StreetScooter bought by Odin
Deutsche Post DHL Group has sold its electric delivery van subsidiary StreetScooter to the Luxembourg holding company Odin Automotive. StreetScooter rights and production know-how as well as its subsidiaries in Switzerland and Japan will go from Deutsche Post DHL Group to the new owner.
Deutsche Post DHL Group has not made the purchase price public. In return, the German group will become a minority shareholder in Odin. The value of the shares that the German group will hold in the Luxembourg company has not been disclosed. With the acquisition of StreetScooter Engineering GmbH, Odin Automotive will act as the manufacturer of the electric vans and will continue to build both StreetScooter models (with 8 and 13 cubic metres of load space respectively).
StreetScooter GmbH itself will remain with Deutsche Post, and the company will continue to operate with its existing 300 employees as a supplier of vehicle parts and batteries for the Group’s planned expansion of the fleet to 21,500 StreetScooters. Once the fleet has reached this size, StreetScooter GmbH will take over its maintenance. Currently, Deutsche Post has more than 17,000 StreetScooters in its fleets.
Deutsche Post had been looking for a buyer for StreetScooter for several years, but even partly serious and advanced negotiations around the turn of the year 2019/2020 come to fruition. For this reason, production was to be discontinued in 2020, but this was later postponed to the end of 2022.
Then, in October 2021, it became clear that Odin Automotive was interested, a company only founded in September just before. Stefan Krause is the head of Odin and the main shareholder, but the former BMW manager – who is also a former board member of eMobility start-ups such as as Faraday Future and Canoo – is not raising the money on his own. As reported by Die Welt in October, other Odin shareholders include Singapore-based financier Djamal Attamimi of Indonesian coal mining group Toba Bara, and manager and entrepreneur Matthew Paul Richards of Indonesian telecommunications company Trikomsel Oke.
The financial holding company is backed by several institutional and private global investment partners, including Sparta Capital Management in the UK, a major Chinese OEM and a contract manufacturing partner in North America.