Benteler has obtained the necessary approvals for Saudi Arabian investor Tasaru Mobility Investments to invest in its subsidiary Holon. This deal brings millions in funding to support the expansion of Holon’s autonomous electric shuttle business.
The agreement, initially announced in February, involves Tasaru Mobility Investments acquiring a minority stake in Holon for a three-digit million sum. Benteler confirmed that all regulatory formalities have been completed, including approvals from the EU competition authority and the German Federal Ministry for Economic Affairs and Climate Protection.
The new funds will be used to advance the development and industrialization of the Holon Mover, an autonomous electric shuttle first unveiled in early 2023. Benteler plans to establish three production sites in the USA, Saudi Arabia, and Europe in collaboration with Tasaru Mobility Investments to market the vehicle globally.
Benteler CEO Ralf Göttel expressed enthusiasm for the approvals, stating, “Together we will continue to drive forward the successful development of HOLON. The first prototypes of our Mover are expected to be available this year; the first vehicles are scheduled to be in use in pilot projects in 2025. We are convinced that inclusive, emission-free and sustainable passenger transportation is the answer to traffic problems in our cities, climate change, and demographic developments.”
Michael Müller, CEO of Tasaru Mobility Investments, commented, “TASARU is committed to a smart and sustainable future. HOLON fits into our portfolio and supports the ambitious goals of Saudi Arabia’s Vision 2030. The Kingdom of Saudi Arabia is increasingly developing into a hub for innovation and autonomous mobility.”
Tasaru Mobility Investments specializes in automotive initiatives. Although the exact share of Holon acquired by Tasaru was not disclosed in the press release, earlier reports indicated a potential stake of up to 38%.
The Holon Mover, designed as a fully electric and autonomous vehicle for public road use, aims to set new standards in safety, ride comfort, and production quality. The shuttle can travel at a maximum speed of 60 kilometers per hour and accommodates up to 15 passengers, making it suitable for on-demand services like ride pooling and ride-hailing, as well as regular scheduled services.
Benteler established the Holon brand in November 2022, unveiling the first Holon shuttle at CES in early 2023. The Paderborn-based supplier has been working on autonomous e-shuttles for an extended period, initially as an internal project before spinning off the Benteler EV Systems division in 2021, which was later renamed Holon.
Holon’s CEO, Henning von Watzdorf, noted the significant interest in the Mover, stating, “Customer interest is immense: our vehicle makes safe, inclusive, emission-free and sustainable passenger transportation possible and is therefore the answer to traffic problems in cities, climate change, and demographics.”
