Cenntro to manufacture e-cargo bikes (and other NYC-area tech news) – New York Business Journal – The Business Journals
Cenntro Electric Group, a Freehold, New Jersey-based maker of electric commercial vehicles, has agreed to take a minority stake in German e-cargo designer Antric GmbH for $2.5 million.
The strategic investment represents 25% of Antric’s total outstanding shares and includes $1.25 million in cash and $1.28 million in the form of a convertible loan, at an implied post-money enterprise value for Antric of about $10 million.
Antric has designed and engineered the Antric One, an auto-grade four-wheeled e-cargo bike that was built for delivery services and general cargo transport. The bike has been piloted in Europe.
Under its investment deal, Cenntro (Nasdaq: CENN) 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,” Cenntro Chairman and CEO Peter Wang said in a statement. “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.”
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