2024 year of transition characterized by significant changes and events

2024 has been a year of transition for Ebusco, characterized by a significant change in the production strategy (from an OEM back to the OED model with production outsourced to contract manufacturers), considerable changes in the management team, the start of a comprehensive turnaround plan and an organizational restructuring. Furthermore, the company had to deal with some major setbacks such as the production halt and the cancellation of bus orders. In addition, significant management time had to be spent on addressing Ebusco’s financial condition, in particular its cash constraints, which forced the company to seek support from its shareholders through the November 2024 rights issue. All of this has had an adverse impact on the financial results for the year 2024.

The production halt and the cancellation of bus contracts in the second half of 2024 have had a significant impact. During the financial year ended 31 December 2024, the Group recognized a revenue reversal of €16 million, initially recorded in the financial year ended 31 December 2023, following the cancellation of certain bus contracts. Furthermore, Ebusco recorded €18 million of revenues in H1-2024 which were reversed following the same contract cancellations. As a result, the turnover for FY 2024 arrived at only €10.7 million, well below the turnover as reported in Ebusco’s interim financial statements per 30 June 2024 (of €38 million). This reversal of revenues, in combination with costs assumed for the turnaround plan and the restructuring (FTE reduction) plan in 2024, has had a corresponding impact on Ebusco’s financial result over FY 2024.

Financial review FY 2024

• 2024 revenue arrived at €10.7 million, predominately due to the production halt and cancellations in the second half of 2024, which led to a reversal of turnover
• EBITDA loss of €132.6 million, reflecting operational challenges
• Net loss for the year of €200.8 million
• Cash & Cash Equivalents of €2.4 million

The very challenging business circumstances that Ebusco has gone through in the last months, and those which Ebusco continues to face, and the transformation the company is going through, including its refinancing and restructuring efforts, have placed significant demands on the time and resources of the company.

As a result, the drafting of the 2024 financial statements and consequently, the external auditor’s audit process, have experienced delays, which prevented completion of the audit within the expected timeframe. Consequently, the financial statements included in both this press release and the annual report as published today, are unaudited.

Operational review FY 2024

• Order book of 581[2] buses at year-end, securing production utilization into H1 2026
• 157 buses delivered in 2024
• Strategic shift from an OEM to an OED operating model
• 74 of the canceled buses reassigned to other customers[3]

Christian Schreyer, CEO of Ebusco

“2024 has been an extremely challenging year for Ebusco, and 2025 continues to be very challenging. While we have already taken significant steps, we recognize that there is still a long way ahead and the liquidity situation is still a major challenge. It won’t be a surprise that my first months as CEO of Ebusco have been very intensive. I joined Ebusco at a critical moment, in the midst of a massive and urgent turnaround, operationally and financially.

When I started in September, my top priority was to improve liquidity and reduce working capital while thoroughly assessing root causes and validating strategic choices. This effort has resulted in a clear, actionable roadmap—comprising several projects for immediate impact along with strategic pillars to guide long-term progress, including the decision to transition to an OED model.

An OED model enables us to operate more capital-efficiently and reduce our risk profile. By leveraging our strengths—our top-tier product design and engineering capabilities—while outsourcing processes that have hindered our ability to scale, we can enhance our performance. Combined with other strategic choices, such as simplifying our portfolio to standard bus sizes and focusing on European markets. We are positioning the company to navigate the challenges ahead and ultimately become resilient again.

The past year has presented significant challenges for the entire organization, demanding extraordinary perseverance from all employees. I extend my sincere appreciation for the continued commitment, resilience, and loyalty shown throughout this difficult period.

I am very pleased to have Michel van Maanen on board to oversee Ebusco’s core process at Ebusco and implement the new operating model, bringing invaluable expertise from his proven track record in similar transformations. I would like to thank Jan Piet Valk for his support and guidance as interim CFO until today, which will be his last day at the company. Jan Piet has played a key role for the company in this turbulent period. As of 30 April, Mark de Haas has joined Ebusco as CFO ad interim. As seasoned CFO he is well equipped to guide Ebusco trough the uncertain financial situation.

Despite all progress, efforts and envisioned plans, we must acknowledge that even after fully implementing the Turnaround Plan, Ebusco will need a strong partner to be able to scale the business and be sustainably successful.

This also applies to our growing, but still small, Energy storage business. Backed by our strong partner and shareholder Gotion, we see a business case for the Maritime niche market, where we are well positioned as one of the few certified companies.

We believe both the Bus and Energy businesses deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance.

Although the future holds many uncertainties, I believe we are on the right path. Market fundamentals are strong with the electrification trend ongoing. And the market continues to value our product.”

Management update

Orderbook end of year 2024 and update reassigned buses

Ebusco ended 2024 with an order book of 581 buses. Throughout the year, Ebusco delivered 157 buses and signed contracts for 48 buses.

The table below shows a summary of the bus orders end of year 2024[4].

Due to Ebusco’s financial situation, production nearly came to a standstill in the second half of 2024, resulting in delayed deliveries and the cancellation of 361 buses in 2024 and 55 buses in 2025. The production of the vast majority of these cancelled buses was not yet initiated, limiting direct financial impact, which ultimately allowed for a more realistic production planning.

The cancelled buses that were in an advanced stage of production have been prioritised by Ebusco as these buses can contribute to the working capital in a relatively short period of time. As a result, the company reallocated a total of 74 buses: 21 buses to NIAG, 22 buses for the city of Rouen and 31 buses to EBS.

The first reassigned buses for Rouen and NIAG have been delivered and the delivery to EBS will commence in the next weeks.

The company expects to reallocate the remaining 19 cancelled buses that are in a more advanced stage of production to existing customers in the second half of 2025.

Turnaround Plan

In recent months, Ebusco has made significant progress in optimizing its production footprint. The company previously announced a transition to a full OED model, where bus assembly will be exclusively handled by contract manufacturers. To enhance this model, Ebusco has actively worked with both existing and new contract manufacturers to streamline processes and align contractual agreements. As part of the ongoing optimization of Ebusco’s production footprint and in order to maintain full flexibility, Ebusco can also produce casco monoparts at its contract manufacturer for casco assembly, while at the same time maintaining the ability and therewith the option to operate the full casco production inhouse at its own facility.

As part of the Turnaround Plan, Ebusco announced its intention to consolidate its two facilities in the Netherlands into a single facility, as part of the overall cost reduction program and the objective to create a leaner organizational set up. The decision has been made to reallocate the Venray facility to Deurne.

Going concern, refinancing and strategic options

Given Ebusco’s financial situation as discussed above and elsewhere in this press release and the Annual Report, it currently depends on third-party suppliers agreeing to payment schedules and alternative settlement options on overdue accounts. Considering the overdue accounts payable position (as at the date of this press release) significantly exceeds the company’s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which Ebusco cannot address directly and would trigger an insolvency event. One of the company’s suppliers actually already filed a petition for bankruptcy due to (amongst others) non-payment of overdue invoices. The court case is scheduled for 6 May 2025.

Ebusco is therefore dependent upon a significant short-term liquidity injection in order to be able to continue as a going concern. If Ebusco is not able to (timely) attract the required liquidity injection it could directly face insolvency.

On 24 February 2025 Ebusco announced that it had obtained commitments for a debt financing of €22 million from Green Innovation International Co. Ltd. (€10 million, of which the Groups still needs to receive €5 million), CVI Investments Inc., an entity managed by Heights Capital Management, Inc. (€10 million) and De Engh B.V. (€2 million). These loans (including interest of €2.2 million) must be fully repaid by Ebusco by 15 August 2025. In addition, Green Innovation International Co. Ltd. and De Engh have agreed an option to convert the full loan amount plus the fee at their election into Ebusco shares.

If Ebusco would be able to attract the short-term liquidity injection referred to above, it aims to further roll-out its Turnaround Plan and improve both its operating and financial performance and to repay these loans. In particular, such short-term liquidity injection will allow Ebusco to complete the production of its buses at its contract manufacturers, which will result in a corresponding conversion of working capital into cash over time.

If the short-term liquidity injection is not timely obtained and/or the Turnaround Plan is not executed adequately or if Ebusco runs into other unforeseen circumstances, the company is dependent upon the conversion of the loans into shares by Green Innovation and De Engh.

On 24 February Ebusco also announced a continuation of specific letters of credit (LC) facilities from its banks until 14 August 2025, subject to the satisfaction of all conditions precedent, by which time these facilities must be fully repaid. Although Ebusco has confirmation of continuation of the current outstanding letters of credit facilities for €9 million until 14 August 2025, Ebusco, however has triggered events of default with its existing agreement with the banks. One of the events of default is the non-payment of Green Innovation of the full loan since only €5 million was transferred instead of the agreed upon €10 million. It is currently unclear if and when Green Innovation will transfer the €5 million to the Group. This payment is material to the Group’s liquidity position, and the absence of this payment currently constitutes a material uncertainty regarding the Group’s ability to continue as a going concern. Due to the non-payment, Ebusco was not able to reopen other letters of credits. The banks have subsequently reserved their right to not allow further utilizations of the facilities which could, when executed, negatively impact Ebusco’s liquidity position and outlook. Ebusco is in discussions with the banks to come to a solution but the discussions have not been finalized yet. The company is exploring options to find an alternative LC or other working capital provider, however, to date has not found such solution.

Within this context, the company has commenced preparations for the legal separation of the bus and energy operations and will explore strategic options for both businesses in the coming period and for the refinancing that is due mid August. For any transaction that will be regarded a significant change in the identity or character of the company, Ebusco will seek approval from its shareholders during a general meeting, in line with the company’s articles of association.

Although Ebusco is putting significant effort in finding a strategic investor and/or obtaining refinancing, the above disclosed uncertainties, both individually and in aggregate, create a material uncertainty regarding Ebusco’s ability to continue as going concern.

Management and Supervisory Board members Gotion

At the time of the rights issue, under an investment agreement, Gotion was granted the right to appoint one representative to the Management Board and one representative to the Supervisory Board, and Ebusco was in turn required to convene an EGM for this to be voted on. This EGM was held on 26 March 2025 and the general meeting resolved to appoint Mr. Duan Wei as member of the Management Board, and Mr. Chen Li as member of the Supervisory Board, both conditional on conversion of €4.01 million of outstanding accounts payable position into share, which would result, once effectuated, in a shareholding of Gotion in the Group of just over 10%.

Financial review FY2024

For the full financial review, we refer to Appendix 5 of the full press release. As explained above the 2024 Financial Statements included in both this press release and the annual accounts are unaudited.

Click here to read the full press release including appendices.

[1] For further details, see the ‘Non-IFRS measures’ included in the Annual Report 2024 page 105-106.

[2] Ebusco’s Management Board has made an assessment of the likelihood of outstanding options for the Ebusco 2.2 being converted into fixed contracts. As a result, the previously announced figures have been restated, excluding options from the orderbook. With this adjustment, Ebusco aims to provide a more accurate picture of its order book given the situation the company is in currently.

[3] 43 buses reassigned in 2024 and 31 in February 2025.

[4] Ebusco’s Management Board has made an assessment of the likelihood of outstanding options for the Ebusco 2.2 being converted into fixed contracts. As a result, the previously announced figures have been restated, excluding options from the orderbook. With this adjustment, Ebusco aims to provide a more accurate picture of its order book given the situation the company is in currently.

[5] There is no guarantee that these call-off orders will be converted into fixed orders as customers may not be successful in winning tenders or for other reasons. However, if the customer orders an electric bus, it is contractually obliged to ask Ebusco to deliver it first.

Deurne, 26 March 2025 – During the Extraordinary General Meeting (‘EGM’) of Ebusco Holding N.V. (‘Ebusco’) (Euronext: EBUS) on 26 March 2025 shareholders adopted all resolutions on the agenda. 

The following resolutions were approved by the EGM.

1. Appointment of Mr. Michel van Maanen as member of the Management Board
   As of 1 January 2025, Mr. van Maanen joined the company with the title Chief Operating Officer (COO) he has now been appointed as member of the Management Board for a term ending at the end of the AGM to be held in 2029.
2. Appointment of Mr. Duan Wei as member of the Management Board
   Under the Investment Agreement, Ebusco and Gotion agreed that Gotion has the right to a representative in Ebusco’s Management Board. The General Meeting resolved to appoint Mr. Duan Wei as member of the Management Board as per the conversion of the loan granted by Gotion into ordinary shares for a term ending at the end of the EGM to be held in 2029. He will fulfill the role of deputy CEO on part time basis.
3. Appointment of Mr. Chen Li as member of the Supervisory Board
   Under the Investment Agreement, Ebusco and Gotion agreed that Gotion has the right to a representative in Ebusco’s Supervisory Board. The General Meeting resolved to appoint Mr. Chen Li as member of the Supervisory Board as per the conversion of the loan granted by Gotion into shares ordinary for a term ending at the end of the AGM to be held in 2027.
4. Authorize the Management Board to issue shares, to grant rights to subscribe for shares and to limit or exclude pre-emptive rights
   The Management Board has now been authorized to issue up to 16 million new shares and exclude pre-emptive rights for 18 months until 26 September 2026.
5. Amendment of the Articles of Association of the Company
   With the approval of the amendments, the authorized share capital has been set at the statutory maximum of five times the issued share capital as of the EGM convocation date. 

