Story-i Eyes $8M Vietnam EV Network Buy Amid ASX Delisting

Strategic Acquisition in Vietnam’s EV Market

Story-i Limited (ASX, SRY) has taken a decisive step into Southeast Asia’s electric mobility sector by signing a binding Heads of Agreement to acquire 100% of LIT Energy Network Australia Pty Ltd for AUD 8 million. LIT Energy, operating under the LITGo brand, is a key player in Vietnam’s rapidly expanding electric motorcycle ecosystem, offering a nationwide distribution network, charging infrastructure, and a proprietary mobile app to facilitate user engagement.

The acquisition consideration is structured with 60% paid upfront in Story-i shares and the remaining 40% contingent on LIT Energy achieving AUD 2 million in consolidated revenue during 2026. This performance-based element aligns incentives and reflects confidence in LIT Energy’s growth prospects amid Vietnam’s accelerating shift to electric vehicles.

Capital Raising and ASX Delisting Context

To fund the acquisition and support LIT Energy’s expansion, Story-i plans to raise AUD 5 million through a placement and a non-renounceable rights issue. A lead manager will be appointed to oversee this capital raising effort, which is critical given the company’s imminent removal from the ASX official list scheduled for 2 September 2025.

Notably, the acquisition will complete after Story-i’s delisting, and there is no guarantee the company will secure approval to relist on the ASX. This introduces an element of uncertainty for investors, though the company’s focus on Vietnam’s electric motorcycle market could provide a compelling growth narrative outside the traditional Australian exchange framework.

Vietnam’s EV Motorcycle Market Opportunity

Vietnam represents one of the world’s largest motorcycle markets, with over 77 million registered motorcycles and annual sales exceeding 3 million units. The country leads ASEAN in electric motorcycle adoption, boasting more than 3 million electric motorcycles as of 2024. Government policies are accelerating this transition, with Hanoi restricting gasoline motorcycles within its central ring road from mid-2026 and Ho Chi Minh City planning to phase out hundreds of thousands of gasoline-powered ride-hailing motorcycles.

LIT Energy is well positioned to capitalize on these trends through its integrated ecosystem, which includes partnerships with major delivery platforms and a strategic alliance nearing completion with Viettel Post, Vietnam’s largest logistics network. This partnership could significantly expand LITGo’s footprint across 63 cities and over 2,000 distribution centers.

Looking Ahead

Shareholder approval will be sought post-delisting for the acquisition, share issuance, and capital raising. The success of these steps, alongside LIT Energy’s ability to meet revenue targets and navigate regulatory landscapes, will be pivotal in determining Story-i’s trajectory in the electric mobility sector. Investors will be watching closely as the company transitions from an ASX-listed entity to a growth-focused player in one of Asia’s most dynamic EV markets.