Bird & Bird advises Ryde Group on Strategic EV Investment in Atoll Discovery

Bird & Bird ATMD has advised NYSE-listed Ryde Group Ltd on its acquisition of a 40% equity stake in Atoll Discovery Pte. Ltd., a Singapore-based electric vehicle (EV) rental operator. This strategic investment marks a significant milestone in Ryde’s sustainability journey, reinforcing its commitment to green mobility and aligning with Singapore’s national goal to phase out internal combustion engine vehicles by 2040. 

Atoll operates a fleet of nearly 100 electric vehicles and collaborates with key industry players such as Singapore Electric Vehicles Pte Ltd. The investment complements Ryde’s RydeGreen programme, enabling deeper integration of EVs into its mobility platform and expanding its footprint in the fast-growing EV rental market.

The deal was structured as a non-controlling stake, allowing Ryde to participate in sector growth while managing exposure to capital-intensive operations. The team led by Partner Marcus Chow and supported by Associate Shae-Yenne Eu provided strategic legal counsel on deal structuring and regulatory considerations, showcasing its expertise in clean energy investments and emerging mobility technologies. It reflects the firm’s ability to guide clients through evolving infrastructure and regulatory landscapes in support of Singapore’s Green Plan 2030.

“We’re proud to support Ryde in advancing its sustainability goals through strategic investment in the EV sector,” said Marcus Chow, Corporate Partner at Bird & Bird ATMD. “This transaction reflects the growing momentum behind clean mobility and our commitment to helping clients navigate complex regulatory and infrastructure landscapes as they innovate for a greener future.”