The voting results will be published on the Ebusco investor website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 15:45 on 26 March, 2025.

Deurne, 24 February 2025 – Ebusco (Euronext: EBUS), today announces that it is making considerable progress on its working capital measures, including through the reassigning of 31 Ebusco 3.0 buses, originally intended for Qbuzz, to EBS, and financing commitments for a total amount of EUR 22 million from Green Innovation, Heights and De Engh.

In November 2024 Ebusco completed a EUR 36 million rights issue to help fund the implementation of its turnaround plan and announced at the same time that it required additional working capital measures to manage an expected cash shortfall in the first quarter of 2025. Through this press release, Ebusco provides an update on its working capital measures.

Further progress with reassigning of previously cancelled buses

An important measure to improve the company’s working capital position is the acceleration of the sale of previously cancelled buses. Recently, the company announced the reassignment of 21 buses to NIAG and 22 buses to Métropole Rouen Normandie. Today, Ebusco announces that the company and Dutch public transport company EBS have agreed on the reassigning of 31 12-meter Ebusco 3.0 buses to EBS. With this additional allocation of 31 buses to EBS, who opted to convert their existing order of 13.5 meter buses to this nearly completed batch, the total number of reassigned Ebusco 3.0 buses now stands at 74. The cash flow from these bus reassignments will be generated over time once delivery of the buses begins, which is expected early in Q2 2025. The buses were originally intended for Qbuzz and are in the process of being modified to the agreed specifications of EBS and will be put into service on EBS’s IJssel-Vecht concession starting from this summer.

In 2025 to date, Ebusco has received cancellation notices for a total of 55 buses. Most of these buses are not yet in an advanced stage of production and therefore, are expected to be relatively easily assigned to other customers, and arrangements to this effect are already underway. The company expects to reallocate the buses that are in a more advanced stage of production to existing customers in the second half of 2025, in a similar manner as it has reallocated the Qbuzz buses, amongst others. The success of Ebusco’s reallocation strategy to date reflects the strong market fundamentals for battery electric buses in Europe.

Ebusco’s order book per 31 December 2024 is as follows:

Financing commitments for a total amount of EUR 22 million from Green Innovation, Heights and De Engh

To help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments (in the form of fully signed documents) for a debt financing of EUR 22 million in total from Green Innovation International Co. Ltd., a Taiwanese company in the business of battery production machines (Green Innovation), CVI Investments Inc., an entity managed by Heights Capital Management, Inc. (Heights) and De Engh B.V. (De Engh). Under the financing commitments and upon satisfaction of all conditions precedent, Green Innovation, Heights and De Engh will provide a debt financing of EUR 10.0 million, EUR 10.0 million and EUR 2.0 million, respectively, to Ebusco (the Loans). The proceeds of the Loans, once obtained, will allow Ebusco to complete not only the modification of the reassigned buses referred to above, but also the production of buses at its contract manufacturers, which will result in a corresponding conversion of working capital into cash over time.

The Loans must be fully repaid by Ebusco by 15 August 2025 and contain customary terms and conditions for a loan of this nature. Under the Loans, EUR 2.2 million in fees (in aggregate) will be payable on the maturity date. In addition, Green Innovation and De Engh have agreed an option to convert the full loan amount plus the fee at their election into Ebusco shares as from the General Meeting (as defined below) at any time at either (i) a conversion price of EUR 0.50 or (ii) a conversion price that is equal to the Ebusco closing share price on the day that is five (5) business days before either Green Innovation or De Engh elects to convert, as the case may be. Green Innovation has the right to nominate a member to Ebusco’s Management Board in the event it elects to convert the full amount of its Loan into equity.

To be able to issue such shares, in the event Green Innovation and/or De Engh would exercise their conversion option, Ebusco will seek shareholder approval to renew its authorization to issue new shares in the Annual General Meeting that is scheduled for 16 June 2025 or an earlier (Extraordinary) General Meeting (the General Meeting).

Amendment of the Heights convertible bond terms 

In order to facilitate the Loan from Heights, Ebusco has agreed to an amendment of the convertible bonds held by Heights, as follows: 

• Reset of the conversion price from EUR 1.7360 to EUR 0.75; 

• Reinstatement of the amortized payment amounts initially scheduled for payment on 21 June 2025, 21 September 2025 and 21 December 2025 (which, for purposes of the rights issue in November 2024, were deferred to December 2026) to such dates (i.e. reversal of this deferral); and 

• Extension of the equity raise reset period (being the period during which any equity raise with proceeds exceeding EUR 5 million causes a reset of the conversion price to the placing price of such equity raise) by 12 months from the date of the loan being advanced. 

To be able to issue any new shares to Heights under these amended convertible bond terms, Ebusco will seek shareholder approval in the General Meeting. 

In the event of conversion by Green Innovation and/or Heights in line with the arrangements set out above, both parties will ensure that their respective shareholding in Ebusco following such conversion will not exceed 29.9%.

Ongoing support from our LC banks

Ebusco’s business model is dependent on letters of credit (LCs) from its banks for the payment of finished products being provided to its contract manufacturers and as such allowing Ebusco to receive the finished products and deliver them to customers before payment is due. Ebusco has been in a continuous dialogue with its banks over the last weeks, which have now confirmed a continuation of specific letters of credit facilities until 14 August 2025, subject to the satisfaction of all conditions precedent, by which time these facilities must be fully repaid.

Other measures

As announced on 7 February 2025, Ebusco and Gotion have agreed to convert EUR 4.01 million of Gotion’s remaining account payable position into shares, at the issue price of the November 2024 rights issue, which would result in a shareholding of Gotion in Ebusco of just over 10%, subject to shareholder approval, to be obtained in an Extraordinary Shareholder Meeting (EGM) on 26 March 2025.

In addition, a number of Ebusco’s customers have offered certain pre-payments, allowing Ebusco to source the required components to complete and deliver buses. At the same time, the company is still underway with its sell-down of unallocated inventory, which at the date hereof has resulted in modest proceeds versus the targeted gross proceeds of approximately EUR 4-5 million.

As a result of all the working capital measures described above, in particular through the Loans, Ebusco will be able to successfully resolve its cash resources shortfall in Q1 2025 and its working capital position will improve considerably. This will then allow the company to settle its overdue payments (including late delivery payments) and, in particular, continue the implementation of its turnaround plan.

In light of the 15 August 2025 maturity date of the Loans and the guarantee facilities of the banks (per 14 August 2025), Ebusco continues to explore other options to help fund its working capital, diversify its funding sources and become less reliant on its LC banks over time. To this effect, Ebusco is in constructive discussions with CMC, a Chinese export agent, partly on the back of its strategic relationship with Gotion. Ebusco expects the first projects to be launched under a CMC coverage in the coming weeks.

Christian Schreyer, CEO of Ebusco, stated: “First of all, I want to express my gratitude to EBS for their collaboration. The reassignment to them of 31 buses, which were already in an advanced stage of production, marks an important step for the company. I’m pleased that we accomplished this in a relatively short time, reinforcing the strong market potential of the Ebusco 3.0. Additionally, I am extremely thankful for the support from Green Innovation, Heights and De Engh to commit financing with an aggregate amount of EUR 22 million. Heights and De Engh are shareholders that have supported us already in the EUR 36 million rights issue late last year. This new liquidity injection will allow us to get our backlog of bus shipments and bus deliveries moving again, and ultimately, this will result in a considerable conversion of working capital into cash. Their contribution and ongoing support helps us to navigate a challenging period for Ebusco, allows us to continue with the implementation of our turnaround plan, and to get more sustainable buses on the road.”

Update on revenue recognition

Ebusco will hold the EGM on Wednesday, 26 March 2025 and will publish its results for FY 2024 on 30 April 2025. Due to the production halt that the company was confronted with in H2 2024 and the various contract cancellations in H2 2024, the company expects the turnover for FY 2024 to be well below the turnover as reported in its interim financial statements per 30 June 2024 of EUR 38 million. The company recognized revenue during FY 2023 and H1 2024 based upon the percentage of completion for the respective contracts. In line with the International Financial Reporting Standards (IFRS), the revenue recognized for these contracts is, upon the cancellation date, reversed in H2 2024. The successful reallocation of these cancelled bus contracts, however, means that the associated turnover will be recognized in FY 2025, on the assumption that all these buses will be delivered and accepted by the customers in 2025.

The FY 2024 financial results have not yet been audited by the company’s external auditor.

Calendar for 2025

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 8:00 on 24 February 2025.

Deurne, 7 February 2025 – Ebusco (Euronext: EBUS) today convenes an extraordinary general meeting of shareholders (EGM), to be held on 26 March 2025.

• Mr. Duan Wei and Mr. Michel van Maanen are to be appointed to the Management Board
• Mr. Chen Li to be appointed to the Supervisory Board
• Share issuance to Gotion and CVI (Heights)

Agreement with Gotion

The EGM is convened to enable Ebusco to comply with its undertakings under the investment agreement with Gotion.

Today, Gotion owns 3.3% of the shares in Ebusco, acquired in November 2024 in partial payment of its accounts payable position. Gotion now wishes to convert EUR 4.01 million of its remaining account payable position, at the same issue price per share, which would result in a shareholding of Gotion in Ebusco of just over 10%.

Ebusco wishes to use the opportunity to increase the authority to issue shares, also to service its obligations to CVI (Heights).

Also, Gotion has exercised its right under the investment agreement to nominate its candidates to the Management and Supervisory Boards:

• Duan Wei as Gotion’s representative in the Management Board, as deputy CEO on a part-time basis. Mr. Duan Wei is currently the director of Gotion GmbH and a member of the board of Gotion’s EMEA business; and
• Chen Li as Gotion’s representative in the Supervisory Board, as chairman of the Nomination Committee. Mr. Chen Li is currently the head of Gotion’s America Business.

Appointment of Mr. van Maanen

As announced in Ebusco’s press release on 18 December 2024, Ebusco also proposes to appoint Mr. Michel van Maanen as member of the Management Board in the role of Chief Operating Officer.

Supervisory Board Composition

Mr. Jeroen Drost has stepped down from the Supervisory Board. Mr. Drost has been a member of the Supervisory Board since the company’s IPO in 2021 and Ebusco is extremely thankful for all his valuable contributions and support over the years.

After the appointment of Mr. Chen Li the Supervisory Board will not comply with the diversity objectives of at least one third female members. However, the relationship with Gotion is strategically of critical importance to Ebusco, and Gotion has the right to nominate an individual of its choosing. The appointment is for a period of 2 years, unless Ebusco redresses the gender balance in the Supervisory Board in the interim.

Voting undertakings

Ebusco’s major shareholders Peter Bijvelds Holding, CVI Investments Inc. and ING Corporate Investments Participaties BV have committed to vote in favor of the resolutions following from the investment agreement with Gotion that are referred to above.

Financial calendar for 2025

The contents of this press release may qualify as inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on February 7th, 2025.

Deurne, 31 December 2024 – Ebusco (Euronext: EBUS), today further informed its employees about the earlier announced restructuring of its organization. The proposed changes aim to optimize the organization in alignment with the previously announced Turnaround Plan and change to the Original Equipment Designer (OED) model. This restructuring is expected to be executed mostly in the first quarter of 2025.

Ebusco has submitted a request at the Netherlands Employees Insurance Agency (UWV) and informed the trade unions about its intentions. 102 Full Time Equivalents (FTEs) will be impacted, representing approximately 16.5% of the company’s total number of FTEs as per 30 September 2024. The restructuring includes a social plan for employees. Ebusco aims to find the balance in speed of decision-making and continued care for its employees as much as possible in this difficult time.

The affected positions are mainly related to the production, warehouse, and facility departments. This restructuring is in line with the cost reduction targets under Ebusco’s Turnaround Plan.

Christian Schreyer, CEO of Ebusco, stated: “Although this decision is difficult for the affected employees, it is a necessary step to improve Ebusco’s financial performance. Scaling down the inhouse production in the Netherlands is an important part of our strategy and these measures are aimed at right-sizing the company and reinforcing Ebusco’s core strengths in sales, design and engineering. Although it was originally intended to spread this adjustment over a longer period, we have now chosen to expedite the process and provide clarity within a shorter timeframe. The measures are significant, and we are fully committed to supporting our employees in this transition.”

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 07:30 on 31 December 2024.

Deurne, 18 December 2024 – Ebusco (Euronext: EBUS), today announces additional progress in establishing a lean and efficient company structure and provides a commercial update.

