FREEHOLD, N.J. – Cenntro Electric Group Limited, a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it entered into an agreement with Mosolf SE & Co. KG (“Mosolf”), one of Europe’s largest automotive logistics and service providers, to acquire a 65% equity interest in Tropos Motors Europe GmbH (“TME”), a wholly owned subsidiary of Mosolf, for €3.25 million and assume 100% of a shareholder loan from Mosolf to TME in the amount of €11.9 million. The transaction is subject to customary closing conditions and is expected to close in March 2022.
TME has been a strategic, private label channel partner and one of the largest customers of Cenntro since 2019. TME assembles and distributes light electric commercial vehicles, based on Cenntro’s Metro® model, in Europe under the brand “ABLE.” As of February 28, 2022, TME has a distribution network of 50 dealers in Germany and 13 importers in Europe across sixteen countries, including France, Spain, Portugal, the Netherlands, Belgium, Austria, Italy, Denmark, and the Czech Republic, and also sells directly to major fleet providers. Following the closing of the acquisition, it is anticipated that TME will assemble and distribute the full line of Cenntro’s products for the European market, including the Metro®, the Logistar™ series and the Neibor® series for last mile on-demand delivery and related services.
“This acquisition will accelerate Cenntro’s expansion within EMEA (Europe, Middle East and Africa) and represents a significant step in the Company’s growth strategy to be a leading provider of electric commercial mobility,” said Peter Wang, Chairman and CEO of Cenntro. “Through this acquisition, we gain a significant geographical advantage and the addition of key management personnel within the European region, unlocking significant global growth opportunities for the Company.”
The acquisition expands Cenntro’s assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe.
“This is a milestone for both companies. With Cenntro we have the perfect partner to offer different electric commercial vehicles across Europe, Middle East and Africa. We now can meet customer needs even better with a wide range of light to medium-duty commercial vehicles,” said Dr Jörg Mosolf, Chairman and CEO of the MOSOLF Group.
