Dutch electric bus manufacturer Ebusco has secured commitments for a €12 million capital injection from five existing investors, providing additional funding as the company continues its financial restructuring and works to fulfil outstanding vehicle orders. The financing is expected to cover operating requirements until the second quarter of 2027, subject to the funds being received in full and on schedule.
The agreement involves the issuance of 240 million new shares at €0.05 each. However, the capital increase still requires approval from Ebusco shareholders at an extraordinary general meeting planned before the end of 2026.
Five Existing Investors Commit Fresh Capital
Two strategic investors, Rhein Holding and Green Innovation International, will contribute a combined €8 million to the financing. The remaining €4 million will come from three existing shareholders: De Engh, CVI Investments (Heights) and Peter Bijvelds Holding.
Rhein Holding has previously provided financial support to Ebusco, including a €6 million investment in August.
Rather than receiving the full amount immediately, Ebusco will obtain the new capital through six instalments aligned with its anticipated cash requirements. The final €1 million payment is scheduled for February 2027.
The company intends to use the proceeds to cover ongoing operating expenses and support the completion of existing bus orders. However, a significant portion of the financing will also be allocated to repaying a €7.1 million bridging loan agreed in April 2026, which falls due on 1 December.
Rouen Bus Deliveries Remain a Key Priority
Completing existing customer orders is an important part of Ebusco’s recovery efforts. One major commitment involves the French metropolitan region of Rouen, which is awaiting 68 Ebusco 3.0 electric buses, according to French publication Paris-Normandie.
To support production of these vehicles, Ebusco announced a separate €5.86 million production support arrangement in October with a subsidiary of Gotion, its strategic battery partner. Gotion, a Chinese battery manufacturer, has been a strategic investor in Ebusco since November 2024.
Production remains a significant operational challenge. Ebusco has largely outsourced bus manufacturing to contract producers in China, but output has remained limited. The company delivered just three buses in the third quarter of 2026, bringing deliveries for the first nine months of the year to 19 units.
At 30 September, its order backlog stood at 195 buses. Of these, 77 were firm orders, while the remaining 118 could still be cancelled.
Financing Expected to Extend Liquidity Into 2027
Based on its current financial planning, Ebusco expects the €12 million commitment to provide sufficient liquidity through the second quarter of 2027. This projection depends on all investor contributions arriving in full and according to schedule.
The company has cautioned that less favourable cash flow developments could create a need for additional financing.
Separately, Ebusco is continuing discussions over a working capital facility of approximately €30 million. The financing arrangement, previously announced in August, has not yet been secured.
The company is also planning a repair offering in the first quarter of 2027, giving additional shareholders the opportunity to purchase shares at the same €0.05 price. The proposed offering could raise up to €5 million.
Delayed Salary Payments Highlight Financial Pressure
The latest capital agreement follows Ebusco’s announcement that it had postponed payment of October salaries because of its liquidity constraints.
The company said negotiations with a group of core shareholders over short-term financing had progressed further than expected but required additional time to conclude. The newly announced investment commitments emerged from those discussions.
Ebusco has not yet specified when the funds will be transferred or when outstanding salary payments will be completed.
Restructuring Continues Amid Production Challenges
Ebusco has faced financial and operational difficulties since 2024, with production interruptions, delivery delays and order cancellations contributing to lower revenues and substantial losses. Among the affected contracts was an order for 23 buses from the public transport operator in Potsdam, Germany.
The company undertook a capital increase in November 2024 to address its liquidity requirements and has since reworked its manufacturing model. Instead of relying primarily on in-house production, Ebusco now uses contract manufacturers to assemble most of its buses. It has also reduced its workforce as part of the restructuring.
The €12 million shareholder commitment provides additional funding for this transition, but the company’s longer-term recovery will depend on securing further working capital, stabilising production and delivering its remaining customer orders.