichen, mit einer j盲hrlichen Wachstumsrate (CAGR) von 27,46 %. Atoll, gegr眉ndet im Jahr 2017 und geleitet vom Branchenveteranen Steven Kwek, liefert Fahrzeuge an wichtige Partner wie Singapore Electric Vehicles (SEV). Diese 脺bernahme erg盲nzt das im Dezember 2024 gestartete RydeGreen-Programm von Ryde, das bis 2027 die Einf眉hrung von 1.200 Elektrofahrzeugen mit einer gr眉nen Bonuszusage von 1 Million US-Dollar zum Ziel hat. Die strategische Investition erm枚glicht Ryde die Erweiterung seiner Pr盲senz im Bereich nachhaltiger Mobilit盲t, w盲hrend der Fokus auf dem Kerngesch盲ft und dem Provisionsmodell mit 0 % f眉r Fahrer beibehalten wird.
Positive
Strategic entry into Singapore's rapidly growing EV market projected to reach $564M by 2030
Acquisition provides access to fleet of 100 BYD electric vehicles without capital-intensive direct ownership
Strengthens partnership with SEV and complements RydeGreen Program's goal of 1,200 EVs by 2027
40% non-controlling stake minimizes risks while maintaining upside potential
Aligns with government initiatives and infrastructure development for EV adoption
Negative
Non-controlling stake limits direct operational control over Atoll
Investment in capital-intensive EV sector could impact financial resources
Dependence on government EV initiatives and infrastructure development timeline
Insights
Ryde's 40% stake in Atoll positions it strategically in Singapore's rapidly growing EV market without capital-intensive direct ownership.
Ryde's acquisition of a 40% stake in Atoll Discovery represents a calculated move to capitalize on Singapore's accelerating EV transition. The investment offers strategic market positioning as Singapore plans to phase out internal combustion engines by 2040 and deploy 60,000 charging points nationwide. This government-backed transition is creating a projected $564 million market opportunity by 2030, growing at an impressive 27.46% CAGR.
The structure of this deal deserves particular attention. By taking a non-controlling stake, Ryde gains exposure to the EV rental sector without assuming the full capital burden and operational complexities of direct ownership. This approach allows Ryde to maintain focus on its core ride-hailing business while still benefiting from the upside of EV market growth. The partnership with Atoll 鈥� which operates nearly 100 BYD electric vehicles 鈥� creates immediate scale in a capital-intensive segment.
This acquisition strengthens Ryde's existing sustainability initiatives, particularly its RydeGreen Program launched in December 2024. That program already aims to introduce 1,200 EVs by 2027 with $1 million committed to green bonuses for drivers. The Atoll investment creates an ecosystem approach by connecting Ryde's platform with Atoll's fleet operations and Singapore Electric Vehicles Pte Ltd's infrastructure. This three-way alignment positions Ryde at the center of a developing EV mobility network rather than just as a ride-hailing app.
For investors, this represents a balanced approach to capitalizing on the EV transition 鈥� gaining strategic positioning without overextending resources or diverting focus from core operations. The minority stake structure minimizes downside risk while maintaining meaningful exposure to Singapore's accelerating EV adoption curve.
SINGAPORE, SG / / June 18, 2025 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde'' or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, today announced the acquisition of a strategic 40% shareholding in Atoll Discovery Pte Ltd ("Atoll"), a Singapore-based electric vehicle (EV) rental company. This investment marks a significant milestone in Ryde's commitment to sustainable urban transportation and positions the Company to capitalize on the growing EV market in Singapore.
Ryde's investment in Atoll, which operates a fleet of close to 100 fully electric BYD vehicles, comes as the city- state ramps up its transition to a low-emission transport ecosystem, including a plan to roll out 60,000 EV charging points and phase out internal combustion engine (ICE) vehicles by 2040.
Strategic Entry: Capitalizing on the EV boom in Singapore
Singapore's EV market is projected to reach USD 564 million by 2030, growing at a compound annual growth rate (CAGR) of 27.46%, according to industry forecasts. Government incentives, rising environmental awareness, and new infrastructure developments are all fueling demand - a trend Ryde is clearly intent on riding.
