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 the second funding 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 Dutch ND Group is behind the company. The money is to be used to expand production of the Life model. In addition to Aachen, e.Go also plans to open a production site in Lowetsch, Bulgaria, 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 e-cars made in Germany. However, the carmaker ran into trouble last year. Due to financing bottlenecks and the Corona pandemic, e.Go had to file for insolvency. In the fall, ND Industrial Investments stepped in as a backer, but Schuh has since left the company.

Earlier this year, e.Go had already successfully completed a financing round . Rumors of an IPO have also been persisting for months, and the company is reportedly interested in jumping onto the capital markets via Spac.