Independent German Electric car manufacturer e.GO Mobile takes off again

31 Aug 2020

Strategic Private Equity Investor joins and new CEO Ulrich Hermann is appointed

Aachen, August 31, 2020 – nd Industrial Investments B.V., part of nd Group B.V., an international private equity, joins the German electric car manufacturer e.GO Mobile AG as majority shareholder in the Next.e.GO Mobile SE alongside the management team and the founder Prof. Günther Schuh. On September 1, 2020, Next.e.GO Mobile SE will take over the entire business of e.GO Mobile AG including all subsidiaries and will continue with the employees through a transfer of operations.

Impacted by the unprecedented Covid-19 pandemic, e.GO Mobile AG, previously valued at more than EUR 1.0 bn, the only independent German EV car manufac-turer, filed for insolvency under its own administration on April 2, 2020. The pur-chase contract with Next.e.GO Mobile SE was notarized today. The purchase price is undisclosed.

Next.e.GO Mobile starts with a new and enhanced structure as a European SE and with a new CEO: Ulrich Hermann, former board member of the listed Heidel-berger Druckmaschinen AG and a proven digitization expert. Prof. Günther Schuh takes over as the chairman of the administrative board along with other board members.

As soon as the approval as a vehicle manufacturer for the new company is granted and the supplier contracts have been updated, activity at the Aachen Rothe Erde plant is to start anew. Service and sales of the small electric car e.GO Life are already active again.

The general representative of e.GO Mobile AG during the insolvency proceed-ings, Dr. Paul Fink from FRH Düsseldorf, a law firm specializing in restructuring and insolvency law, speaks of a great success: “e.GO Mobile was not a classic restructuring case, but a well-positioned start-up with a proven car on the road that ran out of growth capital, predominantly due to the unprecedented situation during the corona pandemic.”

Founder Prof. Günther Schuh is relieved: “We didn’t just want to survive the pan-demic and the crisis it caused, we wanted to come out stronger and become the German icon that e.GO is destined for. To do this, we needed to find a profes-sional and strategic partner with whom we could realize our great growth poten-tial. We found that with our new partner and its visionary leadership.”

Dr. Thomas Poplat, Manager M&A at nd Industrial Investment B.V. added: “We are excited to support e.GO Mobile as it well resonates with our focus on sustain-ability, electrification and digitalization.“

Founder Prof. Günther Schuh and new CEO of Next.e.GO Mobile SE Ulrich Hermann in front of the electric car e.GO Life
Copyright: Next.e.GO Mobile SE

Next.e.GO Mobile SE

Next.e.GO Mobile SE based in Aachen is a manufacturer of electric vehicles and sustainable mobility systems. On the RWTH Aachen Campus 400 employees of Next.e.GO Mobile SE take advantage of the unique network of science and business with 420 technology companies and a comprehensive research infrastructure. The agile teams work on a variety of cost-effective and highly durable electric vehicles for short-distance traffic.

www.e-go-mobile.com

Contact:

Next.e.GO Mobile SE
Public Relations
Campus-Boulevard 30
52074 Aachen
T +49 241 47574-227
presse@e-go-mobile.com

nd industrial investments B.V.
Laura Asbjornsen
Public Relations
Laura.Asbjornsen@nd.net

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