FREEHOLD, N.J. (BRAIN) — Cenntro Electric Group Limited acquired a minority interest in German e-cargo designer Antric GmbH.
Cenntro, an EV technology company with electric commercial vehicles, signed a term sheet to obtain 25% of Antric’s total outstanding shares. The 2.5 million euros ($2.55 million) consists of about 1.25 million euros in cash and 1.25 million euros in a convertible loan.
Based in Bochum, Germay, Antric designed and engineered the Antric One, a four-wheeled e-cargo bike. It’s purpose-built for delivery services and general cargo transport.
In connection with the investment, Cenntro, with offices in Freehold, will manufacture the Antric One at its plant in Herne, Germany, where the Cenntro Metro electric transporter is already produced.
“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, Cenntro chairman and CEO. “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.”
Cenntro also will market the product globally.
“Together with Cenntro, we can support cities around the world in their ecological transformation through sophisticated and efficient mobility solutions,” said Antric CEO and founder Eric Diederich. “This cooperation was a natural fit and will provide us with additional capital, extensive sales, and marketing capabilities, and reach new geographies for the Antric One.”