Ebusco continues to implement the previously announced turnaround plan, focusing on introducing an Original Equipment Designer (OED) model and rationalizing its production footprint. Ebusco has concluded that its organization can be managed more efficiently and, as a result, will adjust its organizational structure accordingly.

Change to organizational structure
In order to achieve a leaner organization as part of workstream 4 of the Turnaround Plan to transition to and clarify the OED model, the company decided to dissolve the Executive Committee and to manage the company directly from the Management Board. In the new setup  the COO is fully responsible for the core process of the organization from bus sale, engineering, production, to after sales. This will lead to clearer, more reliable processes and responsibilities and, ultimately, a stronger cooperation with all partners throughout the entire value chain.

In line with the abovementioned organizational change, the company and Roald Dogge, the current COO, have mutually agreed that the COO role under the new OED structure requires different competencies. Roald Dogge will retire from the company at the end of this year. The company intends to nominate Michel van Maanen as Management Board member in the role of COO. Michel, currently Transformation Director at the company, rejoined Ebusco earlier this year and previously played a key role in the early development of Ebusco as COO and CCO, contributing to a profitable production setup. Michel brings extensive expertise in public transport and strong relationships with the company’s customers. Most recently, he served as CEO of the Australian electric transport company Nexport, where he successfully managed a contract manufacturing model that is similar to the model that Ebusco is implementing. As COO Michel will remain heavily involved in the implementation of Ebusco’s turnaround plan. An Extraordinary General Meeting (EGM) will be convened soon for his proposed appointment as member of the Management Board.

As a result of the leaner organization setup the roles of Chief Technology Officer (as previously announced on 24 October 2024), Chief Human Resources Officer (CHRO) and Chief Commercial Officer (CCO) will no longer exist. The direct reports of the CHRO will be transferred to Christian Schreyer as the CEO and the Engineering, Sales and After Sales departments will report to the COO.

After shareholders’ approval, to be obtained at the EGM, the revised Management Board will consist of Christian Schreyer, Jan-Piet Valk (ad interim), Peter Bijvelds and Michel van Maanen.

Ebusco appreciates the strong commitment of the departing Executive Committee members, during their time at the company and wants to thank them for their contributions.

Commercial update
During the recently completed Rights Issue, the company announced its intention to expedite the sale of previously cancelled buses as part of the measures to improve its working capital position. On 14 November 2024, the company reported its first results, reassigning 21 Ebusco 3.0 buses to NIAG. Today, the company reaffirms its commitment to expedite the sale of the cancelled buses by reassigning an additional 22 Ebusco 3.0 buses to one of Ebusco’s existing customers, underlining the strong market fundamentals for Ebusco’s products.

Based on the ongoing discussions with various existing customers, Ebusco is confident in its ability to reassign the remaining buses that are in an advanced stage of production.

Since Ebusco’s last commercial update on 14 November, the company has come to agreements with various customers on the cancellation of 95 buses. These orders include buses not yet in production and complex configurations that are not part of the company’s current portfolio. The discontinuation of these orders will contribute to a more realistic production plan.

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 07:30 on 18 December 2024.

Deurne, 22 November 2024 – Ebusco (Euronext: EBUS), has appointed the highly experienced Jan Piet Valk as interim Chief Financial Officer (CFO).

Following the announcement on 24 October regarding Jurjen Jongma’s decision to step down as the company’s CFO, Jan Piet Valk (1960) will join Ebusco as interim CFO starting Monday, 25 November 2024. Mr. Valk is a Dutch national and holds a Master’s Degree in Business Economics from the Vrije Universiteit of Amsterdam. His career has been shaped by diverse roles across the Royal Dutch Airforce, the Oil & Gas and Technology sectors, as well as the equipment rental industry. As a seasoned CFO and COO, he brings extensive expertise in building and managing global finance and operations functions.

Following the successful completion of the Rights Issue, Ebusco is now focused on further defining and executing its Turnaround Plan. Mr. Valk has a track record in guiding companies through transformations including innovation, cost management, financing and integration, governance and operational excellence initiatives. With this experience Jan Piet will play a pivotal role in driving the company’s ongoing transformation.

Christian Schreyer, CEO of Ebusco, comments: “First and foremost, I would like to express my gratitude to Jurjen for his invaluable contributions as CFO, especially in navigating the company through challenging times. His contribution to the successful completion of the Rights Issue has been crucial, allowing the company to move forward. We wish Jurjen all the best in his future endeavors. At the same time, I would like to welcome Jan Piet. His level of experience is what this company needs in this phase, and that is why I am pleased to see him joining our team.”

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 17:45 on 22 November 2024.

THIS PRESS RELEASE IS RESTRICTED AND IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, WHETHER DIRECTLY OR INDIRECTLY AND WHETHER IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES OF AMERICA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

ADVERTISEMENT. This announcement is an advertisement relating to the intention of Ebusco Holding N.V. (the “Company” or together with its subsidiaries the “Group”) to proceed with the Rights Issue and the admission to listing and trading of the Offer Shares (the “Admission”). This announcement does not constitute a prospectus. This announcement is for information purposes only and does not constitute, or form part of, an offer by, or invitation by or on behalf of, the Company or any representative of the Company to purchase any securities, or an offer to sell or issue, or the solicitation to buy, securities by any person in any jurisdiction where doing so would constitute a violation of the applicable laws or regulations of such jurisdiction. Further details about the Rights Issue are included in the prospectus for the purposes of the Admission and the prospectus is approved as such under the respective regulation by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the “AFM”) on 8 November 2024 and available as of that date (the “Prospectus”). The Prospectus has been published and made available at no cost through the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions. Potential investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Offer Shares. The approval of the Prospectus by the AFM should not be understood as an endorsement of the quality of the Offer Shares.

Ebusco announces the successful completion of its EUR 36 million Rights Issue

Ebusco today announces it has raised a total of EUR 36 million through the successful completion of its Rights Issue.

Results of the Rights Issue

• The final gross proceeds of the Rights Issue amount to EUR 36 million, corresponding to the issuance of 43,853,031 new ordinary shares (“Offer Shares”) at an issue price per share of EUR 0.8209 (the “Issue Price”)
• 28,177,939 Offer Shares were subscribed through (i) the valid exercise of rights, (ii) the excess application option and (iii) subscriptions in the public offering, together representing a take-up of 64.3%
• Ebusco’s long-term shareholders Peter Bijvelds Holding Erp B.V. (“Peter Bijvelds Holding), ING Corporate Investments Participaties B.V. (“ING CIP”) and VDVI B.V. have participated in the Rights Issue through (i) converting their shareholder loans of EUR 3.5 million, EUR 1.0 million and EUR 0.5 million, respectively, in equity at the Issue Price and (ii) through exercising rights for EUR 1.5 million and EUR 1.61 million, respectively, for Peter Bijvelds Holding and ING CIP
• Following the end of the exercise period of the Rights Issue, the Company has successfully placed a portion of the 15,675,092 rump shares with qualified, eligible institutional investors
• The balance of the rump shares has been allocated to (i) CVI Investments, Inc. (an entity managed by Heights Capital Management) (“CVI”) for the full EUR 6.0 million underwriting commitment and (ii) to Hefei Gotion High-Tech Power Energy Co. Ltd (“Gotion”) for c. EUR 1.8 million of its EUR 5.0 million underwriting commitment
• As a result, the net cash proceeds from the Rights Issue will amount to c. EUR 27.7 million

Christian Schreyer, CEO of Ebusco, comments: “It is a challenging time for Ebusco, and despite the difficulties, I am thankful for the support we’ve received from both existing and new shareholders. This capital raise is essential for the continuation of the company and I’m pleased to get the chance to move forward and further restore the company. The coming months will remain challenging, but with the dedication and determination I have seen at Ebusco, I’m confident we are able to improve our performance. I would like to thank our shareholders for their contribution and the trust they have shown in us. With their support, we can now take the necessary steps to rebuild the trust among all stakeholders.”

Share capital after the Rights Issue

Following the closing of the Rights Issue, Ebusco’s issued share capital will be comprised of 65,470,708 ordinary shares, which includes the 7.0 million new ordinary shares that will be issued to CVI under the restructuring of the repayment terms of the EUR 36.8 million convertible bond that was issued by the Company in December 2023 (the “CVI Shares”).

Allotment of the Offer Shares to be issued under the Rights Issue is expected to take place on Thursday, 21 November 2024. Settlement and delivery of the Offer Shares and the CVI Shares and commencement of listing and trading on Euronext Amsterdam of these shares are expected to take place on Monday, 25 November 2024.

Future new share issuance to Gotion

A number of rump shares were allocated to Gotion for a total amount of c. EUR 1.8 million under its EUR 5.0 million underwriting commitment. Under the terms of the investment agreement with Gotion, as announced on 18 November 2024, the proceeds will be used by Ebusco to set-off an outstanding accounts payable position it has with Gotion. Under the terms of the investment agreement, the Company will call an Extraordinary General Meeting of Shareholders in Q1 2025 (the “2025 EGM”) to ask for approval for a further share issuance to Gotion at the issue price of the Rights Issue (the proceeds of which will be used to pay down the remaining accounts payable position with Gotion), to strengthen its balance sheet. Gotion will have the right to subscribe in the subsequent share placement for up to the amount of Ebusco’s remaining outstanding accounts payable to Gotion.

Use of proceeds

The net proceeds and net cash proceeds of the Rights Issue are EUR 34.5 million and EUR 27.7 million, respectively, the difference being the result of the conversion of the shareholder loans into equity and the offsetting of the outstanding accounts payable position with Gotion. For more information on the use of these net proceeds and the working capital measures the Company seeks to implement, please see pages 46, 47 and 78 to 80, respectively, of the Prospectus (as defined below).

Availability of the Prospectus

The Rights Issue is being made only by means of a prospectus, approved by, and filed with, the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the “AFM”) on 8 November 2024 as competent authority under the Prospectus Regulation (the “Prospectus”). The Prospectus is available electronically, free of charge, via the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions.

Capitalized terms used but not defined in this press release have the respective meaning given to them in the Prospectus.

Adjusted financial calendar for 2025

Any shareholder approval required for an issuance of new shares to Gotion (see under “Future new share issuance to Gotion” above) may be requested in an Extraordinary General Meeting of shareholders in Q1 2025.

This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:30 on 20 November 2024.

Disclaimer

These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, in or into the United States, Australia or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy the securities of Ebusco Holding N.V. (the Company, and such securities, the Securities) in the United States, Australia or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. This announcement is not an offer of securities for sale into the United States. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. No public offering of securities is being made in the United States.

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area and the United Kingdom other than the Netherlands, Belgium and France. With respect to any Member State of the European Economic Area and the United Kingdom, other than the Netherlands, Belgium and France (each a Relevant Member State), no action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Relevant Member State. As a result, the Securities may only be offered in Relevant Member States (i) to any legal entity which is a qualified investor as defined in section 2(e) of the Prospectus Regulation; or (ii) in any other circumstances falling within section 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression “offer of securities to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to purchase or subscribe for the Securities and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 and includes any relevant delegated regulations.

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

These materials may include statements, including the Company’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made. Each of the Company and any its affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in these materials whether as a result of new information, future developments or otherwise, except to the extent required by applicable law.

This announcement does not constitute a prospectus. An offer to acquire Securities pursuant to the proposed offering will be made, and any investor should make his investment, solely on the basis of information that will be contained in the prospectus to be made generally available in the Netherlands in connection with such offering. When made generally available, copies of the prospectus may be obtained at no cost from the Company or through the website of the Company.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (MiFID II); (b) sections 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the MiFID II Product Governance Requirements), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Securities subject to the Offering have been subject to a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the Target Market Assessment).

Notwithstanding the Target Market Assessment, “distributors” (for the purposes of the MiFID II Product Governance Requirements) should note that: the price of the Securities may decline and investors could lose all or part of their investment; the Securities offer no guaranteed income and no capital protection; and an investment in the Securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Securities.

Each distributor is responsible for undertaking its own target market assessment in respect of the Securities and determining appropriate distribution channels.

THIS PRESS RELEASE IS RESTRICTED AND IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, WHETHER DIRECTLY OR INDIRECTLY AND WHETHER IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES OF AMERICA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

ADVERTISEMENT. This announcement is an advertisement relating to the intention of Ebusco Holding N.V. (the “Company” or together with its subsidiaries the “Group”) to proceed with the Rights Issue and the admission to listing and trading of the Rights and the Offer Shares (each as defined below) (the “Admission”). This announcement does not constitute a prospectus. This announcement is for information purposes only and does not constitute, or form part of, an offer by, or invitation by or on behalf of, the Company or any representative of the Company to purchase any securities, or an offer to sell or issue, or the solicitation to buy, securities by any person in any jurisdiction where doing so would constitute a violation of the applicable laws or regulations of such jurisdiction. Further details about the Rights Issue are included in the prospectus for the purposes of the Admission and the prospectus is approved as such under the respective regulation by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the “AFM”) on 8 November 2024 and available as of that date (the “Prospectus”). The Prospectus has been published and made available at no cost through the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions. Potential investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Rights or the Offer Shares. The approval of the Prospectus by the AFM should not be understood as an endorsement of the quality of the Rights or the Offer Shares.

