Antric receives $2.5 million

The US company Cenntro, which specializes in light electric vehicles, has announced that it will invest in the Bochum-based start-up.

The US company Cenntro is investing in the Bochum-based start-up Antric for 25 percent of the company's shares. 1.25 million of this is to come in the form of a convertible loan. The post-money valuation of the start-up is thus ten million euros.

Antric has its roots in a spin-off from the University of Bochum and was founded by Moritz Heibrock and Eric Diederich. The founders are developing a mix of electronically powered cargo bikes and e-bikes. Their product Antric One has a load capacity of 2.3 cubic meters and a payload of 300 kilograms and is said to be particularly suitable for inner cities.

Cenntro now wants to manufacture the Bochum-based startup's vehicles at its plant in Germany and then market them worldwide. "We believe there is no single solution for an electric vehicle that supports the multitude of ways to deliver and distribute goods and services," said Peter Wang, CEO of Cenntro.

Antric itself hopes the deal will allow it to leverage Cenntro's global network. "Together with Cenntro, we can support cities around the world in their environmental transformation through sophisticated and efficient mobility solutions," said Diederich, CEO and co-founder of Antric.