Vmoto will be making new electric scooters, merging with E-Max to form one new company set to unveil a new line of electric scooters to satisfy the growing demand in the market today. Vmoto will be owning 60% of the new company where it will buy assets and property from E-Max. The remaining 40% will be owned by E-Max shareholders and the new company will be based at Vmoto’s facilities in China. Vmoto estimates that five million of its shares will be issued to some minority E-Max shareholders and be held in escrow for 12 months.

Vmoto has closed a deal with a local South Korean dealer where they will supply 2,590 scooters by the end of this year, and then 10,017 for 2010. The scooters will be produced at Vmoto’s Nanjing facility in China, its first mass production contract.

To help fund their production of these South Korea bound scooters, Vmoto has likewise secured a $1.5 million facility via the Bank of China. The deal was struck through Vmoto’s wholly-owned Shanghai-based selling agent,Freedomotor Corporation.

Last month, we had posted about Vmoto which was contracted to produce 30,000 fully assembled scooters for Vietnam. Today, that all becomes a reality as Vmoto has reportedly raised $1.08 million for the first half to support the mass production of this big scooter order. The raised amount will serve to pay debts and working capital for the project.

Vmoto Ltd. scored a big one for its company has it has reportedly won a $23 million contract to produce 30,000 scooters for Vietnam. And the sweeter part is that should this order show strong demand, the Vietnam company who placed the order will be purchasing an additional 100,000 units.

The 30,000 Mid Range Retro scooters will be manufactured by Vmoto at its Nanjing, China plant over the next 12 months, with the first batch scheduled to be delivered by August.

Vmoto managing director Patrick Davin says the contract is a great achievement for the company.