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Cenntro Electric to Acquire Minority Interest in German E-Cargo Designer Antric
$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
About this update from Cenntro Inc.
[{"type":"text","content":"\n$2.5 Million Investment is Highly Symbiotic to Cenntro’s EV Product Lines\n\nCenntro to Manufacture the Antric One E-Cargo Bike and Market the Product Globally\n\n FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220729005229/en/Antric One (Photo: Business Wire)\nAntric 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.\n\nAntric, 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.\n\nIn conjunction with the investment, Cenntro will manufacture the Antric One at its assembly facility in Germany and market the e-cargo bike globally.\n\n“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 advan...