Chinese battery manufacturer Gotion enters with an equity stake in Ebusco
On October 8, we had reported how Ebusco had announced a proposed strategic partnership with Chinese battery manufacturer Gotion, opening up the possibility of bringing the player into the company. Gotion, moreover, has been the Dutch Oem’s longtime battery supplier since 2018. The partnership envisages «mobilizing Gotion’s advanced battery technology, allowing the further development of […]
On October 8, we had reported how Ebusco had announced a proposed strategic partnership with Chinese battery manufacturer Gotion, opening up the possibility of bringing the player into the company. Gotion, moreover, has been the Dutch Oem’s longtime battery supplier since 2018.
The partnership envisages «mobilizing Gotion’s advanced battery technology, allowing the further development of Ebusco’s lightweight buses with a substantially longer range battery, supporting Ebusco in the international expansion of the lightweight bus in Asia, and cooperation in relation to the expansion of Ebusco’s maritime offering».
Recall how after losing a lawsuit with Qbuzz, Ebusco came perilously close to insolvency, issuing a statement to announce further details about the restructuring plan put in place to address operational and financial difficulties. The Oem’s turnaround strategy aims to produce 40-50 units per month versus an average of 15 this 2024, all while structurally reducing costs by 30 million euros.
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Ebusco proposes partnership with Chinese battery manufacturer Gotion (that would be investing in Ebusco)
Ebusco signs an agreement with Gotion
Now Ebusco announces that Gotion has joined the company, with an equity stake, formalized through the signing of an investment agreement on November 17.
Under the investment agreement, Gotion has committed to subscribe for any rump shares in the rights issue or an amount of 5 million €, which would represent a shareholding in the company of approximately 9.3%.
Moreovere, under the investment agreement Ebusco and Gotion have agreed that Gotion is granted the right to nominate a representative in both Ebusco’s supervisory board (which person will chair the nomination committee) and management board, subject to the approval of the Company’s shareholders, to be obtained at the 2025 EGM.
Furthermore, the Company has committed not to issue any shares in its capital to any party other than Gotion following completion of the Rights Issue and prior to any issuing of new shares in Q1 2025, provided, however, that this standstill is conditional upon Gotion’s exercise of its option to acquire such new shares within three months of the rights issue.
In the coming period Ebusco and Gotion will be committed to progress the strategic partnership and further cement their relationship.
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