The two micro-mobility companies will
look to combine their businesses, streamline processes, and drive
the combined business to profitability. Transaction to be completed
in a primarily all-stock deal.
Helbiz, Inc. (Nasdaq: HLBZ), a leader in micro-mobility and the
first in its industry to be publicly listed on Nasdaq, today
announced that they signed a letter of intent to acquire Wheels, a
leading last-mile, shared electric mobility platform using
proprietary vehicles with integrated helmet technology. The
acquisition is subject to standard closing conditions and is
expected to close by year-end.
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“The shared vision and purpose of Helbiz
and Wheels makes this combination a perfect match,” said Helbiz CEO
and Founder Salvatore Palella. “Both companies began with the goal
of changing how people move through their communities while
lessening their dependence on climate-harming transportation
options. We’re excited to join forces with the talented team at
Wheels and introduce our respective riders to a further range of
transportation options." (Photo: Business Wire)
“The shared vision and purpose of Helbiz and Wheels makes this
combination a perfect match,” said Helbiz CEO and Founder Salvatore
Palella. “Both companies began with the goal of changing how people
move through their communities while lessening their dependence on
climate-harming transportation options. We’re excited to join
forces with the talented team at Wheels and introduce our
respective riders to a further range of transportation options.
“From a strategic perspective, this acquisition is expected to
double revenue, expand the cities served, enhance margins, and
reduce costs,” he said. “Our focus is to adapt and grow with
profitability at the core of every decision. This acquisition makes
us even more confident in our ability to achieve that goal in the
next 18 months. Our customers are utilizing cutting edge technology
to make their lives easier and they are educating their communities
through adoption. In the same vein, our goal is to demonstrate to
the capital markets that the micro-mobility model is sustainable
through data driven, highly focused, and tightly controlled
expenditures.”
Helbiz currently has 50 licenses to offer micro-mobility
vehicles across the United States and Italy, utilizing a diverse
fleet of e-scooters, e-bikes, and e-mopeds available for rent via
the Helbiz app.
The Wheels model, from its vehicle type to the business model,
presents a new way of thinking about micro-mobility. Wheels has
eight thousand vehicles deployed across major U.S. markets,
including New York City, Honolulu, and Austin. Wheels is the only
operator across the four permitted markets of metropolitan Los
Angeles (L.A., Santa Monica, West Hollywood, and Culver City). In
total, Wheels operates in twelve cities and four universities
across the United States. The company’s mix of business includes
shared mobility, a subscription business, and a B2B operation —
partnering with businesses to provide their employees and patrons
with a vehicle as a benefit.
“Our businesses are complementary in really powerful ways,” said
Marco McCottry, CEO of Wheels. “There is minimal overlap of city
permits, and we believe the combination of our businesses can
create a uniquely diversified mobility offering that generates
compelling synergies across a large footprint. Helbiz’s shared
vision of safety and accessibility matches ours and will be a
significant element of the foundation of this venture into the
future.”
The Wheels vehicle is unique in the industry as a sit down,
two-wheeled device with patented technology for its integrated
helmet. It pioneered swappable battery technology which keeps
vehicles on the streets longer and can drive strong margins. This
form factor is more accessible to those who may not prefer or
cannot ride stand up scooters, which expands the market for
micro-mobility transportation. Wheels vehicles have been
well-received by municipalities, universities, and enterprise
partners looking for alternatives to the traditional micro-mobility
offerings of scooters or bikes.
Wheels was founded in 2018 and is led by veterans of the
micro-mobility and shared transportation industries including
Zipcar, Bird and Uber.
“The next phase of the micro-mobility industry will be about the
right teams, products and partner ecosystems all coming together
coupled with tight operational excellence to enable profitable
growth,” said Wheels board chair and Chief Commercial Officer of
Nutanix, Tarkan Maner. “This combination of a uniquely
differentiated vehicle platform, cloud-based software, and talent
positions us for market leadership in the short and long term
around additional and larger geographic and vertical markets via
focused innovation and operational efficiencies.”
“Wheels joining the Helbiz team is an ideal pairing,” said
Wheels board member and General Partner of Tenaya Capital, Ben
Boyer. “The combined business should have a clear path to
profitability and help define the future of micro-mobility.”
About Helbiz Helbiz is a global leader in micro-mobility
services. Launched in 2015 and headquartered in New York City, the
company offers a diverse fleet of vehicles including e-scooters,
e-bicycles and e-mopeds all on one convenient, user-friendly
platform with over 50 licenses in cities around the world. Helbiz
utilizes a customized, proprietary fleet management technology,
artificial intelligence and environmental mapping to optimize
operations and business sustainability. Helbiz is expanding its
urban lifestyle products and services to include live streaming
services, food delivery and more, all accessible within its mobile
app. For additional information, please visit www.helbiz.com.
About Wheels Wheels is a last-mile, shared electric
mobility platform whose seated form factor changes the landscape in
dockless mobility. In addition to being seated, Wheels devices have
a low center of gravity and 14-inch wheels to help navigate uneven
pavement surfaces. Wheels has launched a first-of-its-kind
integrated helmet system that can give riders physical access to a
shareable helmet with every ride they take. Because of its unique
design, Wheels devices have a broad appeal, with half of its riders
being women and one-third being over 35. Wheels is headquartered in
West Hollywood, California. Learn more at www.takewheels.com.
Forward-Looking Statements Certain statements made in
this press release are “forward-looking statements'' within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As
a result, caution must be exercised in relying on forward looking
statements. Due to known and unknown risks, actual results may
differ materially from the Company’s expectations or projections.
The following factors, among others, could cause actual results to
differ materially from those described in these forward-looking
statements: (i) the failure to meet projected development and
production targets; (ii) changes in applicable laws or
regulations;(iii) the affect of the COVID-19 pandemic on the
Company and its current or intended markets; and (iv) other risks
and uncertainties described herein, as well as those risks and
uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the “SEC”) by the Company. Additional information concerning these
and other factors that may impact the Company’s expectations and
projections can be found in its periodic filings with the SEC,
including its Annual Report on Form 10-K for the fiscal year ended
December 31, 2021. The Company’s SEC filings are available publicly
on the SEC’s website at www.sec.gov. Any forward-looking statement
made by us in this press release is based only on information
currently available to Helbiz and speaks only as of the date on
which it is made. Helbiz undertakes no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future developments or otherwise, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220621005324/en/
For media inquiries: Matt Rosenberg Head of
Communications, NA press@helbiz.com +1 (646) 726-2146
For investor inquiries: Gary Dvorchak, CFA The Blueshirt
Group gary@blueshirtgroup.com +1 (323) 240-5796
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