Image credits: Spark Technologies
SPARK Technologies, a Sofia-based electric car-sharing company, announced on Thursday that it has signed an agreement with Luxembourg-based private, alternative investment group, GEM Global Yield LLC SCS, for a €30M capital commitment. The company also seeks to go public.
The proceeds from this financing will enable SPARK Technologies to expand operations in new EU markets, scale up its customer base and fleet size, and further develop its proprietary software systems.
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“The agreement with GEM helps secure funding to continue our doubling annual growth as we expand our electric car fleet and enter new cities. With the certainty of capital upon listing on a major European public stock exchange, SPARK is now well-positioned as the company is about to scale up its development,” adds Nerijus Dagilis, CEO and Chairman of SPARK Technologies.
Terms of agreement
Under the terms of the agreement, GEM will provide SPARK with a share subscription facility of up to €30M for a 36-month term following the public listing of SPARK Technologies shares.
“SPARK will remain in control of the timing and, within certain limits, the maximum amount of each individual drawdown under this facility and has no minimum drawdown obligation,” states the agreement.
As a part of the deal, the Lithuanian company will issue warrants to GEM to purchase on public listing up to 4% of the total equity interests of SPARK, for a period of three years after a public listing of SPARK’s common stock.
SPARK Technologies: What you need to know
Based out of Sofia, Lithuania, SPARK Technologies is an electric car-sharing company that aims to decrease its carbon footprint by providing zero-emission affordable commuting in major European cities.
Currently, the platform provides a fleet of 1,500 and is accessible for sharing on SPARK mobile applications in Bucharest, Sofia, Plovdiv, and Vilnius.
As of today, the company has a customer base in excess of 250,000.
Investor
Global Emerging Markets is a $3.4B alternative investment group that manages a diverse set of investment vehicles focused on emerging markets and has completed over 480 transactions in 70 countries. The company has offices in Paris, New York, and Nassau (Bahamas).
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