German electric vehicle manufacturer, e.GO Mobile, raises €30M to start its production of e.GO Life NEXT

Electric Vehicles

Next.e.GO Mobile, an Aachen, Germany-based electric vehicle manufacturer, has announced that it has raised €30M in its Series B round of funding to start the production of its German factory and support the company’s growth.

In September 2020, nd Industrial Investments BV, part of international private equity company nd Group BV, had acquired a majority stake in Next.e.GO. 

nd Group BV is a PE and holding company, headquartered in the Netherlands. It was founded in 2008 and primarily focuses on EV, alternative energy, fintech, healthtech, industrial assets, and real estate.

Investors in this round

The round saw participation from renowned international investors including Moore Strategic Ventures (MSV), the privately held investment company for Louis M. Bacon, founder & CEO of Moore Capital Management, LP; John Snow, previous US Secretary of Treasury; Alejandro Agag, the founder and Chairman of Formula E and a pioneer in EV racing; and Edward Norton – a three-time Academy award-nominated actor, writer, director and co-founder of technology companies such as CrowdRise and EDO.

Use of the funds

The raised capital will help the company to start the production of the e.GO Life, a four-seater passenger car, at the company’s facility in Aachen, this June. The production of the car will initially focus on a special-limited edition e.GO Life NEXT, only available to the first 1,000 customers, and is priced at €22.990 including VAT.

“We are very pleased with the success of the Series B funding and more so with the quality and impact of our great investors, who have joined the Next.e.GO journey in driving the transformation of carbon-free urban mobility and offering true life-cycle sustainability” says Ali Vezvaei, CEO of nd Group B.V. and Member of the Board at Next.e.GO Mobile.

About Next.e.GO Mobile SE

The company is led by Günther Schuh, founder and Chairman of the Administrative Board, Next.e.GO Mobile SE. It is currently developing an electric four-seater passenger car, e.GO Life. 

In addition, the company is working closely with suppliers of electronics and plastic components to progress on all fronts.

In February 2020, the company launched the e.GO Life Concept Cross as a city utility vehicle and a clean utility vehicle at the same time. The vehicle offers a 72 kW electric motor and a larger battery than the e.GO Life 60. Currently, the e.GO Life Concept Cross is available for pre-order in Geneva. The company’s e.GO Life Sport is also available for pre-order.

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