"This acquisition represents an exciting next step in our journey toward building a cleaner and smarter mobility future in Singapore," said Terence Zou, Founder, Chairman and CEO of Ryde Group. "Our 40% stake in Atoll gives us strategic access to the EV rental market, expanding our green mobility footprint without diverting resources from our core business. It's a prudent move with a clear upside - revenue growth, sustainability, and long-term value creation."
With Atoll's strong operational base and industry veteran Steven Kwek at the helm, Ryde expects to gain a strategic foothold in a critical growth sector.
Strategic Benefits and Revenue Growth
Founded in 2017, Atoll has established itself as a key player in Singapore's EV rental sector, supplying vehicles to major industry partners including Singapore Electric Vehicles Pte Ltd ("SEV") and other major car rental platforms. Atoll is helmed by Steven Kwek, a veteran in the automotive sector with over 25 years of experience and an established track record in EV adoption and fleet operations.
This acquisition by Ryde is expected to act as an indirect revenue growth driver, providing opportunities for deeper integration of EVs into its own ride-hailing fleet and enhancing operational flexibility. Importantly, the 40% non-controlling stake allows Ryde to benefit from Atoll's upside while minimizing the risks associated with direct ownership in a capital-intensive segment.
Complementing RydeGreen Program - Driving EV Growth in Singapore
Atoll's collaboration with SEV - already a strategic partner under Ryde's RydeGreen Program - strengthens synergies across the Company's EV initiatives. The RydeGreen Program, launched in December 2024, is Ryde's flagship sustainability effort aimed at introducing an additional 1,200 EVs by 2027. In partnership with SEV, the program supports affordable leasing for driver-partners, a growing EV charging network, and green incentive schemes with Ryde committing over $1 million green bonus to support its driver-partners.
"We are excited to welcome Ryde as a strategic investor in Atoll," said Steven Kwek, Director of Atoll. "This partnership is more than just an investment - it's a convergence of shared values towards accelerating EV growth in Singapore. Together, we can scale EV adoption faster and smarter, and position Singapore as a regional leader in clean urban mobility."
Strategic Synergies and Future Potential
With its roots in ride-hailing since 2014 and a commitment to its industry leading 0% driver commission, Ryde's super mobility app is uniquely positioned to make EVs more accessible for its driver-partners. By teaming up with Atoll and SEV, Ryde now has a clearer pathway to integrate more EVS into its services while ensuring operational efficiency.
The Atoll investment also opens the door for future collaborations and deeper ecosystem integration with key players like SEV and other major car rental platforms. As EV momentum continues to build across Southeast Asia, Ryde is not only reinforcing its home market position but also setting the stage for future regional moves in green mobility.
About Ryde Group Ltd
Ryde, a homegrown super mobility app founded in Singapore, is the world's FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE American, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take 0% commission, ensuring that more of every hard-earned dollar goes to drivers on our platform. For more information, please visit to learn more.
Contacts
For Media Relations: Media Team Ryde Group Ltd Email: [email protected]
For Investor Relations: Investor Relations Team Ryde Group Ltd Email: [email protected]
FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors . Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Ryde Group
View the original on ACCESS Newswire
FAQ
What percentage stake did Ryde acquire in Atoll Discovery?
Ryde acquired a 40% strategic stake in Atoll Discovery, a Singapore-based EV rental company.
How many electric vehicles does Atoll currently operate in its fleet?
Atoll operates a fleet of close to 100 fully electric BYD vehicles.
What is the projected size of Singapore's EV market by 2030?
Singapore's EV market is projected to reach USD 564 million by 2030, growing at a CAGR of 27.46%.
How many EVs does Ryde plan to introduce through its RydeGreen Program by 2027?
Through the RydeGreen Program, Ryde aims to introduce 1,200 EVs by 2027.
Who is the director of Atoll Discovery?
Steven Kwek, a veteran with over 25 years of experience in the automotive sector, serves as the Director of Atoll.
What is Singapore's target for EV charging points and ICE vehicle phase-out?
Singapore plans to roll out 60,000 EV charging points and phase out internal combustion engine vehicles by 2040.
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