Electric retrofitter Pepper Motion has closed its Series A financing round of nearly EUR 30 million with Lennertz & Co. as lead investor and Würth as a strategic investor.
In addition to ongoing research and development projects for the further development of the company’s proprietary technologies, the capital is intended in particular to support the ramp-up of series production with strategic partners as well as the already launched phase of market entry in additional European countries, according to Pepper. Pepper has been active in Austria since October 2021 and in France since March 2022.
The founding investors Friedrich & Wagner Holding have also invested and with their renewed investment “continue to be the clear majority owner of the company.” Pepper does not name the exact shares (including those of the new investors) in the announcement, but Friedrich & Wagner Holding is also said to come in at more than 80 per cent.
“Our vehicles and the etrofit electrification kits have long since provided the proof of concept,” says Andreas Hager, managing director of Pepper Motion GmbH. “We are leading the international retrofitting industry as a pioneer and setting the standards for German engineering, innovation, and quality that fleet operators in the public transport and transport/logistics sectors can rely on.”
“We are impressed by the unique nature and success of pepper’s proprietary technology,” says Christian Wagner of Friedrich & Wagner Holding. “By 2030, there will be over half a billion commercial vehicles on the roads – and we intend to electrify a significant proportion of them with our sustainable solutions.”
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