e.GO boosts EV production with $75m funding from Western Asset
Next.e.GO Mobile SE (e.GO), a manufacturer of urban battery electric vehicles (EVs), has successfully secured a $75 million debt financing deal with a fixed interest rate from Western Asset, a global fixed-income asset management institution.
The funding will propel e.GO’s business strategy, particularly the production of the e.wave X model and global expansion via its unique MicroFactory technology.
Known for its innovative vehicle manufacturing solution, e.GO produces urban vehicles using significantly less capital investment and at a quicker pace compared to traditional methods. The company’s groundbreaking production facilities, dubbed MicroFactories, provide high economic flexibility, an optimized energy footprint, and stimulate job creation while enabling decentralized global growth.
The comprehensive product platform by e.GO is underpinned by a broad spectrum of innovative aspects, including smart material selection, superior battery solutions, and the advanced smart skateboard.
Ali Vezvaei — e.GO. board chairman said: “We are pleased to partner with Western Asset, one of the world’s leading fixed-income managers that has been providing customized financial solutions on behalf of their clients for over 50 years.
“As we focus on bringing convenience, practicality and affordability to everyday urban mobility, this financing gives us the opportunity to continue towards our planned production and grow our MicroFactory footprint.”
Western Asset supports e.GO’s innovative EV production with $75m financing. Photo courtesy of Business Wire.
Over 1,300 e.GO vehicles are already navigating roads worldwide, underscoring the company’s progress. Based in Aachen, Germany, e.GO specializes in designing and manufacturing battery electric vehicles targeted at urban environments, focusing on reliability, convenience, and affordability. Through its disruptive proprietary technologies and cost-effective MicroFactories, the firm has managed to introduce its electric vehicles to the market.
Last year, e.GO entered into a definitive agreement for a business merger with Athena Consumer Acquisition Corp., a publicly-traded special purpose acquisition company. This business combination will result in e.GO and Athena Consumer Acquisition Corp. becoming subsidiaries of Next.e.GO B.V. and will culminate in a public listing on the New York Stock Exchange (NYSE) under the new ticker symbol “EGOX”. The transaction, subject to standard closing conditions, is anticipated to finalize in the second half of 2023.
Isabelle Freidheim — Athena SPAC Chairman said: “This successful debt financing is a testament to e.GO’s robust technology foundation as an innovative producer of electric vehicles. We are truly excited about our partnership with e.GO and looking forward to its continued growth upon closing of the envisioned de-SPAC transaction.”