- Project expected to further e.GO’s decentralized growth
strategy, leveraging the Company’s disruptive production system and
game-changing approach to manufacturing
- Once in production, e.GO’s facility in the Republic of North
Macedonia will be the company’s 3rd MicroFactory worldwide, in
addition to the in-production Aachen, Germany MicroFactory and the
in progress MicroFactory in Bulgaria
- Anticipated production capacity of up to 30,000 vehicles per
year, with the start of production expected to be in the last
quarter of 2024
- South East Europe offers a competitive ecosystem as well as an
attractive investment climate, and is one of the target regions for
e.GO’s production growth.
Next.e.GO Mobile SE (“e.GO” or the “Company”), an innovative
producer of urban electric vehicles leveraging its disruptive
MicroFactory production system, announced today that it has entered
into an agreement with the Republic of North Macedonia to build a
MicroFactory in the country’s Technological Industrial Development
Zones (“TIDZ”), near the city of Tetovo. Once in production, the
North Macedonian MicroFactory will be the Company’s 3rd
MicroFactory worldwide, with the 1st being the in-production
Aachen, Germany MicroFactory and the 2nd being the in progress
MicroFactory in Bulgaria.
During a public ceremony at the project site attended by several
North Macedonian state officials, including Prime Minister Dimitar
Kovacevski, Minister of Finance Fatmir Besimi, Minister of Economy
Kreshnik Bekteshi and the Director of TIDZ, Jovan Despotovski, the
parties signed a definitive agreement, based on which e.GO plans to
build a MicroFactory production facility for its battery electric
vehicles with expected capacity of up to 30,000 vehicles per year.
Start of production of the new facility is currently projected to
be in the last quarter of 2024. The project is intended to create
up to 900 new jobs in the country.
“This investment is of great importance for the state, but also
for the local economy and the development of human potential in
Tetovo and in the country. With this significant investment, North
Macedonia once again confirms that it is a country that offers
excellent conditions for investors, with a stable economic and
political climate in which international companies like e.GO have a
trusted partner,” said Demitar Kovacevski, the Prime Minister of
the Republic of North Macedonia.
“This agreement is another key milestone in e.GO’s global growth
and underscores the intrinsic value of our disruptive technology
and innovation. We are truly excited to expand our production
footprint to the Republic of North Macedonia, following our
progress in Bulgaria. Our strategic focus in South East Europe is
based on our conviction as to the region’s competitive eco-system,
attractive investment climate and access to driven and talented
human capital,” said Ali Vezvaei, Chairman of the board of
e.GO.
“Large investments have a snowball effect. Brands attract new
investments, both foreign and domestic. They create new value,
strengthen exports by changing their structure towards products
with greater added value, create new jobs and influence the
acceleration of economic activity and economic development. Our
determination as the Government is to support and promote foreign
investors who will be able to ensure this effect and who will above
all bring benefits to our citizens, domestic companies and the
economy,” said Fatmir Besimi, the Minister of Finance of the
Republic of North Macedonia.
“The new concept of Technology & Industrial Development
Zones delivers concrete results. After only 18 months, we have the
second investment of over 100 million euros. We have shown that
North Macedonia is no longer just a country of competitive labor
but is on the map of countries that have the capacity and
requirements for large investments. Since the beginning of the
year, we have 1,100 new jobs in the TIDZ companies, and the
company, e.GO, is expected to create nearly 900 well-paying jobs.
At the beginning of my mandate, we promised European jobs and
opportunities for young people. With such projects, we will provide
our children with a prosperous future, here at home,” said Jovan
Kovacevski, the Director of Technological Industrial Development
Zones of the Republic of North Macedonia.
e.GO is focused on accelerating the transition to zero-emission
urban mobility and helping cities and their people change the way
they move around for the better. Committed to innovation with
practicality and purpose, e.GO has developed a unique battery
electric vehicle platform as well as a revolutionary production
system, which e.GO refers to as a MicroFactory, that, combined with
its “Industry 4.0” digital architecture, is intended to enable the
Company to develop and produce vehicles in shorter periods of time
and with considerably lower investment as compared to traditional
vehicle OEM processes. e.GO aims to accomplish this while offering
economic value add by engaging local communities, developing local
talent and increasing local sourcing of materials.
About e.GO
Headquartered in Aachen, Germany, e.GO designs and manufactures
battery electric vehicles for the urban environment, with a focus
on convenience, reliability and affordability. e.GO has developed a
disruptive solution for producing its electric vehicles using
proprietary technologies and low cost MicroFactories, and has
vehicles already on the road today. e.GO is helping cities and
their inhabitants improve the way they get around and is making
clean and convenient urban mobility a reality. Visit
https://www.e-go-mobile.com/ to learn more.
As announced on July 28, 2022, e.GO has entered into a
definitive agreement for a business combination with Athena
Consumer Acquisition Corp. (NYSE: ACAQ, ACAQ.U, ACAQ WS), a
publicly-traded special purpose acquisition company (“SPAC”) that
would result in e.GO becoming a publicly listed company. Completion
of the proposed transaction is subject to customary closing
conditions, and is expected to occur in early 2023.
Important Information about the Business Combination and
Where to Find It
In connection with the proposed business combination (the
“Business Combination”) between Athena Consumer Acquisition Corp.
(“Athena”) and Next.e.GO Mobile SE (“e.GO”), Next.e.GO B.V., a
wholly-owned subsidiary of e.GO (“TopCo”) intends to file with the
U.S. Securities and Exchange Commission’s (“SEC”) a registration
statement on Form F-4 (the “Registration Statement”), which will
include a preliminary prospectus and preliminary proxy statement.
