Ola Electric Mobility Pvt Ltd (“Ola Electric Mobility”), the leading Indian electric mobility company backed by SoftBank, today announced the acquisition of Etergo BV, the very advanced, innovative and ingenious electric scooter OEM, based in Amsterdam, the Netherlands. With this transaction, Ola Electric Mobility has also announced its entry into the premium electric two-wheeler market, both globally and nationally, by leveraging Etergo’s leading design and engineering skills.
IMPROVED acted as the exclusive financial advisor to Etergo on this cross-border transaction. Following numerous landmark deals within the Mobility ecosystem, and despite the current challenging market conditions due to COVID-19, IMPROVED successfully leveraged its sector-expertise and its global investor network to determine the best strategic partner possible for Etergo to achieve its international growth ambitions. This transaction marks IMPROVED’s second recent cross-border deal in the fast-growing electric two-wheeler space, indicating its leading M&A advisory expertise in the Mobility sector.
Founded in 2014, Etergo has developed an all-electric state-of-the-art AppScooter, referred to as “the Dutch Tesla on two wheels”, which has won multiple awards across the world for its innovative design and engineering. First revealed in 2018, AppScooter uses swappable high-energy density batteries to deliver a range up to 240km and class-leading acceleration. In line with its ambitions to transform the 100-million+ global two-wheeler market, including the 20-million+ Indian two-wheeler market, into the clean energy, digital mobility future, Ola Electric aims to launch its global electric two-wheeler in India in 2021.
This acquisition will further bolster Ola Electric’s strong engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading automotive companies like Tesla, General Motors, Ferrari, Jaguar, and BMW. Etergo’s team will continue to be based out of Amsterdam as they join Ola Electric. By joining forces, Ola Electric Mobility and Etergo are best positioned to reach its international strategic ambitions of becoming the world’s leading electric two-wheeler manufacturer.