Ebusco signs an investment agreement with Gotion

Deurne, 18 November 2024 – Ebusco (Euronext: EBUS) today announces the execution of an investment agreement with Gotion.

On 8 November 2024, Ebusco announced a proposed strategic partnership with Hefei Gotion High-Tech Power Energy Co. LTD (together with its subsidiaries “Gotion”). Alongside such partnership, Gotion considered strengthening the partnership through an equity participation in the Company, which is now formalized through the execution of an investment agreement on 17 November 2024 between Ebusco, Gotion, Gotion GmbH, a German subsidiary of Gotion, and Peter Bijvelds Holding Erp B.V. (“Peter Bijvelds Holding”).

Under the investment agreement, Gotion has committed to subscribe for any rump shares in the Rights Issue (i.e. shares underlying any unexercised rights) for an amount of EUR 5 million, which would represent a shareholding in the Company of approximately 9.3% at the Settlement Date of the Rights Issue in the event Gotion will be allocated all of its rump shares. In the event Gotion will subscribe for any rump shares, the proceeds will be used by Ebusco to set-off an outstanding accounts payable position it has with Gotion.

If there are insufficient rump shares available in the Rights Issue (as a result of a high take-up in the Rights Issue) then the Company will call an Extraordinary General Meeting of Shareholders in Q1 2025 (the “2025 EGM”) to ask for approval for a separate share issuance to Gotion at the issue price of the Rights Issue (for which the proceeds will also be used to pay down the accounts payable position with Gotion), to strengthen its balance sheet. In the event that no rump shares are allotted to Gotion in the Rights Issue, Gotion will have the right to subscribe in the subsequent share placement for up to the amount of Ebusco’s outstanding accounts payable to Gotion.

Under the investment agreement Ebusco and Gotion have agreed that Gotion is granted the right to nominate a representative in both Ebusco’s supervisory board (which person will chair the nomination committee) and management board, subject to the approval of the Company’s shareholders, to be obtained at the 2025 EGM. Peter Bijvelds Holding and CVI Investments, Inc. (an entity managed by Heights Capital Management, “CVI”) have committed to vote in favour of the resolutions to issue shares to Gotion at the Issue Price and to appoint the Gotion nominees to the Company’s management and supervisory board. Further, the Company has committed to (i) obtain a voting commitment from ING Corporate Investments Participaties B.V. (“ING CIP”) and (ii) use best efforts to obtain voting commitments from shareholders representing more than 50% of the voting rights (including Peter Bijvelds Holding, CVI and ING CIP) required to pass the aforementioned resolutions.

Furthermore, the Company has committed not to issue any shares in its capital to any party other than Gotion following completion of the Rights Issue and prior to any issuing of new shares in Q1 2025, provided, however, that this standstill is conditional upon Gotion’s exercise of its option to acquire such new shares within three months of the Rights Issue (this commitment is qualified by any issuance of shares to CVI for purposes of the Notes).

Under the investment agreement, Peter Bijvelds Holding has committed to (i) at the request of Gotion, purchase any Rump Shares acquired by Gotion, at the Issue Price, if the resolutions for the issuance of new shares to Gotion and the appointment of the Gotion nominations are not approved at the 2025 EGM, and (ii) granting Gotion a tag-along right in respect of any sale by Peter Bijvelds Holding of Ordinary Shares representing more than 5% or more of voting rights in the Company.

In the coming period Ebusco and Gotion will be committed to progress the strategic partnership and further cement their already strong relationship.

Commitment from VDVI

Following its indication of interest as announced by the Company on 8 November 2024, VDVI B.V. (“VDVI”), which is an existing shareholder of the Company, has irrevocably committed to the Rights Issue through converting its shareholder loan of EUR 0.5 million at the Issue Price.

The EUR 5 million commitment from Gotion to subscribe for rump shares under the investment agreement, CVI’s earlier EUR 6.0 million commitment and the EUR 8.11 million commitments from other large shareholders (including VDVI), combined represent approximately 53% of the Rights Issue.

Key dates of the Rights Issue

Holders of Rights wishing to subscribe for Offer Shares must exercise their Rights during the Exercise Period, which runs until 17:40 CET on Tuesday, 19 November 2024. Holders of Rights wishing to subscribe for Offer Shares under the Excess Application also, must do so during this Exercise Period. Trading in the Rights on Euronext will continue until 17:34 CET today, Monday 18 November 2024.

The Public Offering for retail investors will close at 17:40 CET on Tuesday, 19 November 2024. The Public Offering for institutional investors will close at 17:40 CET on Wednesday, 20 November 2024.

After expiry of the Exercise Period unexercised Rights will lapse without value. Shareholders who do not wish to exercise their Rights should therefore sell the Rights during the rights trading period which closes at 17:34 CET today, Monday 18 November 2024.

Availability of the Prospectus

The Rights Issue is being made only by means of a prospectus, approved by, and filed with, the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the “AFM”) on 8 November 2024 as competent authority under the Prospectus Regulation (the “Prospectus”). The Prospectus is available electronically, free of charge, via the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions.

Supplement Prospectus

Pursuant to article 23 of the Prospectus Regulation, the Company has today published a supplement to the Prospectus, which has been approved by the AFM (the “Supplement”). The Supplement provides further details on the investment agreement with Gotion and the commitments of Peter Bijvelds Holding, ING CIP and VDVI. The Supplement is available on https://investors.ebusco.com/rights-issue/. Investors are referred to the Supplement as it contains information on the rights of investors who have exercised their Rights or subscribed for Offer Shares under the Excess Application, to withdraw any such exercise or subscription if they so wish pursuant to the information included in the Supplement.

Capitalized terms used but not defined in this press release have the respective meaning given to them in the Prospectus.

This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:45 on 18 November 2024.

Disclaimer

These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, in or into the United States, Australia or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy the securities of Ebusco Holding N.V. (the Company, and such securities, the Securities) in the United States, Australia or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. This announcement is not an offer of securities for sale into the United States. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. No public offering of securities is being made in the United States.

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area and the United Kingdom other than the Netherlands, Belgium and France. With respect to any Member State of the European Economic Area and the United Kingdom, other than the Netherlands, Belgium and France (each a Relevant Member State), no action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Relevant Member State. As a result, the Securities may only be offered in Relevant Member States (i) to any legal entity which is a qualified investor as defined in section 2(e) of the Prospectus Regulation; or (ii) in any other circumstances falling within section 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression “offer of securities to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to purchase or subscribe for the Securities and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 and includes any relevant delegated regulations.

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

These materials may include statements, including the Company’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made. Each of the Company and any its affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in these materials whether as a result of new information, future developments or otherwise, except to the extent required by applicable law.

This announcement does not constitute a prospectus. An offer to acquire Securities pursuant to the proposed offering will be made, and any investor should make his investment, solely on the basis of information that will be contained in the prospectus to be made generally available in the Netherlands in connection with such offering. When made generally available, copies of the prospectus may be obtained at no cost from the Company or through the website of the Company.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (MiFID II); (b) sections 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the MiFID II Product Governance Requirements), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Securities subject to the Offering have been subject to a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the Target Market Assessment).

Notwithstanding the Target Market Assessment, “distributors” (for the purposes of the MiFID II Product Governance Requirements) should note that: the price of the Securities may decline and investors could lose all or part of their investment; the Securities offer no guaranteed income and no capital protection; and an investment in the Securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Securities.

Each distributor is responsible for undertaking its own target market assessment in respect of the Securities and determining appropriate distribution channels.

THIS PRESS RELEASE IS RESTRICTED AND IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, WHETHER DIRECTLY OR INDIRECTLY AND WHETHER IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES OF AMERICA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

ADVERTISEMENT. This announcement is an advertisement relating to the intention of Ebusco Holding N.V. (the “Company” or together with its subsidiaries the “Group”) to proceed with the Rights Issue and the admission to listing and trading of the Rights and the Offer Shares (each as defined below) (the “Admission”). This announcement does not constitute a prospectus. This announcement is for information purposes only and does not constitute, or form part of, an offer by, or invitation by or on behalf of, the Company or any representative of the Company to purchase any securities, or an offer to sell or issue, or the solicitation to buy, securities by any person in any jurisdiction where doing so would constitute a violation of the applicable laws or regulations of such jurisdiction. Further details about the Rights Issue are included in the prospectus for the purposes of the Admission and the prospectus is approved as such under the respective regulation by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the “AFM”) on 8 November 2024 and available as of that date (the “Prospectus”). The Prospectus has been published and made available at no cost through the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions. Potential investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Rights or the Offer Shares. The approval of the Prospectus by the AFM should not be understood as an endorsement of the quality of the Rights or the Offer Shares.

Ebusco reports further progress on the rights issue

Deurne, 14 November 2024 – Ebusco (Euronext: EBUS) today announces further progress on its EUR 36 million rights issue with obtaining irrevocable commitments from its largest shareholders and first results in reassigning cancelled buses to another customer.

As announced on 8 November 2024, Ebusco initially received indications of interest to participate in the rights issue from its long-term shareholders Peter Bijvelds Holding and ING CIP. These shareholders have now converted their indications of interest to irrevocable commitments as follows:

• EUR 5.0 million from Peter Bijvelds Holding, of which EUR 3.5 million through a conversion of the shareholder loan, in equity at the Issue Price; and
• EUR 2.61 million from ING CIP, of which EUR 1.0 million through a conversion of the shareholder loan, in equity at the Issue Price.

Together with the EUR 6.0 million commitment from CVI Investments, Inc. (an entity managed by Heights Capital Management) to subscribe for rump shares as announced on 8 November 2024,  the EUR 7.61 million commitments from the larger shareholders, represent approximately 38% of the Rights Issue. Furthermore, Ebusco announced on 8 November 2024 that it had received an indication of interest from Gotion to subscribe for Rump Shares at the Issue Price. Ebusco and Gotion are progressing the discussions on an investment agreement and it is expected that the details of such agreement will be announced before the end of the Exercise Period.

First result in reassigning cancelled buses that are in advance stage of production; buses to be converted for NIAG, scheduled for delivery in Q1 2025

Ebusco further announces that NIAG, which is a German public transport company, has agreed to bring forward the delivery of their existing order of Ebusco 3.0 buses, through the modification of the buses initially produced for another customer. This agreement has been made, as NIAG is now able to receive the buses earlier than otherwise planned. NIAG will receive the 19 buses as ordered, as well as two additional buses. This agreement is expected to have a positive impact on the Company’s cash position in Q1 2025.

Based on the ongoing discussions with various existing customers, Ebusco is confident in its ability to reassign the remaining buses that are in an advanced stages of production.

Key dates of the Rights Issue

Holders of Rights wishing to subscribe for Offer Shares must exercise their Rights during the Exercise Period, which runs until 17:40 CET on 19 November 2024. Holders of Rights wishing to subscribe for Offer Shares under the Excess Application also, must do so during this Exercise Period. Trading in the Rights on Euronext will continue until 17:34 CET on 18 November 2024.

The Public Offering for retail investors will close at 17:40 CET on 19 November 2024. The Public Offering for institutional investors will close at 17:40 CET on 20 November 2024.

After expiry of the Exercise Period unexercised Rights will lapse without value. Shareholders who do not wish to exercise their Rights should therefore sell the Rights during the rights trading period which closes at 17:34 CET on 18 November 2024.

Availability of the Prospectus

The Rights Issue is being made only by means of a prospectus, approved by, and filed with, the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the “AFM”) on 8 November 2024 as competent authority under the Prospectus Regulation (the “Prospectus”). The Prospectus is available electronically, free of charge, via the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions.

Capitalised terms used but not defined in this press release have the respective meaning given to them in the Prospectus.

This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:45 on 14 November 2024.

Disclaimer

These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, in or into the United States, Australia or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy the securities of Ebusco Holding N.V. (the Company, and such securities, the Securities) in the United States, Australia or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. This announcement is not an offer of securities for sale into the United States. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. No public offering of securities is being made in the United States.

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area and the United Kingdom other than the Netherlands, Belgium and France. With respect to any Member State of the European Economic Area and the United Kingdom, other than the Netherlands, Belgium and France (each a Relevant Member State), no action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Relevant Member State. As a result, the Securities may only be offered in Relevant Member States (i) to any legal entity which is a qualified investor as defined in section 2(e) of the Prospectus Regulation; or (ii) in any other circumstances falling within section 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression “offer of securities to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to purchase or subscribe for the Securities and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 and includes any relevant delegated regulations.

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

These materials may include statements, including the Company’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made. Each of the Company and any its affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in these materials whether as a result of new information, future developments or otherwise, except to the extent required by applicable law.

