Vectrix launch rides high

VECTRIX Corporation is planning to raise up to £30m through a listing on the Alternative Investment Market to help fund the launch of its new electric scooter in the UK, the US and Italy.

The company, led by founder Andrew MacGowan and chief operating officer Carlo Di Biagio, former boss of Ducati Motorcycles, has spent nine years developing and patenting its scooter.

It hopes to cash in on demand for affordable and environmentally-friendly transport as cities become more congested.

Vectrix plans to launch the scooter - which it claims is fast, virtually silent and emission-free - in early 2006.

Target cities include London, Rome, Paris, New York and Los Angeles. The high performance two-wheeler has a top speed of 62mph and has a range of 68 miles at a constant speed of 25mph. Shares will begin trading next month.