$2.5 Million Investment is Highly Symbiotic to
Cenntro’s EV Product Lines
Cenntro to Manufacture the Antric One E-Cargo
Bike and Market the Product Globally
Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV
technology company with advanced, market-validated electric
commercial vehicles, announced today that it had signed a
non-binding term sheet to make a strategic investment in Antric
GmbH, a German-based e-cargo designer, representing twenty-five
percent (25%) of Antric’s total outstanding shares. The aggregate
investment of EUR 2,500,000 ($2,550,000 USD) consists of
approximately EUR 1,250,000 (approximately US$1,275,000) in cash
and EUR 1,250,000 (approximately US$1,275,000) in the form of a
convertible loan, at an implied post-money enterprise value for
Antric of EUR 10 million.
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Antric One (Photo: Business Wire)
Antric has designed and engineered the Antric One, an auto-grade
four-wheeled e-cargo bike that has been successfully piloted in
Europe. The Antric One is purpose-built for delivery services and
general cargo transport.
Antric, based in Bochum, Germany, has its roots in a Bochum
University spin-off 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 enable easy loading and
smooth integration into existing logistics processes. The Antric
One is ideal for the robust requirements of city logistics as it
offers a 2.3 cubic meter cargo volume and up to 300kg payload, a
fully suspended four-wheeled chassis, an innovative body made out
of fabric and a uniquely developed loading system. Antric’s
innovative e-cargo bike outperforms competing products in costs,
usability, and robustness.
In conjunction with the investment, Cenntro will manufacture the
Antric One at its assembly facility in Germany and market the
e-cargo bike globally.
“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, Chairman, and CEO of
Cenntro Electric Group. “The 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 e-transport that can serve a wide range of applications. We look
forward to working closely with the Antric team to further scale
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, commented, “Together
with Cenntro, we can support cities around the world in their
ecological transformation through sophisticated and efficient
mobility solutions. This transaction was a natural fit and will
provide us with additional capital, extensive sales, and marketing
capabilities and reach new geographies for the Antric One.”
Moritz Heibrock, CTO and Founder of Antric, added, “Cenntro is
the ideal partner, as it allows us to leverage their manufacturing
and global sales reach and focus on our core competence in the
development of vehicles.”
About Cenntro Electric Group
Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a
leading designer and manufacturer of electric light and medium-duty
commercial vehicles. Cenntro’s purpose-built ECVs are designed to
serve a variety of organizations in support of city services,
last-mile delivery, and other commercial applications. Cenntro
plans to lead the transformation in the automotive industry through
scalable, decentralized production, and smart driving solutions
empowered by the Cenntro iChassis. As of December 31, 2021, Cenntro
has sold or put into service more than 3,700 vehicles in over 25
countries across North America, Europe, and Asia. For more
information, please visit Cenntro’s website at:
www.cenntroauto.com.
About Antric
Antric GmbH is a cargo bike manufacturer based in Germany.
Antric’s goal is to develop cargo bikes and, in the future, develop
comparable products, such as bike trailers. All products are very
user-friendly, durable and robust, and specifically produced for
professional use. For more information about Antric, please visit
www.antric.de.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts.
Such statements may be, but need not be, identified by words such
as "may,'' "believe,'' "anticipate,'' "could,'' "should,''
"intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,''
"expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'',
"positioned,'' "approximately,'' "potential,'' "goal,''
"strategy,'' "outlook'' and similar expressions. Examples of
forward-looking statements include, among other things, statements
regarding assembly and distribution capabilities, decentralized
production, and fully digitalized 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 in this
communication. For additional risks and uncertainties that could
impact Cenntro’s forward-looking statements, please see disclosures
contained in Cenntro's public filings with the SEC, including the
"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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220729005229/en/
Investor Relations Contact:
Chris Tyson MZ North America CENN@mzgroup.us 949-491-8235
Company Contact:
PR@cenntroauto.com IR@cenntroauto.com
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