This announcement does not constitute a prospectus. An offer to acquire Securities pursuant to the proposed offering will be made, and any investor should make his investment, solely on the basis of information that will be contained in the prospectus to be made generally available in the Netherlands in connection with such offering. When made generally available, copies of the prospectus may be obtained at no cost from the Company or through the website of the Company.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (MiFID II); (b) sections 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the MiFID II Product Governance Requirements), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Securities subject to the Offering have been subject to a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the Target Market Assessment).

Notwithstanding the Target Market Assessment, “distributors” (for the purposes of the MiFID II Product Governance Requirements) should note that: the price of the Securities may decline and investors could lose all or part of their investment; the Securities offer no guaranteed income and no capital protection; and an investment in the Securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Securities.

Each distributor is responsible for undertaking its own target market assessment in respect of the Securities and determining appropriate distribution channels.

THIS PRESS RELEASE IS RESTRICTED AND IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, WHETHER DIRECTLY OR INDIRECTLY AND WHETHER IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES OF AMERICA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

ADVERTISEMENT. This announcement is an advertisement relating to the intention of Ebusco Holding N.V. (the “Company” or together with its subsidiaries the “Group”) to proceed with the Rights Issue and the admission to listing and trading of the Rights and the Offer Shares (each as defined below) (the “Admission”). This announcement does not constitute a prospectus. This announcement is for information purposes only and does not constitute, or form part of, an offer by, or invitation by or on behalf of, the Company or any representative of the Company to purchase any securities, or an offer to sell or issue, or the solicitation to buy, securities by any person in any jurisdiction where doing so would constitute a violation of the applicable laws or regulations of such jurisdiction. Further details about the Rights Issue are included in the prospectus for the purposes of the Admission and the prospectus is approved as such under the respective regulation by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the “AFM”) on 8 November 2024 and available as of today (the “Prospectus”). The Prospectus has been published and made available at no cost through the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions. Potential investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Rights or the Offer Shares. The approval of the Prospectus by the AFM should not be understood as an endorsement of the quality of the Rights or the Offer Shares.

Ebusco announces the launch of its EUR 36 million Rights Issue

• 3 for 1 Rights Issue of 43,853,031 ordinary shares at an Issue Price of EUR 0.8209 per Offer Share
• Indications of interest from long-term shareholders:
  • Peter Bijvelds Holding Erp B.V. for EUR 5.0 million, of which EUR 3.5 million through a conversion of the shareholder loan, provided in August 2024, in equity at the Issue Price
  • ING Corporate Investments Mezzanine Fonds B.V. (“ING CI”) and VDVI B.V. (“VDVI”) through converting their shareholder loans of EUR 1.0 million and EUR 0.5 million, respectively, in equity at the Issue Price
• EUR 6.0 million commitment from CVI Investments, Inc. (“CVI”), an entity managed by Heights Capital Management, to subscribe for Rump Shares at the Issue Price
• CVI has also agreed to a restructuring of the repayment terms of the EUR 36.8 million convertible bond, which includes (i) an equitization of the December 2024 and March 2025 instalments to the time of settlement of the Rights Issue, in the form of 7.0 million new shares, (ii) a deferral of the June 2025, September 2025 and December 2025 instalments to the time of the original maturity date in December 2026, adjusting the conversion price to 110% of the theoretical ex-rights price of the Rights Issue
• The Company has further received an indication of interest from Gotion GMBH (“Gotion”) to subscribe for Rump Shares at the Issue Price
• The commitment from CVI represents c. 17% of the Rights Issue. The commitment from CVI together with the indications of interest from the long-term shareholders represents c. 35% of the Rights Issue
• The Issue Price represents a discount of 48.0% to the theoretical ex-rights price of the Rights Issue based on the closing price of EUR 3.85 on Euronext Amsterdam on 7 November 2024
• Ex-rights Date: 11 November 2024
• Rights trading period: from 9:00 CET on 11 November 2024 to 17:34 CET on 18 November 2024
• Record Time: 17:40 CET on 12 November 2024
• Exercise Period: from 9:00 CET on 11 November 2024 to 17:40 CET on 19 November 2024
• In the event the Company is not able to raise EUR 36 million in gross proceeds from the Rights Issue, the Rights Issue will be withdrawn. The Rights will then expire worthless, and any Rights exercise will be ignored.

Deurne, 8 November 2024 – Ebusco (Euronext: EBUS) today announces the launch of a capital increase by means of a Rights Issue, for an amount of EUR 36 million.

Christian Schreyer, CEO of Ebusco, comments: “We are proud that we have now reached the milestone of the rights issue launch after receiving shareholder support in our EGM last month. We are also thankful that we have been able to receive various indications of interest to participate in the rights issue from a number of our existing shareholders, in combination with the support from Heights and Gotion’s intention to become a shareholder in our company. I am now CEO of Ebusco for more than two months and my conviction on the quality of Ebusco’s products, our people and the strength of the underlying market fundamentals has only grown over time. As previously communicated, Ebusco is going through a very difficult phase. A successful completion of the rights issue is therefore crucial for Ebusco to successfully implement the Turnaround Plan, restore the trust in Ebusco as a company for all our stakeholders, and, ultimately, for Ebusco to continue as a going concern”.

Key terms of the Rights Issue

• 3 for 1 Rights Issue of 43,853,031 new ordinary shares (the “Offer Shares”) at the issue price of EUR 0.8209 per Offer Share (the “Issue Price”) (the “Rights Issue”), for an amount of EUR 36 million gross proceeds.
• The Issue Price represents a discount of 48.0% to the theoretical ex-rights price (”TERP”), based on the closing price of EUR 3.85 on Euronext Amsterdam on 7 November 2024.
• Shareholders are being granted transferable subscription entitlements (the “Rights”) in the Rights Issue, which will entitle to subscribe in cash, on an irreducible basis, for Offer Shares.
• In addition, holders of Rights will be entitled to subscribe, on a reducible basis, for an additional number of Offer Shares, at the Issue Price (the “Excess Application”).
• The Offer Shares that were issuable upon the exercise of Rights but that have not been subscribed for during the Exercise Period (the “Rump Shares”) will be offered for sale at the Issue Price through (i) a public offering in the Netherlands (the “Public Offering”) and (ii) private placements to certain institutional investors in certain other eligible jurisdictions.
• After expiry of the Exercise Period unexercised Rights will lapse without value. Shareholders who do not wish to exercise their Rights should therefore sell the Rights during trading.
• Peter Bijvelds Holding Erp B.V. has provided an indication of interest to participate in the Rights Issue for EUR 5.0 million, of which EUR 3.5 million through a conversion of the shareholder loan provided in August 2024 in equity at the Issue Price
• ING Corporate Investments Mezzanine Fonds B.V. (“ING CI”) and VDVI B.V. (“VDVI”) have provided indications of interest to participate in the Rights Issue through converting their shareholder loans of EUR 1.0 million and EUR 0.5 million, respectively, in equity at the Issue Price.
• CVI has irrevocably undertaken to subscribe for Rump Shares which are not taken up for an aggregate amount of EUR 6.0 million.
• The commitment from CVI represents c. 17% of the Rights Issue. The commitment from CVI together with the indications of interest from the long-term shareholders represents c. 35% of the Rights Issue.
• The Company has further received an indication of interest from Gotion to subscribe for Rump Shares at the Issue Price. Any proceeds received from Rump Shares subscribed to by Gotion shall be used by the Company to pay down the accounts payable position it has with Hefei Gotion High-Tech Co. LTD (“Hefei Gotion”). If there are insufficient Rump Shares available in the Rights Issue (as a result of high take-up in the Rights Issue) then the Company and Gotion will further explore the possibility of a separate share issuance to Gotion (for which the proceeds will also be used to pay down the accounts payable position with Hefei Gotion) to strengthen its balance sheet, for which the Company would need to request approval from the General Meeting of Shareholders.
• In the event the Company is not able to raise EUR 36 million in gross proceeds from the Rights Issue, the Rights Issue will be withdrawn. The Rights will then expire worthless, and any Rights exercise will be ignored.
• ING Bank N.V. will act as the Subscription, Listing and Paying Agent for the Rights Issue.

Indicative timetable

• The record time for allocation of the Rights is set at 17:40 CET on 12 November 2024 (the “Record Time”).
• Holders of Rights wishing to subscribe for Offer Shares must exercise their Rights during the Exercise Period, running from 9:00 CET on 11 November 2024 through 17:40 CET on 19 November 2024.
• Holders of Rights wishing to subscribe for Offer Shares under the Excess Application also, must do so during the Exercise Period, running from 9:00 CET on 11 November 2024 through 17:40 CET on 19 November 2024.
• Trading in the Rights on Euronext Amsterdam is expected to commence at 9:00 CET on 11 November 2024 and will continue until 17:34 CET on 18 November 2024, barring unforeseen circumstances.
• The Public Offering for retail investors will be open from 9:00 CET on 11 November 2024 through 17:40 CET on 19 November 2024. The Public Offering for institutional investors will be open from 9:00 CET on 11 November 2024 through 17:40 CET on 20 November 2024.

Reasons for the Rights Issue

Ebusco is currently experiencing significant financial distress and anticipates an imminent working capital shortfall. Based on its current cash position and financial requirements, the Company will not have sufficient working capital to sustain its ongoing operations. If the Rights Issue is not successfully completed, the Company will be unable to continue its current operations and will likely become insolvent.

On 25 June 2024 Ebusco withdrew its guidance for 2024 of EUR 325 million revenue and positive EBITDA due to start-up inefficiencies in the Company’s contract manufacturer model and inefficiencies at the production facility in Deurne hindering the finalization of buses and resulting in less factory output. This has not only affected the Company’s revenue, but also its ability to fully execute its cost reduction program. On 31 July 2024 Ebusco reported disappointing half year results for the period ended 30 June 2024 with revenue of EUR 38 million and a loss before tax of EUR 64.7 million. As a result, the Company has announced on 31 July 2024 that it had started developing a turnaround plan, which is aimed at improving the overall performance and delivery reliability of the Company (the “Turnaround Plan”). See for more background and a more detailed overview of the Turnaround Plan the prospectus that has been approved by the Netherlands Authority for the Financial Markets (the “AFM”), and has been published today on the Company’s website (https://investors.ebusco.com/rights-issue/) (the “Prospectus”).

The reason for the Rights Issue is to enable the Company to continue its business operations in accordance with the Turnaround Plan and improve its working capital position.

Use of proceeds

The gross proceeds from the Rights Issue are estimated to amount to approximately EUR 36 million. The Company expects the net proceeds of the Rights Issue to amount to approximately EUR 34.5 million, after deducting all expenses, including administrative and legal fees, which are estimated at EUR 1.5 million.

The net proceeds of the Rights Issue will consist of EUR 29.5 million in cash proceeds and EUR 5.0 million from the conversion of the shareholder loans provided by Peter Bijvelds Holding, ING CI and VDVI into equity. In the event the gross proceeds of the Rights Issue, including the conversion of the shareholder loans, will be lower than EUR 36.0 million, the Rights Issue will be withdrawn, the Rights will expire worthless, and any Rights exercise will be ignored.

The net proceeds of the Rights Issue will be applied to the Company’s cash needs to fund the continuation of its business operations in line with the Turnaround Plan and improving the Group’s working capital.

• Circa EUR 6.0 million to pay outstanding loans and borrowings to banks as part of the bank guarantee credit facility;
• Circa EUR 4.5 million outstanding balances to the Dutch tax authorities (related to VAT and wage tax);
• Circa EUR 7.0 million to pay overdue short-term creditors; and
• Circa EUR 12.0 million to pay the Company’s general operational costs, including upcoming employee salary payments for fixed and contingent workers, rent and housing expenses, transportation costs and consultancy expenses that are not related to the Rights Issue.

The Group further has an expected cash inflow until the end of 2024, and as a result, if Rump Shares are allocated to Gotion and resulting in lower proceeds (taking into account a minimum amount of EUR 3.4 million) applied towards general operational costs, the Group expects to have sufficient cash following completion of the Rights Issue to cover the Group’s general operational costs for the period up to the end of Q1 2025. By paying down the accounts payable position with part of the proceeds received for any Rump Shares subscribed for by Gotion, the Group can use part of the cash inflow in the month December 2024 for general operational costs, which would otherwise be applied towards paying down the accounts payable position.

As at the date of the Prospectus, the overdue accounts payable position of the Group is approximately EUR 37.0 million, of which circa EUR 7.0 million needs to be addressed immediately after the Rights Issue to resume full production and the remaining EUR 30.0 million in Q1 2025 as part of resolving the cash resources shortfall.

Additional working capital measures

As per 1 November 2024, Ebusco has a cash balance of approximately EUR 0. In its liquidity forecast for the period in between 1 November 2024 to 31 March 2025, the Company forecasts (i) a cash out of approximately EUR 90 to EUR 100 million, most significantly comprising of accounts payable, outstanding loans and borrowings, payments to the Dutch tax authorities and salaries and (ii) a cash in of approximately EUR 30 to EUR 40 million from accounts receivable collections from its bus deliveries.