This communication is not a substitute for the Registration
Statement, the definitive proxy statement/prospectus or any other
document that Athena will send to its stockholders in connection
with the Business Combination. Investors and security holders of
Athena are advised to read, when available, the proxy
statement/prospectus in connection with Athena’s solicitation of
proxies for its special meeting of stockholders to be held to
approve the Business Combination (and related matters) because the
proxy statement/prospectus will contain important information about
the Business Combination and the parties to the Business
Combination. Athena will mail the definitive proxy statement/final
prospectus and other relevant documents to its stockholders as of a
record date to be established for voting on the Business
Combination. Stockholders will also be able to obtain copies of the
proxy statement/prospectus, without charge, once available, at the
SEC’s website at www.sec.gov or by directing a request to: 442 5th
Avenue, New York, NY, 10018.
Participants in the Solicitation
Athena, e.GO, TopCo and their respective directors, executive
officers, other members of management, and employees, under SEC
rules, may be deemed to be participants in the solicitation of
proxies of Athena’s stockholders in connection with the Business
Combination. Investors and security holders may obtain more
detailed information regarding the names and interests in the
Business Combination of Athena’s directors and officers in Athena’s
filings with the SEC, and such information and names of e.GO’s
directors and executive officers will also be in the Registration
Statement to be filed with the SEC by TopCo, which will include the
proxy statement of Athena for the Business Combination.
Forward Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target”, “may”,
“intend”, “predict”, “should”, “would”, “predict”, “potential”,
“seem”, “future”, “outlook” or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding Athena, e.GO, and TopCo’s
expectations with respect to future performance and anticipated
financial impacts of the Business Combination, the satisfaction of
the closing conditions to the Business Combination, the level of
redemptions by Athena’s public stockholders, the timing of the
completion of the Business Combination and the use of the cash
proceeds therefrom. These statements are based on various
assumptions, whether or not identified herein, and on the current
expectations of Athena, e.GO, and TopCo’s management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and may differ from assumptions, and such
differences may be material. Many actual events and circumstances
are beyond the control of Athena, e.GO, and TopCo.
These forward-looking statements are subject to a number of
risks and uncertainties, including: (i) changes in domestic and
foreign business, market, financial, political and legal
conditions; (ii) the inability of the parties to successfully or
timely consummate the proposed Business Combination, including the
risk that any required regulatory approvals are not obtained, are
delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of
the proposed Business Combination or that the approval of the
stockholders of Athena or e.GO is not obtained; (iii) failure to
realize the anticipated benefits of the proposed Business
Combination; (iv) risks relating to the uncertainty of the
projected financial information with respect to e.GO; (v) the
outcome of any legal proceedings that may be instituted against
Athena and/or e.GO following the announcement of the Business
Combination; (vi) future global, regional or local economic and
market conditions; (vii) the development, effects and enforcement
of laws and regulations; (viii) e.GO’s ability to grow and achieve
its business objectives; (ix) the effects of competition on e.GO’s
future business; (x) the amount of redemption requests made by
Athena’s public stockholders; (xi) the ability of Athena or the
combined company to issue equity or equity-linked securities in the
future; (xii) the ability of e.GO and Athena to raise interim
financing in connection with the Business Combination, including to
secure an e.GO IP-backed note; (xiii) the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; (xiv) the risk that the proposed Business
Combination disrupts current plans and operations as a result of
the announcement and consummation, (xv) costs related to the
Business Combination, (xvi) the impact of the global COVID-19
pandemic and (xvi) those factors discussed below under the heading
“Risk Factors” and in the documents filed, or to be filed, by
Athena and Topco with the SEC. Additional risks related to e.GO’s
business include, but are not limited to: the market’s willingness
to adopt electric vehicles; volatility in demand for vehicles;
e.GO’s dependence on the proceeds from the contemplated Business
Combination and other external financing to continue its
operations; significant challenges as a relatively new entrant in
the automotive industry; e.GO’s ability to control capital
expenditures and costs; cost increases or disruptions in supply of
raw materials, semiconductor chips or other components; breaches in
data security; e.GO’s ability to establish, maintain and strengthen
its brand; e.GO's minimal experience in servicing and repairing
vehicles; product recalls; failure of joint-venture partners to
meet their contractual commitments; unfavorable changes to the
regulatory environment; risks and uncertainties arising from the
acquisition of e.GO’s predecessor business and assets following the
opening of insolvency proceedings over the predecessor’s assets in
July 2020; and e.GO’s ability to protect its intellectual property.
If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements.
There may be additional risks that neither e.GO nor Athena
presently know or that e.GO and Athena currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect e.GO’s and Athena's
expectations, plans or forecasts of future events and views as of
the date of this communication. e.GO and Athena anticipate that
subsequent events and developments will cause e.GO’s and Athena’s
assessments to change. However, while e.GO and Athena may elect to
update these forward-looking statements at some point in the
future, e.GO and Athena specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as
representing e.GO’s and Athena’s assessments as of any date
subsequent to the date of this communication. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
No Offer or Solicitation
This communication is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act, or an applicable exemption from the registration
requirements thereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220815005242/en/
For Investors: Caldwell Bailey ICR, Inc. eGOIR@icrinc.com
For Media: James McCusker ICR, Inc. eGOPR@icrinc.com
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