Two years ago, the Aachen-based electric car start-up e-Go Mobile was threatened with insolvency. New investors and a replaced management saved the company. The production of the e.Go Life electric microcar, which has been paused in the meantime, has been running again since mid-2021, and further models and factories are planned for expansion into new markets. In addition, fresh capital should also be collected on the stock exchange.
According to financial circles, the company now operates under the name Next.e.Go Mobile SE is planning a stock exchange listing in the first half of 2022, reports the Handelsblatt newspaper, among others. In addition to a regular IPO, a so-called SPAC deal is also under discussion. In the case of the latter, e.Go Mobile would merge with an already listed company shell and thus quickly become a stock exchange company.
The start-up could be valued at around 1.5 billion euros, they say. e.Go Mobile wants to take the money to finance its growth steps. “As with other players in the electric car sector, there comes the point with a young company like ours where you have to transform from a private to a public company to grow to accelerate,” said Next.e.Go chairman of the board of directors Ali Vezvaei. For e.Go Mobile, this point in time is not far off.
e.Go Mobile was started in 2015 by the Aachen professor for production engineering Günther Schuh, who had previously co-founded the German e-transporter manufacturer StreetScooter. Since 2020, the company has been majority-owned by the Dutch investor ND Industrial Investments. Günther Schuh left the start-up after the change of ownership.
According to the Handelsblatt newspaper, e.Go Mobile has recovered from insolvency and is now debt-free. In two rounds of financing led by ND, the company raised around $90 million from investors last year. e.Go Mobile has built an excellent 1,000 units of the e.Go Life to date and more than 200 in the fourth quarter of 2021. Production of 2,500 electric vehicles is planned for this year. The e.Go Mobile factory in Aachen Rothe Erde is designed for an annual output of 10,000 electric cars.
Despite the electric car boom, the restrained demand for the e.Go Life is due to its short range of 125 kilometers at a high price of 26,500 euros before subsidies. e.Go Mobile wants to provide more flexibility with a new battery change service, but this initially takes one hour in a workshop.
According to the report, e.Go Mobile plans to launch a new, improved electric car in spring, 2022. Deliveries are scheduled to start later in the year. However, there are no details yet. Officially, e.Go Mobile is currently working on the launch of the SUV variant e.Go Life Cross and the dynamic e.Go Life Sport. Larger and significantly more developed electric cars are also in the works, but the focus should continue on small electric cars. e.Go Mobile intends to expand its offering to other countries, with plants set up in Bulgaria, Greece, and Mexico.