As a result, Ebusco faces a working capital shortfall of approximately EUR 60 million without the Rights Issue or EUR 25.5 million after a successful Rights Issue.

To address the working capital shortfall, Ebusco has initiated an action plan. If the Company successfully resolves its cash resources shortfall in Q1 2025, the working capital position is expected to improve and turn positive during the course of Q2 2025. Following Q1 2025, Ebusco expects that the Company’s ordinary course of business will provide it with sufficient working capital. This expectation is based on the Company’s liquidity forecast for the period of Q2 2025 through Q4 2025, and largely due to the impact from the implementation of the Turnaround Plan.

To remedy this working capital shortfall, the Company has initiated the following measures (in addition to the Rights Issue):

• Expedited sale of cancelled buses: Ebusco is in active discussions with various existing customers on the sale of 61 buses under cancelled orders that are in an advanced stage of production. The Company aims to sell and deliver 48 of these buses in Q1 2025 to other customers in the Ebusco’s order book. The Company expects to generate cash flow of approximately EUR 22.7 million in Q1 2025 from the sale and delivery of such 48 buses. This positive cash flow is not included in the Group’s liquidity forecast and therefore any such generated cash flow will reduce the EUR 25.5 million cash resources shortfall envisaged for Q1 2025 accordingly.
• Improving the overdue accounts payable position: Ebusco is currently implementing a number of measures to improve its overdue accounts payable position, by paying off the amount due in instalments over time, negotiating down penalties, setting-off receivables against payables and reaching payment schedules with creditors. A significant number of creditors have indicated their willingness to accept such settlement plan. The Company will further focus on managing overdue supplier credits and manage its cash flow by delaying payments to suppliers and creditors where possible; and
• Inventory sell-down: Ebusco currently holds approximately EUR 110.0 million worth of inventory, part of which it intends to sell to third parties. This part of the inventory relates to cancelled customer orders and consists mostly of seats, heaters, cameras and mirrors, IT equipment for buses, destination signs, wheels and tires. This inventory may be sold to another customer, other bus manufacturers or to traders. Ebusco expects to generate sales proceeds of at least EUR 5.0 million by Q1 2025.

In its liquidity forecast, the Company assumes only EUR 40 million of the current EUR 50 million of the bank guarantee facilities to remain available after year-end 2024.

If the Company successfully resolves its cash resources shortfall in Q1 2025, the working capital position is expected to improve and turn positive during the course of Q2 2025. If the Company cannot successfully implement the above action plan, it will be unable to address its working capital shortfall, and may not be able to continue as a going concern and may ultimately have to file for insolvency. Please see for further details the Prospectus.

As referred to above, the Group has received an indication of interest from Gotion to subscribe for Rump Shares at the Issue Price. Any proceeds received from Rump Shares subscribed to by Gotion shall be used by the Company to pay down the accounts payable position it has with Hefei Gotion. As a result, if the Group allocates any Rump Shares to Gotion as part of the Rights Issue, the use of proceeds to pay the Group’s general operational costs referred to above will be decreased with the same amount. Payment of the accounts payable position with Gotion will be neutral from a working capital perspective.

Terms of the Rights Issue

Details of the Rights Issue are set forth in the Prospectus, which can be found on the Company’s website (https://investors.ebusco.com/rights-issue/).

Rights Issue ratio and Issue Price

3 for 1 Rights Issue of 43,853,031 Offer Shares at an Issue Price of EUR 0.8209 per Offer Share. The Issue Price represents a discount of 48.0% to the TERP, based on the closing price of EUR 3.85 on Euronext Amsterdam on 7 November 2024.

Record Time and Exercise Period

Each ordinary share held on the Record Time will entitle its holder to one (1) Right. Eligible Persons (as defined in the Prospectus) holding Rights, will be entitled to subscribe in cash, on an irreducible basis, for 3 Offer Shares for every 1 Right held from 9.00 CET on 11 November 2024 until 17:40 CET on 19 November 2024 (the “Exercise Period”).

Rights can only be exercised in multiples of the 3 for 1 subscription ratio. No fractions of Offer Shares will be issued. Except as otherwise set out in the Prospectus, once an Eligible Person has exercised his or her Rights, he or she may not revoke or modify that exercise. Any Rights that have not been validly exercised by the end of the Exercise Period will expire and can no longer be exercised.

Listing of and trading of the Rights

Trading in the Rights on Euronext Amsterdam is expected to commence at 9:00 CET on 11 November 2024 and will continue until 17:34 CET on 18 November 2024, barring unforeseen circumstances. The Rights will be listed and traded on Euronext Amsterdam under the symbol “EBUSR” and ISIN NL0015002B01.

Option for eligible shareholders to subscribe for additional Offer Shares under the Excess Application

During the Exercise Period, holders of Rights will be entitled to subscribe, on a reducible basis, for an additional number of Offer Shares, at the Issue Price (the “Excess Application”). The subscription price of Offer Shares under the Excess Application will be equal to the Issue Price.

The Rump Shares

The Offer Shares that were issuable upon the exercise of Rights but that have not been subscribed for during the Exercise Period (the “Rump Shares”) will be offered for sale at the Issue Price through (i) a public offering in the Netherlands (the “Public Offering”) and (ii) private placements to certain institutional investors in certain other eligible jurisdictions.

The offering of Rump Shares is expected to commence no later than 09:00 CET on 11 November 2024 and to end no later than until 17:40 CET on 19 November 2024 for retail investors and 20 November 2024 for institutional investors.

The allocation of Rump Shares will be made as follows. First, the Eligible Persons who have validly submitted an Excess Application will receive a proportionate allocation of any Rump Shares, subject to the discretion of the Company. Second, the new investors who have validly subscribed for the Rump Shares will receive allocation of any remaining Rump Shares, subject to the discretion of the Company. The Company may, at its sole discretion, determine the allocation of the Rump Shares among the Eligible Persons and new investors, and may, give preference to certain new investors over Eligible Persons who have validly submitted an Excess Application.

The last date and/or time before which notification of Rights exercise and subscription for Offer Shares under the Excess Application and subscriptions for Rump Shares instructions must be given in order to be valid may be earlier, depending on the financial institution through which Rights are held.

After expiry of the Exercise Period unexercised Rights will lapse without value. Shareholders who do not wish to exercise their Rights should therefore sell the Rights during trading.

Risk Factors

The following is a summary of the key risks that, alone or in combination with other events or circumstances, could have a material adverse effect on Ebusco’s business, financial condition, results of operations or prospects, the Rights Issue, the Admission, the Offer Shares or the Rights:

• The Group is in financial distress and faces a working capital shortfall of approximately EUR 60 million without the Rights Issue or EUR 25.5 million after a successful Rights Issue. If the Group does not turnaround its business and rectify its working capital shortfall, it will become insolvent. If the Group successfully resolves its cash resources shortfall in Q1 2025, the working capital position is expected to improve and turn positive during the course of Q2 2025. In order to remedy this working capital shortfall, the Group has initiated the following key measures besides the Rights Issue: expedite the sale of buses from cancelled orders, improve the overdue accounts payable position and sell-down inventory. If the Company fails to implement one or more of these measures, it will likely face insolvency at some point in the future.
• The Group may not be able to successfully implement the Turnaround Plan or at all, and the Turnaround Plan may be insufficient to improve the operating and financial performance and reputation of the Group as planned. The Turnaround Plan has been developed to address certain root causes which have caused its financial and operational challenges. The actions proposed to do this encompass addressing an inadequate project governance structure, overcommitments on bus orders and customization requests, tied-up capital and delayed delivery of mobile energy containers. If these actions fail, the Group will likely face insolvency.
• The Group is dependent on a leadership transition for the successful implementation of the Turnaround Plan. This includes a replacement of the former co-CEO’s by a new CEO as of 30 August 2024 and a steering committee comprising the CEO, COO, CFO and the transformation director to implement the Turnaround Plan in a structured and diligent fashion. The failure to retain one or more of the persons, who are key in executing the Turnaround Plan, and any failure by the Company’s new management team in its efforts in relation to the Turnaround Plan, or otherwise failure by the Group to retain the members of this team, would jeopardize the successful implementation of the Turnaround Plan.
• Due to late delivery of buses to customers, the Group may be exposed to significant contractual penalties and direct damages claims. As at the date of the Prospectus, contractual penalties for deliveries which are already late and deliveries which are expected to be late for the 12-month period from the date of the Prospectus, on the basis of the terms of the underlying customer contracts, together with estimated potential direct damages claims are currently calculated to be, in aggregate, approximately EUR 15.7 million. To partly address the Group’s cash shortfall, the Group plans to negotiate settlements and payment schedules to alleviate part of the EUR 10 million in penalties by the end of Q1 2025. Failure to successfully negotiate these liabilities could significantly reduce the Group’s profits from its order book, adversely affecting its business, financial condition, and operational results. Additionally, future late deliveries could lead to further penalties and claims, exacerbating the financial impact.
• Due to late delivery of buses to customers, a significant number of customers may choose to cancel their orders. Late delivery of buses has already led to the termination of contracts with four customers. Order cancellations may adversely impact the Company’s financials by necessitating the search for new buyers, re-customization of buses, increased inventory, reduced cash flow, and reputational damage. Further cancellations could trigger a ‘snowball’ effect with other customers cancelling their orders in response to the other cancellations. Any such cancellations may also be accompanied by direct damages claims.
• Due to the Company’s current financial situation, the Group depends on third-party suppliers agreeing to payment schedules and alternative settlement options on overdue accounts. As at the date of the Prospectus, the Group’s overdue accounts payable position is approximately EUR 37 million. If suppliers refuse to agree on settlement terms, the Group’s Turnaround Plan could fail due to insufficient cash resources, potentially leading to a full shutdown of production and a significant negative impact on revenue and operations. Continued significant accounts payable could result in suppliers withholding essential supplies or taking legal action, further straining cash resources and risking enforcement actions that could harm or halt operations. Under Dutch law, multiple creditors with overdue accounts could initiate bankruptcy proceedings against the Group, necessitating insolvency filing if the Group cannot settle these accounts. Although some suppliers have issued legal notices for payment, these are currently manageable within the Group’s cash flow.
• Due to the Group’s current financial situation, the Group has breached its bank guarantee facilities. On 18 September 2024, the Group received a reservation of rights letter from its lenders alleging breaches of obligations under the bank guarantee facilities, including unpaid amounts totaling c. EUR 6.2 million, which could lead to the acceleration and cancellation of these facilities. The lenders have taken a constructive approach by allowing the Group time to secure additional shareholder funding while demanding various security rights, but they still retain the right to accelerate the debt and cancel the facilities at any time. If the guarantee facilities are terminated, the Group’s business model, which relies on letters of credit for contract manufacturers, would be jeopardized, potentially leading to halted operations and insolvency.

The main risks relating to the Rights Issue and the Ordinary Shares include:

• The market price of the ordinary shares will fluctuate, and may decline below the Issue Price;
• The Group cannot assure investors that an active trading market will develop for the Rights and, if a market does develop, the market price of the Rights will be affected by, and may be subject to greater volatility than, the market price of the ordinary shares;
• Shareholders will experience significant dilution as a result of the Rights Issue if they do not or cannot exercise their Rights in full; and
• If Eligible Persons do not properly and timely exercise their Rights, they may not be able to subscribe for Offer Shares at the Issue Price and, if Shareholders do not properly and timely sell their Rights, they may not receive any compensation for their unexercised Rights.

Strategic Partnership with Gotion

On 8 November 2024 the Group announced a proposed strategic partnership with Gotion, which envisages (i) mobilizing Gotion’s advanced battery technology, allowing the further development of Ebusco’s lightweight buses with a substantial longer range battery, (ii) supporting the Group in international expansion of the lightweight buses in Asia, in line with the Group’s strategy to license out its Ebusco 3.0 lightweight technology outside the European market, and (iii) cooperating in relation to the expansion of Ebusco’s maritime offering.

With Gotion as a strategic partner and future shareholder, the Group aims to strengthen its position as an innovative frontrunner in the rapidly expanding market of electric buses and associated ecosystems.

The settlement arrangements with CVI

In order to facilitate the Rights Issue, CVI has agreed to adjust the lower prevailing minimum price under the convertible bonds terms from EUR 5.00 to EUR 0.25 (below which CVI is entitled to require instalment payments are paid in cash) and to accept a reset of the conversion price to 110% of the TERP of the Rights Issue under this arrangement rather than to the Issue Price. Further, CVI has agreed to (i) the equitization of the instalment payments for December 2024 and March 2025, to be converted into 7.0 million new ordinary shares, which are to be issued at the Settlement Date regardless of the Issue Price (i.e. as a fixed amount of shares); (ii) the deferral of the instalment payments for June 2025, September 2025 and December 2025 to the final maturity date (21 December 2026); and (iii) the deferral of interest payments owing by the Company for December 2024 and March 2025 to June 2026.

