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Odin Automotive has reached an agreement with Deutsche Post DHL Group to acquire StreetScooter. The automotive holding company announced this. Upon completion of the transaction, it will receive the intellectual property rights of the manufacturer of light electric trucks, the production lines, as well as the subsidiaries in Switzerland and Japan. Additionally, the sale is intended to secure the development of battery management systems and production capacities for the future.
The group also secured an additional minimum order of 3,500 StreetScooter vehicles from DPDHL through the acquisition, with which DHL intends to continue the electrification of its postal delivery fleet. According to Odin, a number of further transactions will follow over the course of the coming year. The holding company aims to become a new global market leader in the development, manufacturing, and distribution of electrically powered light commercial vehicles (eLCVs).
StreetScooter was founded in 2010 as part of a private research project. DPDHL acquired the company in 2014. In the meantime, a fleet of more than 17,500 delivery vehicles with volumes of four cubic meters, eight cubic meters, and 20 cubic meters is in use for DHL. This is complemented by smaller fleets in other European countries and Japan, with a total of 5,000 additional vehicles.
Streetscooter currently operates a manufacturing facility in Germany with a production capacity of up to 30,000 vehicles per year. DPDHL will retain a ten percent stake in the company to benefit from further growth under the new leadership.
The team is led by CEO and Chairman Stefan Krause. He was previously the CEO and founder of the electric vehicle company Canoo and has also served as CFO and board member of the automotive manufacturer BMW and CFO of Deutsche Bank. The new company is supported by several institutional and private global investment partners.
Odin will focus on continuing the expansion of DPDHL's StreetScooter offering and expanding the range of products to cover a greater variety of use cases. Additionally, the company plans to tap into the untapped potential of Streetscooter in international markets, including countries in Europe, North America, and Asia. Odin plans further acquisitions in the mobility sector, which will significantly expand the company's product range and the overall market demand for electrified last-mile services.
“The acquisition of StreetScooter from Deutsche Post is a major milestone for us. We are not only taking over a proven and established OEM in the electric vehicle sector but also gaining more than a decade of experience in electric fleet management, which is unique in the industry, especially in the LCV segment of the electric vehicle market,” says Krause. “This acquisition gives us a huge lead over the rest of the industry in our mission to deliver a proven, holistic electrification solution for fleets.”
Odin Automotive is an automotive holding company aiming to make last-mile transportation of people and goods emission-free. The company is led by executives who bring experience from the automotive industry.
Translated automatically from German.
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