Majority shareholder invests 48 million euros in e.Go

Dutch investor ND Industrial Investments is giving the e-car start-up a generous injection of capital. It is already the second financing of the current year.

News to report: ND Industrial Investments, majority owner of the Aachen-based start-up for just under a year, is investing 48 million euros. The company is backed by the Dutch ND Group. The money will be used to expand production of the Life model. In addition to Aachen, e.Go is also planning a production site in Lowetsch, Bulgaria, as the company announced last month.

e.Go was spun out of RWTH Aachen University in 2015 under the leadership of Günther Schuh. At the time, the company promised low-cost electric cars made in Germany. However, the car manufacturer ran into difficulties last year. Due to financing bottlenecks and the coronavirus pandemic, e.Go had to file for insolvency. In the fall, ND Industrial Investments became a financial backer, but Schuh has since left the company.

e.Go had already successfully completed a financing round at the beginning of this year. Rumors of an IPO have also been circulating for months; the company is reportedly interested in going public on the capital markets via Spac.