QEV Technologies is finalizing an agreement to go public

QEV Technologies It is one of the major companies facing a challenge Fill the void left by Nissan in the Zona Franca de Barcelona plants And Montcada I Rexac. Together with its partner Btech, they have committed to investing 300 million euros in three years and to start producing zero-emission cars next year. But both companies had a catch: a lack of financial strength. QEV announced Thursday that it is finalizing an agreement to jump onto the Amsterdam Stock Exchange in the hands of financial partner Spear Investments. He said the “implied value” of the company was around 200 million euros. The acquisition of more capital will allow it to use the 57 million euros it obtained in the first call for the Strategic Project for Economic Recovery and Electric Vehicle Transformation (PERTE-VEC).

Listing QEV on the stock market is a similar step to the one I took Barcelona manufacturer of electric vehicle charging points, Wallbox, when it jumped to the New York Stock Exchange. It will be combined with Spear Investments I, a company without content but already listed, which will make it possible to ease the procedure for jumping into the stock market. It is a SPAC, which is a Special Purpose Acquisition Company (SPAC is an acronym for Special Purpose Acquisition Companies), which Promoters seek financing from among other investors To carry out other company operations at a later time.

In this case, the SPAC was launched by AZ Capital and STJ Advisors, which will enter into the capital of QEV. The Inveready Fund, which is already offering capital, will strengthen its presence, and other companies are expected to enter the capital before the IPO, which can be confirmed from September.

QEV, so far a small literal of electric cars and above all competitors, although it is the architect of the return to the luxury market Hispano Suiza, has barely delivered around 250 cars to its customers this year. By 2023, it plans to deliver a thousand and reach a turnover of 1,000 million euros, but a big leap is expected once it consolidates its business at the old Nissan facilities: 16,000 electric vehicles will be sold in 2027.

“The potential merger and listing in Amsterdam Euronext will allow us to make a significant leap forward in sustainable mobility in Spain and Europe, while further validating the re-manufacturing process of the Barcelona Free Trade Zone,” said Joan Oros, CEO of QEV, through a statement. . For its part, Spear Investments defended compliance with QEV: “Our investment criteria included, among others, a company based in Europe, with solid foundations, that uses technology, innovation and/or new business models to drive superior growth and profitability through limited technology or adoption risk. , with a short-term profitability trajectory, and a company that may have strong environmental, climate, and/or sustainability credentials.”

QEV plans to manufacture trucks under its Zeroid brand at its Barcelona facilities. Together with Btech, which will make station wagons with its reborn Ebro brand, there is great hope for rebuilding an industrial space Pick up the gauntlet in the automotive industry And that it is taking the step of manufacturing vehicles only with an electric version.

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