Dutch electric bus manufacturer Ebusco has raised €36 million in a rights issue, providing a critical financial boost for the company as it seeks to stabilize its operations and recover from mounting challenges. The funds will be used to address financial strains and support a reorganization led by new CEO Christian Schreyer.
“This capital raise is essential for the continuation of the company, and I’m pleased to get the chance to move forward and further restore the company,” Schreyer said in a statement. “The coming months will remain challenging, but with the dedication and determination I have seen at Ebusco, I’m confident we are able to improve our performance.” Schreyer, who took sole leadership in September, underscored the precarious position of the company, which has struggled to meet production targets and posted a €60 million loss in the first half of 2024.
Ebusco’s battery supplier, China’s Gotion High-Tech, played a pivotal role in the funding round, securing shares worth €1.8 million and agreeing to contribute an additional €5 million during a planned 2025 capital increase. As part of its involvement, Gotion will gain significant influence over Ebusco’s governance, including appointing representatives to the Supervisory and Management Boards and obtaining pre-emptive rights for future share issuances.
Other investors also participated in the issue, including founder and former CEO Peter Bijvelds, ING Corporate Investments Participaties, and VDVI. Existing shareholder loans totaling €5 million were converted into equity, while new shares were issued at €0.8209 each. Ebusco reported net cash proceeds of €27.7 million after deducting liabilities and loan conversions.
Despite having over 1,600 electric buses on its order books, Ebusco has faced significant delivery delays, fulfilling only 98 orders in the first half of 2024. The delays have already resulted in lost contracts and a management overhaul, with Schreyer replacing the previous CEO duo in an effort to turn the company around.