Dilution

Shareholders who transfer, or who do not or are not permitted to exercise any of their Rights granted under the Rights Issue will suffer a dilution of their proportionate ownership and voting rights of approximately 75% as a result of the issue of the Offer Shares (or 78% taking into account the 7.0 million new ordinary shares to be issued to CVI under the settlement arrangements with CVI, and a further 14% if CVI further elects to convert all of its outstanding bonds immediately after the Settlement Date).

Indicative timetable

Subject to acceleration or extension of the timetable for, or withdrawal of, the Rights Issue, the timetable below sets forth certain expected key dates for the Rights Issue. All times are in Central European Time.

Availability of the Prospectus

The Rights Issue is being made only by means of the Prospectus, approved by, and filed with, the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the “AFM”) on 8 November 2024 as competent authority under the Prospectus Regulation. The Prospectus is available electronically, free of charge, via the website of the Company (https://investors.ebusco.com/rights-issue/), subject to securities law restrictions in certain jurisdictions.

Order book and other updates

The Company’s actual order book at the date of this press release is as follows:

* There is no guarantee that these call-off orders and options will be converted into fixed orders as clients may not be successful in winning tenders or for other reasons

On 24 October 2024 the Company announced that the Chief Technology Officer (CTO) will leave the company by the end of the year. The CTO’s tasks will be combined with that of the Chief Operating Officer, to achieve a leaner organization and reduced management team size.

Previous announcements

On 21 October 2024, the Company announced that Qbuzz, a customer of Ebusco, had cancelled an order for 59 buses, including 45 12‑meter buses and 14 18‑meter buses, for alleged late delivery and that Qbuzz levied pre-judgment attachment on some of the Company’s bank accounts on 17 October 2024. The Company instituted legal proceedings to seek delivery to, and payment from, Qbuzz for the order for 45 12-meter buses, which were at that date already produced. To preserve its working capital, the Company announced that it largely suspended its production in anticipation of the outcome of the legal proceedings and the completion of the Rights Issue. The Company also announced that it received a cancellation letter from Connect Bus and Keolis, two other customers of the Group, for 47 Ebusco 3.0 buses and 50 Ebusco 3.0 buses, respectively. The Company announced that it reached an agreement of dissolution with both customers. As part of the order from Connect Bus was already in an advanced stage of production, the Company also announced that it had entered in discussions with various parties to sell these already produces buses. With respect to Keolis, the option for a minimum of 75 Ebusco 3.0 buses was reinforced between the parties.

On 24 October 2024, in anticipation of the Extraordinary General Meeting of the Company scheduled for later that day, the Company published a trading update for Q3 2024 and further details on the Turnaround Plan. With regard to its financial position, the Company announced that, due to its financial situation and overdue accounts payable position, its production of new buses had come to an almost standstill, leading to late deliveries and a severe cash shortfall, with the lowest point in working capital in Q1 2025. The Company announced certain measures to bridge that working capital gap, assuming completion of the Rights Issue in November 2024. In addition, the Company announced (i) a breach of payment on its guarantee facilities in the amount of approximately EUR 6.2 million and the related security rights granted to the lending parties, (ii) the outcome of the legal proceedings against Qbuzz, (iii) the latest management changes, including that the CFO will leave the Company after completion of the Rights Issue, (iv) further detail on its customer order book and (v) that it is in negotiations regarding a strategic partnership with one of its suppliers and a licensing of its Ebusco 3.0 lightweight technology.

In a separate press release on 24 October 2024, the Company announced that the pre-judgment attachment on some of its bank accounts, as announced on 21 October 2024, had been lifted and that Ebusco has access to its bank accounts again.

Following the EGM, the Company announced the adoption of the resolution to (i) appoint Mr. Schreyer as the Group’s CEO for a term ending at the end of the AGM to be held in 2028, (ii) deviate from the remuneration policy in respect of Mr. Schreyer and grant 300,000 Ordinary Shares (pre the Share Consolidation) that will vest in three years provided that Mr. Schreyer is still working for the Company in the role of CEO at that time, (iii) amend the Articles of Association and implement the Share Consolidation, and (iv) issue up to EUR 36 million in shares and exclude pre-emptive rights in respect thereof.

On 4 November 2024, the Company announced that it received indications of interest from a group of investors, including larger existing shareholders, to support the Rights Issue through a combination of pre-commitments and underwriting. The Company also announced that it is negotiating a partnership with one of its strategic suppliers which would provide for an equity injection. Further, the Company announced that it had negotiated another customer settlement under which the Company is released from the obligation to deliver 76 Ebusco 3.0 buses that the Company was unable to produce on time. The related contractual penalty amounts have also been substantially reduced and will be payable in tranches over time, relieving the short-term pressure on the Company’s cash position. Some of the cancelled buses were already in an advanced stage of production. Therefore, the Company will proceed in selling those buses to other customers.

On 8 November 2024, the Company announced a proposed strategic partnership with Gotion. See “Strategic Partnership with Gotion” above.

The press releases can be found on the Company’s website at: https://www.ebusco.com/category/press-release/.

Information for Retail Investors

The Company has made available on its website a Frequently Asked Questions document and a document explaining the mechanics of the Rights Issue, both in the Dutch language. See the website of the Company (https://investors.ebusco.com/rights-issue/).

Prospective investors should carefully read and review the entire Prospectus and should form their own views before making an investment decision with respect to the Rights and the Offer Shares. Furthermore, before making an investment decision with respect to the Rights and the Offer Shares, prospective investors should consult their own professional adviser and carefully review the risks associated with an investment in the Rights and the Offer Shares and consider such an investment decision in light of their personal circumstances.

This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 08:00 on 8 November 2024.

Disclaimer

These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, in or into the United States, Australia or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy the securities of Ebusco Holding N.V. (the Company, and such securities, the Securities) in the United States, Australia or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. This announcement is not an offer of securities for sale into the United States. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. No public offering of securities is being made in the United States.

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area and the United Kingdom other than the Netherlands, Belgium and France. With respect to any Member State of the European Economic Area and the United Kingdom, other than the Netherlands, Belgium and France (each a Relevant Member State), no action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Relevant Member State. As a result, the Securities may only be offered in Relevant Member States (i) to any legal entity which is a qualified investor as defined in section 2(e) of the Prospectus Regulation; or (ii) in any other circumstances falling within section 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression “offer of securities to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to purchase or subscribe for the Securities and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 and includes any relevant delegated regulations.

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

These materials may include statements, including the Company’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made. Each of the Company and any its affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in these materials whether as a result of new information, future developments or otherwise, except to the extent required by applicable law.

This announcement does not constitute a prospectus. An offer to acquire Securities pursuant to the proposed offering will be made, and any investor should make his investment, solely on the basis of information that will be contained in the prospectus to be made generally available in the Netherlands in connection with such offering. When made generally available, copies of the prospectus may be obtained at no cost from the Company or through the website of the Company.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (MiFID II); (b) sections 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the MiFID II Product Governance Requirements), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Securities subject to the Offering have been subject to a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the Target Market Assessment).

Notwithstanding the Target Market Assessment, “distributors” (for the purposes of the MiFID II Product Governance Requirements) should note that: the price of the Securities may decline and investors could lose all or part of their investment; the Securities offer no guaranteed income and no capital protection; and an investment in the Securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Securities.

Each distributor is responsible for undertaking its own target market assessment in respect of the Securities and determining appropriate distribution channels.

Deurne, 8 November 2024 – Ebusco (Euronext: EBUS), today announces a proposed strategic partnership with Gotion, who has been a longstanding battery supplier to Ebusco.

This marks an exciting new phase in the collaboration between Ebusco and Gotion that builds on the cooperation that both companies started in 2018. Gotion, who is listed on the Shenzhen Stock Exchange, is a leading technology-based company, focused on power battery technology research, development and innovation.

The partnership envisages (1) mobilizing Gotion’s advanced battery technology, allowing the further development of Ebusco’s lightweight buses with a substantially longer range battery, (2) supporting Ebusco in the international expansion of the lightweight bus in Asia, and (3) cooperation in relation to the expansion of Ebusco’s maritime offering.

Gotion is considering to cement the partnership with an equity participation in Ebusco. To that end, Ebusco will offer Gotion excess shares, i.e. shares for which no rights have been exercised in the rights issue that Ebusco has announced today. This participation will reinforce Ebusco’s equity base. If there are insufficient shares left (because of a high take-up in the rights issue), Ebusco will propose a separate share issuance to Gotion at an upcoming General Meeting of Shareholders, further strengthening Ebusco’s balance sheet. Gotion will also be invited to propose representation on Ebusco’s supervisory board.

With Gotion as a strategic partner and future shareholder, Ebusco aims to strengthen its position as an innovative frontrunner in the rapidly expanding market of electric buses and associated ecosystems. Ebusco and Gotion share the mission of creating groundbreaking solutions, where innovation and growth go hand in hand for an emission-free world.

Further details of the proposed strategic partnership between Ebusco and Gotion

1. Long-range battery

The first initiative under the proposed collaboration is to adopt Gotion’s new battery technology to provide the Ebusco 3.0 lightweight bus, which already had one of the market leading ranges, with a substantially larger range on a single charge. The Gotion battery technology fits within Ebusco’s focus on energy efficiency, sustainability and its commitment to safety and reliability.

2. International expansion: eye on Asia

Gotion will support Ebusco to explore the possibilities to introduce the lightweight Ebusco 3.0 buses to the markets in Asia with external bus manufacturers. With Gotion’s strong position and existing relationships in this region, the collaboration offers a unique opportunity for Ebusco to grow in this strategically important and rapidly developing Asian market. This collaboration is in line with its strategy to license out its Ebusco 3.0 lightweight technology outside the European market.

3. Inland shipping and sustainability: first ships on Ebusco’s energy solutions

Ebusco and Gotion will jointly explore further opportunities to grow Ebusco’s energy solutions. Ebusco and Gotion have already taken successful first steps in the field of maritime energy solutions with multiple mobile battery solutions implemented.

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management’s beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 08:00 on 8 November 2024.

Deurne, 4 November 2024 – Ebusco (Euronext: EBUS), today provides an update on the proposed rights issue and announces a customer settlement.

After the supportive vote of the shareholders at the last EGM, Ebusco has now received indications of interest from a group of investors, including larger existing shareholders, to support the proposed rights issue through which the company seeks to raise EUR 36 million. This support would be through a combination of pre-commitments and underwriting.

The company aims to launch the proposed rights issue as soon as possible and complete the transaction in November 2024. At the time of the rights issue launch, further details including the issue price, number of shares to be issued and the exact timeline shall be published and set forth in a prospectus.

In addition, as announced on 24 October 2024, Ebusco is negotiating a partnership with one of its strategic suppliers. The terms of the partnership provide for an equity injection into Ebusco strengthening its balance sheet, and cementing a long-term strategic partnership. Ebusco and the strategic supplier are progressing the discussions and it is expected that the details of the partnership will be announced ahead of the launch of the rights issue.

Furthermore, Ebusco has successfully negotiated another customer settlement. Under the settlement, Ebusco is released from the obligation to deliver 76 Ebusco 3.0 buses that Ebusco was unable to produce on time. Also, the related contractual penalty amounts have been substantially reduced and will be payable in tranches over time, relieving the short-term pressure on Ebusco’s cash position. Some of the cancelled buses were already in an advanced stage of production. To further help Ebusco’s cash position, Ebusco will now proceed in selling those buses to other customers.

With these developments, Ebusco has made further incremental steps in solving legacy issues and putting the company back on track on its road to recovery.

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management’s beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 07:30 on 4 November 2024.

Deurne, 24 October 2024 – During the Extraordinary General Meeting (‘EGM’) of Ebusco Holding N.V. (‘Ebusco’) (Euronext: EBUS) on 24 October 2024 shareholders adopted all resolutions on the agenda.  

The following resolutions were approved by the EGM.

1. Appointment Mr Schreyer as member of the Management Board with the title Chief Executive Officer
   As of 2 September, Mr Schreyer joined the company with the title Chief Executive Officer (CEO) for a term ending at the end of the AGM to be held in 2028.
2. Deviation of the remuneration policy in respect of Mr Schreyer
   The deviation means that Mr Schreyer will be granted 300,000 Ebusco shares that will vest in three years after his appointment by the EGM, provided that Mr Schreyer is still working for the company in the role of CEO at that time.
3. Share consolidation and amendment of the Articles of Association of the company
   The company will consolidate 5 shares to 1. This means that 5 (five) ordinary shares will be consolidated into 1 (one) ordinary share. The purpose of the share consolidation is to increase the market value per ordinary share and to facilitate the rights issue.

