Image credits: Next e.Go
Germany-based Next.e.GO Mobile SE, an urban electric vehicle manufacturer, and Athena Consumer Acquisition Corp. announced on Thursday that they have inked an agreement for a business merger that will result in e.GO becoming a publicly listed company on the New York Stock Exchange (NYSE).
The transaction is anticipated to generate gross proceeds of up to approximately $285M of cash, and will fund operations and growth. The pro forma implied enterprise value of the combined company is $913M.
The announcement comes a couple of months after Brazilian football star Neymar Jr unveiled e.wave X, a 4-seater that can fit into any parking spot. The company has raised a total of €78M in funding so far.
Next e.Go: What you need to know
Based out of Aachen, Germany, Next.e.GO develops, designs, and manufactures electric vehicles for the urban environment, focusing on convenience, practicality, ease of service, and cost.
The German company has achieved considerably lower overall investment costs than traditional vehicle development and manufacturing methods through its proprietary technologies, low-cost MicroFactories, and tech-first IT architecture. The company says that this simplifies the production process and requires less capital per output unit than traditional methods.
The company constructed its first MicroFactory in 2018 and began vehicle production in the second half of 2021. According to the company, each Microfactory can produce around 30,000 cars per year in a three-shift setting.
E.Go’s second MicroFactory in Southeast Europe is expected to start construction before the end of this year. To date, e.GO has put over 1,000 of its vehicles on the road.
“The partnership we announced with Athena today is a remarkable milestone in e. GO’s a journey,” says Ali Vezvaei, Chairman of the Board of e.GO.
He adds, “This Transaction will allow us to accelerate our growth, expand our global reach, and continue our track record of disruptive innovation. Next.e.GO has already made a mark in Europe, where we have established our first MicroFactory in Germany, at the heart of the automotive industry. We are well positioned to capitalise on growing worldwide mandates to decarbonise urban mobility, particularly in crowded and congested cities, while leveraging our unique decentralised production technology and providing economic value add to our host countries and communities.”
Athena Consumer Acquisition Corp. is the second SPAC founded by Isabelle Freidheim, with Jane Park serving as CEO.
“The Athena platform of SPACs is focused on bringing tomorrow’s industry leaders to the public markets today, and we believe e.GO has all the elements to deliver on that promise,” says Isabelle Freidheim, Chairman of the Board of Athena. “e.GO has leveraged the lessons learned in the EV car manufacturing space; we believe this allows e.GO to offer customers and investors alike an industry standard-setting value proposition. e.GO is carving out a successful place in the EV industry for its customers while simultaneously undertaking a compelling reinvention of the manufacturing process. With EV industry leadership determined over the next decade, e.GO is well positioned to be at the forefront of this industry transformation.”
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