LION General Assembly gives green light for strategic investment
Baar (CH), 25.02.19 – The majority of shareholders of LION E-Mobility AG decided in their General Meeting on the 22nd of February that they want to increase the share capital and thus clear the way for the strategic convertible loan of US-based Battery and Mobility Materials Inc. The deal is worth 2.5 million euros.
Battery and Mobility Materials Inc. (BAMM) is a global start-up based in Omaha (Nebraska, USA) whose affiliates have been active in the areas of sustainable mobility, renewable energies and clean technology since 2015. BAMM's management team is led by Chairman and CEO Mike Luther, who spent his career as a special situation fund manager for the likes of Deutsche Bank. The BAMM team of advisers and partners includes numerous specialists with extensive experience in the global automotive industry, amongst them former Alfa Romeo Design Director Christopher Reitz (Design & Product Development), Mike Rawlings and David Ford (Manufacturing Development), Michael Hodges (Marketing Communications), and Rodd Trenne (Technical Advisor, and developer of the Mosler MT900).
BAMM's business model is to develop independent companies that are active in the segments of electric vehicles, grid storage, renewable energy and energy-efficient manufacturing technologies. The separate companies benefit from access to BAMM's corporate network, which covers the entire supply chain of the automotive sector, from the supply of raw materials to the manufacture of the final product. Although BAMM is a newly established company, the management team has been working on the basic components of the business plan for over ten years with significant investments.
Mike Luther, CEO of BAMM, comments: “We are convinced of the innovative technology of LION’s solutions. They fit in perfectly with our strategy of developing new e-mobility solutions, as well as using existing conventional and e-vehicle concepts in this regard. This upcycling of older models enables economies of scale, especially for larger fleet operators such as car rental companies or driving service providers. Thus, we want to make the switch to e-mobility economically viable. In addition, we see a strong opportunity to collaborate with LION for grid-scale battery storage.”
Tobias Mayer, CEO of LION E-Mobility AG, says: “With BAMM, we are delighted to have a partner with broad automotive, renewable energy and financial expertise at our side. The investment volume confirms that they are just as convinced of our success and our path as we are. We are already in talks on further development contracts prior to the upcycling program.”
The capital of the investment will be used primarily for the further development and series production of the LIGHT battery. The aim is to create framework conditions for production that can be implemented soon with the help of partners. Part of the capital will also be used to expand testing. In this way, the 2.5 million will benefit the company's further growth.
As already announced by LION on 30 January, a convertible loan agreement for 2.5 million euros was signed with BAMM. With a term of six years, the subscription price is 8 euros per share. BAMM can decide to convert from a share value of 8 euros, at 12 euros it will convert in any case. The interest rate on the loan, which runs until 2025 at the latest, is 6 percent.
About Battery and Mobility Materials Inc. (BAMM)
Battery and Mobility Materials Inc. (BAMM) is a global start-up based in Omaha (Nebraska, USA) whose affiliates have been active in the areas of sustainable mobility, renewable energies and clean technology since 2015. BAMM's business model is to develop independent companies that are active in the segments of electric vehicles, grid storage, renewable energy and energy-efficient manufacturing technologies.
Chairman & CEO
Telephone: +1 402 250 4560
About LION E-Mobility:
LION E-Mobility AG is a listed Swiss holding company founded in 2011 with promising strategic investments in the E-Mobility sector, in particular in electrical energy storage and lithium-ion battery system technologies.
The company owns 100% of the German company LION Smart GmbH, a developer of battery packs and battery management systems. LION Smart GmbH also holds a 30% stake in TÜV SÜD Battery Testing GmbH, a successful joint venture with TÜV SÜD AG.
CEO & President
Telephone: +41 41 500 54 11
Account Director, Weber Shandwick
Telephone: +49 89 380179 48