The Aachen-based electric car manufacturer Next.e.GO Mobile has closed a Series C financing round amounting to the equivalent of a good 48 million euros. This means that the company has raised a total of 78 million euros from investors within a few months.
According to e.GO’s parent company ND Industrial Investments, both existing and new investors participated in the current financing round. The company does not name names.
The proceeds of 57 million US dollars, the equivalent of a good 48 million euros, should enable e.GO to expand the production of its Life platform, push the development of additional models and offer customers added value such as battery exchange.
It is already known that the Aachen-based manufacturer is developing three new models that are to be launched in the summer of next year. The trio is to be larger than the Life – but still remain small cars. The ‘Life’ itself is also to be brought out in a second generation in 2022. The buzzword ‘battery swapping’, on the other hand, is new in connection with e.GO.
Briefly, e.GO Mobile AG filed for insolvency in self-administration at the beginning of April 2020. The company had already had financial problems and had not found any further investors – the existing investors had to inject additional funds. When the Corona pandemic affected sales and supply chains, the insolvency application followed. With effect from 1 September 2020, ND Industrial took over the company, all subsidiaries and employees.
Under the new ownership, the company resumed production of the Life electric small car in early July after the manufacturer began selling the special edition e.GO Life Next in Germany in June. By the end of the year, 500 cars are to be completed – some with a new charger. In addition, e.GO is not only to continue building at the Aachen site, but also to expand – to Bulgaria, Mexico and Greece.
But back to the new financial injection. According to ND Industrial Investments, the funding round underlines “the confidence of investors in the successful development of e.GO and the progress the company has made towards becoming one of the few independent Western electric vehicle companies actually in production and delivering vehicles to customers”. The e.GO team is more determined than ever to drive the much-needed shift towards zero-emission urban mobility by offering a unique electric vehicle, emphasised Ali Vezvaei, Chairman of the Board of Next.e.GO Mobile SE.
In February, Next.e.GO had already raised 30 million euros in a Series B financing round. At the time, the parent company stated that it would use the new capital to push the start of production at the plant in Aachen and to accelerate the company’s further growth plans. Among others, Moore Strategic Ventures, former US Treasury Secretary John Snow, Formula E founder Alejandro Agag and US actor Edward Norton participated in the financing round at the beginning of the year.
The plan is also to launch Next.e.GO Mobile on the stock market in the USA or Europe within a year and to raise fresh capital in the order of 600 million euros.
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