FREEHOLD, NJ–(BUSINESS WIRE)–Cenntro Electric Group Limited (NASDAQ:CENN), a leading electric vehicle technology company with advanced, market-validated electric utility vehicles, today announced that it has signed a non-binding terms to make a strategic investment in Antric GmbH, a Germany-based e-cargo designer, representing twenty-five percent (25%) of the total outstanding shares of Antric. The total investment of 2,500,000 EUR (2,550,000 USD) consists of approximately 1,250,000 EUR (approximately 1,275,000 USD) in cash and 1,250,000 EUR (approximately 1,275,000 USD) in the form of a convertible loan, at an implied post-money enterprise value for Antric of EUR 10 million.
Antric has designed and engineered the Antric One, an automotive-grade four-wheel electric cargo bike that has been successfully tested in Europe. The Antric One is specifically designed for delivery services and general cargo transportation.
Antric, based in Bochum, Germany, has its roots in a spin-off from the University of Bochum and was founded by Moritz Heibrock and Eric Diederich. The Antric One uses an innovative trolley system in combination with a low loading area to allow easy loading and smooth integration into existing logistics processes. The Antric One is ideal for the rugged demands of city logistics as it offers a loading volume of 2.3 cubic meters and a payload of up to 300 kg, a fully suspended four-wheel chassis, an innovative body in fabric and a uniquely developed loading system. Antric’s innovative e-cargo bike outperforms competing products in cost, user-friendliness and ruggedness.
Along with this investment, Cenntro will manufacture the Antric One at its assembly plant in Germany and market the e-cargo bike worldwide.
“We believe there is no single electric vehicle solution that can support the multitude of ways goods and services can be delivered and distributed,” said Peter Wang, President and CEO of Cenntro Electric Group. “Antric One’s design and mobility will serve as a unique complement to Cenntro’s product line of advanced, market-validated commercial vehicles, providing an innovative form of electronic transportation that can serve a wide range of applications. We look forward to working closely with the Antric team to further develop their Antric One e-cargo bike with customers across North America, Europe and Asia in the months ahead.
Eric Diederich, CEO and Founder of Antric, said: “With Cenntro, we can support cities around the world in their green transformation through sophisticated and efficient mobility solutions. This transaction was a natural one and will provide us with additional capital, expanded sales and marketing capabilities, and allow us to reach new geographies for the Antric One.
Moritz Heibrock, CTO and Founder of Antric, added: “Centro is the perfect partner as it allows us to leverage their manufacturing and global market reach and focus on our core competency in vehicle development.
About the Cenntro Electric Group
Centro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of light and medium electric utility vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of municipal services, last mile delivery and other commercial applications. Cenntro plans to lead the transformation of the automotive industry through scalable, decentralized production and intelligent driving solutions enhanced by the Cenntro iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in more than 25 countries in North America, Europe and Asia. For more information, please visit the Cenntro website at: www.cenntroauto.com.
Antric GmbH is a cargo bike manufacturer based in Germany. Antric’s goal is to develop cargo bikes and in the future to develop comparable products, such as bike trailers. All products are very user-friendly, durable and robust, and specially designed for professional use. For more information about Antric, please visit www.antric.de.
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may, but need not, be identified by words such as “may”, “believe”, “anticipate”, “could”, “should”, “intend”, “plan”, “will”. , “goal(s),” “can”,” “should”,” “expect(s),” “estimate(s), ” “project(s),” “forecast(s) ”, “positioned”, “approximately”, “potential”, “goal”, “strategy”, “outlook” and similar expressions. Examples of forward-looking statements include, but are not limited to, statements regarding assembly and distribution, distributed generation and fully digitized autonomous driving solutions.All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied by this communication e SEC, including the s “Risk Factors” in Cenntro’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.