Antric receives 2.5 million US dollars

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

The US company Cenntro is investing 25 percent of the company shares in the Bochum-based start-up Antric. 1.25 million of this will come in the form of a convertible loan. This puts the post-money valuation of the start-up at 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 mixture 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 intended to be particularly suitable for inner cities.

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

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