You are currently viewing German EV startup Next E.Go Mobile closes €48M funding: Know more here

German EV startup Next E.Go Mobile closes €48M funding: Know more here

Next.E.GO Mobile SE, headquartered in Aachen, Germany, is a manufacturer of electric vehicles and sustainable mobility systems. 

Recently, the German company has raised $57M (approx €48M) in Series C funding led by ND Industrial Investment with participation from ND Group B.V. The company has raised a total of €78M funding so far. 

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The company will deploy funding towards expanding the production of its Life platform, pushing the development of additional models, and offer value-adding features to the customers including, the battery swap.

We are very pleased with the success of the Series C funding but, above that, with the vote of confidence from our investors. The team at e.GO is determined, more than ever, to drive the much-needed transformation to carbon-free urban mobility by offering an electric vehicle like no other.” says Ali Vezvaei, Chairman of the Board at Next.e.GO Mobile SE.

The announcement comes after raising €30M funding in Series B round to push the start of production at the plant in Aachen and accelerate the company’s further growth plans.

Zero-emission urban mobility

Next.e.GO is accelerating the transition to zero-emission urban mobility by producing one of the most sustainable and purpose-built urban BEVs (Battery Electric Vehicles). It is designed to combine affordability, durability, low cost of ownership, and sustainability.

e.GO is leveraging its modular and scalable micro-factory. The company has developed an industry 4.0-based production model (Internet of Production) that significantly lowers the capex requirements and time-to-market, ensuring highly efficient production with a low break-even point.

New factory in Bulgaria

Last month, the company announced that it has planned to build its second new micro-factory in Lovech, Bulgaria at €140M. 

Next.e.GO Mobile signed an agreement with the concerned parties under the leadership of Minister Kiril Petkov in a public ceremony at the Ministry of Economy of Bulgaria.

With the capacity of up to 30, 000 vehicles per year, the start of production is scheduled for Q1,2024.

The factory is intended to create up to 1,000 new jobs in the region. The new facility will be a cyber-physical twin of the original Industry 4.0 factory in Aachen, Germany.

Mexico and Greece on cards

Besides the running factory in Germany and the planned facility in Bulgaria, the company had announced earlier the intention to replicate its cyber-physical micro-factories in Greece and Mexico.

The e.GO Life Next model is already available and being sold in Germany. In 2022, the company plans to introduce the next generation of the e.GO Life model and its derivatives, including e.GO Life Cross.

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