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ElectricBrands: VR-Bank's investment aims to boost LEV business

With the new partner VR-Bank Bad Salzungen Schmalkalden eG from Thuringia, the German manufacturer of electric-powered light vehicles is hoping for a substantial boost.

Lightweight and electric in all classes: The brand now has a wide portfolio, from commercial vehicles to electric cabin scooters to e-scooters. | Photo: ElectricBrands
Lightweight and electric in all classes: The brand now has a wide portfolio, from commercial vehicles to electric cabin scooters to e-scooters. | Photo: ElectricBrands
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Johannes Reichel

The Thuringian light electric vehicle startup ElectricBrands has found a new investor with the VR-Bank Bad Salzungen Schmalkalden eG from Thuringia. The bank participated in the German manufacturer and signed the contracts on January 23, 2023. René Macher, CFO of ElectricBrands, sees the VR-Bank Bad Salzungen Schmalkalden eG as an important and reliable partner.

"We see the cooperation as a cornerstone for a long-term collaboration, bringing us one step closer to our shared goal of an emissions-free future on the road," Macher hopes.

The young brand's plans foresee the next step as an expansion of the business primarily in Europe, as well as diversification of the product range. Production of the Evetta as ElectricBrands' first vehicle is set to begin at the end of this year and will be complemented by the series launch of the XBUS in 2024.

"We are pleased to have found an ambitious and visionary partner in ElectricBrands. The mature business model, the professional dealer network, and the forward-looking and ecological approach of this mobility startup convinced us," explained Mike Helios, Press Spokesperson of the VR-Bank Bad Salzungen Schmalkalden eG.

ElectricBrands AG is a German manufacturer of sustainable and innovative electric vehicles aiming to define the mobility of the future. The company, based in Eppertshausen near Frankfurt, develops and distributes electric-driven light vehicles with high sustainability and usability for different customer groups. The first product was the XBUS, an electric light vehicle in the L7E class, which has been under development since 2018. The first prototype of the XBUS was presented to the world public in July 2021 and is scheduled for market release in 2024. Notable features include recyclability, efficient drive systems, the integration of solar cells, the battery module exchange system, and various modular builds that the customer can independently change. With the acquisition of Artega and the production of the Evetta, electric microvehicles have also been added. Additionally, ElectricBrands is the exclusive distributor of the e-scooters and e-bikes of the Italian brand NITO Bikes. ElectricBrands has an extensive dealer and service network in Europe and plans to expand it worldwide in the near future, it is said.

 

Translated automatically from German.
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