FREEHOLD, N.J. – Cenntro Electric Group Limited, a leading electric vehicle 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.
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.”