USA/Germany: Cenntro Electric to Acquire Minority Interest in German E-Cargo Designer Antric

Cenntro Electric Group Limited – a leading EV technology company with advanced, market-validated electric commercial vehicles, which has taken over a majority interest in Tropos Motors Europe earlier this year – announced that is had signed a non-binding term sheet to make a strategic investment of 2.5 million Euros in Antric GmbH, a Germany-based e-cargo designer, representing 25 percent of Antric’s total outstanding shares. The post-money enterprise value for the Antric start-up sums up to ten million Euros.

© © Antric GmbH Antric, based in Bochum/Germany, has its roots in a Ruhr University Bochum spin-off and was founded by Moritz Heibrock and Eric Diederich. The “Antric One” uses a trolley system in combination with a low loading area to enable easy loading and smooth integration into existing logistics processes. 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. 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 & 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.” (eap)