Next.e.GO Mobile (e.GO), a producer of urban battery electric vehicles and production technology, closed a $75 million fixed interest rate debt financing from Western Asset, a fixed-income asset management institution. The net proceeds of the financing will be used to help e.GO continue executing on its business strategy, with a particular focus on production of the e.wave X model as well as its global growth leveraging its proprietary MicroFactory.
“We are pleased to partner with Western Asset, one of the world’s leading fixed-income managers that has been providing customized financial solutions on behalf of their clients for over 50 years,” Ali Vezvaei, chairman of the board of e.GO, said. “As we focus on bringing convenience, practicality and affordability to everyday urban mobility, this financing gives us the opportunity to continue towards our planned production and grow our MicroFactory footprint.”
“This successful debt financing is a testament to e.GO’s robust technology foundation as an innovative producer of electric vehicles. We are truly excited about our partnership with e.GO and looking forward to its continued growth upon closing of the envisioned de-SPAC transaction,” Isabelle Freidheim, chairman of the Athena SPAC, said.