As a result of the share consolidation: (i) 5 ordinary shares (ISIN NL0015000CZ2) will be consolidated into 1 ordinary share (ISIN NL0015002AG2), (ii) the nominal value per ordinary shares changes from EUR 0.01 to EUR 0.05 and (iii) the number of shares outstanding changes from 73,088,382 to 14,617,676.

The relevant dates for the share consolidation are as follows:

• Last day of trading in the ordinary shares under the old ISIN: Friday, 25 October 2024
• Ex-date – trading in the consolidated ordinary shares commences under the new ISIN: Monday, 28 October 2024
• Record Date (17.40 CET): Tuesday, 29 October 2024
• Share consolidation effective: Wednesday, 30 October 2024

The ticker symbol of the ordinary shares will not change and will remain EBUS.

4. Authorisation of the Management Board to issue up to EUR 36 million in shares and to exclude pre-emptive rights in respect thereof
   Ebusco intends to raise equity of up to EUR 36 million, largely in the form of a rights issue.

The voting results are included below and will also be published separately on the Ebusco investor website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

VOTING RESULTS EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS EBUSCO HOLDING N.V.

held on 24 October 2024 in Deurne, the Netherlands

Total issued and outstanding capital:      73,088,382

Total number of votes:                                73,088,382

Present or represented:                              36,946,965

Votes by proxy to civil law notary:           36,802,488

Total votes at AGM:                                    36,946,965 (50.55%)

Deurne, 24 October 2024 – Ebusco (Euronext: EBUS), announces that today the pre-judgment attachments on its bank accounts have been lifted.

On 17 October 2024 a pre-judgment attachment was placed on some of Ebusco’s bank accounts. In agreement with Qbuzz, the attachments have been lifted. This allows Ebusco to access its bank accounts again.

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 11:45 on 24 October 2024.

Deurne, 24 October 2024 – Ebusco (Euronext: EBUS) today announces a trading update for Q3 2024 and further details of its Turnaround Plan, designed to meet its current operational and financial difficulties

The Turnaround Plan

At today’s general meeting of shareholders Ebusco will present further details of its Turnaround Plan. The purpose of the plan is to improve the overall performance of the company and to restore and retain the confidence of stakeholders in the company as a reliable and valued business partner. The presentation is available on investors.ebusco.com.

Under the Turnaround Plan, the company has decided to fully adopt an Original Equipment Design (OED) manufacturing model, in which buses are designed and engineered by the company, but are assembled by contract manufacturers, instead of in-house produced by the company and to continue its focus on the European market only for its sales and marketing.[1]

Through the implementation of the Turnaround Plan, Ebusco aims to achieve the following targets by the end of 2025:

• a gradual increase of the monthly run rate to 40-50 buses (from c. 15 buses on average per month in 2024 year to date); and
• a structural annual cost reduction of approximately EUR 30 million.

The Turnaround Plan has been structured to focus on the following three objectives, which are all aimed at ensuring a stable and timely operational output, enhancing overall efficiency and improving Ebusco’s working capital position:

• Rationalization of the value chain, which is the process of optimizing and streamlining the manufacturing and assembly process with the contract manufacturers;
• Simplification and standardization of cross-functional processes; and
• Standardization of the product-and-build process, which is the process of standardizing the company’s buses and their manufacturability.

As part of the Turnaround Plan, Ebusco will rationalize its footprint of production locations by reducing the number of locations from seven to five, including through combining the facilities in Deurne and Venray into one. Following the footprint rationalization, Ebusco will have one location in the Netherlands, one in France (Rouen) and three contract manufacturers.

Ebusco has made a solid start with the execution of the Turnaround Plan with the first reductions in FTEs and first initiatives to create a leaner organization, partly through the reduction of obsolete processes. Management has initiated a structured process to manage the reduction in FTEs to ensure that execution is done with minimal disruptions and costs.

Ebusco expects that effectively all of the actions under the Turnaround Plan will be completed before the end of 2025.

Turnaround Plan governance

To achieve the above mentioned targets and objectives, the company has designed a governance structure for the Turnaround Plan based on six workstreams:

The Turnaround Plan also includes a number of cross-functional elements that are relevant for each of the six workstreams. The cross functional elements are change communication, optimization of the procurement and tender management processes, improvement of the benefit tracking and cash management processes and introduction of a cross-functional governance and process mapping. As an overarching principle the company will be focused on operational compliance throughout the organization while implementing the Turnaround Plan, with a focus on lean processes.

Implementation of the Turnaround Plan will be led by a Steering Committee comprising the company’s CEO, COO, CFO and Michel van Maanen, who was hired by the company on a consultancy basis as per 1 October 2024 for the role of Transformation Director. To safeguard company wide support for the Turnaround Plan, each workstream is owned and sponsored by a member of the management team, reporting to the CEO. Each workstream has milestones, goals and targets, which will be tracked and traced on a regular basis, and are subject to review by the management team. A Transformation Office, led by the Transformation Director, is tasked with the day-to-day oversight of the Turnaround Plan.

Management changes

The Chief Executive Officer, to be appointed at today’s EGM, will lead the implementation of the Turnaround plan.

The tasks of the Chief Technology Officer are combined with that of the Chief Operating Officer, to achieve a leaner organization and reduced management team size.

Jurjen Jongma, the Chief Financial Officer (CFO) of Ebusco has announced that he will leave the company after the completion of the intended rights issue. Jurjen has by that time led two capital injection rounds for Ebusco and is looking forward to a new challenge. The search for a new CFO has started and Jurjen will remain available to hand over his tasks to his successor. We would like to thank Jurjen for his dedication and professionalism to help manage Ebusco through challenging times and respect his decision.

Licensing revenue

In addition to the Turnaround Plan, Ebusco’s aim is to also tap new sources of revenue. Ebusco is in negotiations to license its Ebusco 3.0 lightweight technology. Opportunities are sought outside Europe, mainly in North America. If successful, this will add revenue and liquidity in 2024 and beyond.

Strategic partnership

Ebusco is negotiating a partnership with one of its strategic suppliers. The terms of the partnership provide for an equity injection into Ebusco strengthening its balance sheet, and cementing a long-term strategic partnership. Ebusco expects to finalize the negotiations and announce details of the partnership ahead of the launch of the rights issue.

Rights issue

As announced by the company on 10 September 2024, Ebusco is seeking to raise EUR 36 million in new equity through a rights issue, in order to facilitate the full implementation of the Turnaround Plan.

The rights issue is directed at the existing Ebusco shareholders. They will be offered the opportunity to buy new shares in Ebusco at a discount. Shareholders that do not wish to invest can sell their rights via the stock exchange. This enables the current investors of Ebusco to inject the required equity at a discounted price.

In the event not all rights are exercised, Ebusco will issue the relevant shares to other investors. Ebusco is currently in discussion with a number of interested parties that are willing to subscribe for these shares, at the same discount as offered to the existing investors. If the rights issue does not raise the full amount of EUR 36 million, it is expected that Ebusco will cancel the offering.

Christian Schreyer, CEO of Ebusco, comments: “Ebusco is going through a very difficult phase. Despite being aware of the difficulties, I chose to join Ebusco in September, driven by the company’s potential. The Ebusco buses have shown excellent performance, including through the lowest energy consumption in the market. With my deep familiarity and experience in this industry, I can confidently say that Ebusco’s products have tremendous potential. However, I recognize that this potential has not been properly utilized, as Ebusco is facing financial challenges along the way. We need to turn Ebusco around. Together with the Ebusco team, we have developed a plan to create a leaner organization, restore the trust in Ebusco as a company for all our stakeholders and restore our financial health. With the shift in manufacturing strategy, Ebusco will concentrate on the engineering of its products and inhouse casco production, while outsourcing the assembly activities to experienced contract manufacturers. I am fully focused on implementing the Turnaround Plan. I believe that with this approach, our proven products and the support of our shareholders and the capital markets, Ebusco is well-positioned to meet the ongoing high demand for electric buses in the European market.”

Reasons for the Turnaround Plan

The Turnaround Plan is needed to secure the future of Ebusco. In the recent past the company has increasingly come under pressure, both operationally and financially.

Working capital

The third quarter of 2024 saw a continuation of the operational difficulties Ebusco has been facing, and that have been announced in its earlier press releases. Production of new buses has now come to an almost standstill, which means that buses are hardly being delivered, further exacerbating the company’s financial position and leading to a severe cash shortage.

As a result of the production that has come to an almost stop, the cancellations of orders by customers, claims of late delivery penalties and direct damages, Ebusco’s most recent liquidity forecast shows that the lowest point in working capital in 2025 will occur in Q1 2025. In response, Ebusco has initiated the following measures:

• In active dialogue with various existing customers on sale of 61 cancelled buses;
• Conversion of account payable positions of a key supplier and strategic partner into equity;
• Sell-down of inventory to traders and suppliers;
• Further managing overdue supplier credit; and
• Acceleration of production and delivery of Ebusco 2.2 buses.

Through a combination of these working capital measures and the rights issue, Ebusco expects to be able to bridge the working capital gap to provide the company with sufficient working capital to meet its obligations up to Q1 2025 and beyond. This assumes completion of the rights issue in November 2024.

Customer orders, deliveries and cancellations

In the first 9 months of 2024, Ebusco delivered 135 buses, of which 37 were delivered in the last quarter. The orderbook as at 30 September 2024 is set out below.

As announced on 21 October 2024, Ebusco has received notice from one of its customers to cancel orders of 59 buses, of which 45 are 12-meter buses. All of these 12 meter buses are produced, with 30 being in the Netherlands / Europe available for delivery. The remaining buses comprise 10 which are in transit to and 5 which are about to be shipped to the Netherlands. Ebusco litigated against the cancellation.

The court, however, denied Ebusco’s request. As a result, Ebusco will use the buses produced for this customer to fill the other orders in its orderbook. However, this will likely generate revenue for 2025 and not 2024. In addition, it will need to incur the cost of re-customizing these buses to meet the replacing customer’s specifications.

Overdue accounts payable & late delivery penalties and direct damages

Ebusco currently has overdue accounts payable positions, in the amount of approximately EUR 33 million, for which it is actively engaging with its critical creditors to discuss payment schedules and alternative settlements options due to the company’s current financial situation, and these accounts payable positions have caused production to be almost fully at standstill as discussed above.

In addition, Ebusco is facing penalties and direct damages claims for late delivery of buses. Based on the company’s production planning in place, many orders will not be delivered on time. Ebusco is currently in settlement negotiations on these penalties and claims and has assumed related cash-out in its liquidity forecast.

Furthermore, Ebusco is in arrears in relation to certain payments to the Dutch tax authorities for which part of the assets have been pledged.

Energy Solutions

As at 30 September 2024, Ebusco’s order book for Energy Solutions is set out below.

Due to a delayed finalization of a certification program for the services offering of Ebusco Energy Solutions, Ebusco has not been able to deliver all its MEC and ESS systems on time. It is in the process of addressing this, in order to strengthen its financial position.

Guarantee facilities

The Group has received notice from the lending parties under its guarantee facilities of breach of payment obligations under such facilities in the amount of approximately €6.2 million. Ebusco has granted security rights to its lenders in accordance with the terms of the facilities, in anticipation of the company’s refinancing.

CMD Cancellation

Earlier this year, Ebusco announced a Capital Markets Day (CMD) scheduled for November 2024. Ebusco’s strategy update is embedded in the Turnaround Plan. This will be presented and discussed at this week’s EGM, which means the need for a separate CMD is superseded.

Financial calendar for 2025

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management’s beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

[1] Except for monoparts production in the Netherlands and casco assembly in France

Deurne, 21 October 2024 – Ebusco (Euronext: EBUS), has initiated legal proceedings against a customer for payment for 45 buses.

Ebusco has received notice from one of its customers to cancel orders of 59 buses, 45 of which are 12-metre buses. All of these 12 metre buses are produced, with 30 being in the Netherlands / Europe available for delivery. The remaining buses comprise 10 which are in transit to and 5 which are about to be shipped to the Netherlands.

Today, a court hearing takes place in preliminary relief proceedings initiated by Ebusco to seek delivery to and payment from the customer for the 45 12-metre buses.

Ebusco started legal proceedings to seek a quick resolution of this dispute ahead of the launch of the proposed rights issue. Losing the order would put a significant strain on its working capital position.

Further, on 17 October 2024, the customer in question levied pre-judgment attachments on some of Ebusco’s bank accounts. Ebusco contends this and is making best efforts to lift the attachments as soon as possible.

Ebusco further announces that after receiving a cancellation letter from Connect Bus and Keolis the company has reached an agreement of dissolution with both parties. As a large part of the Connect Bus order consisting of 47 buses, is already in an advanced stage of production, the company is currently in discussion with various parties to sell these already produced buses. As for the order placed by Keolis Sweden, both parties have settled on the agreement to cancel the order of 50 buses. The option for a minimum of 75 buses, as stated in the original contract, remains intact and has been further detailed in the terms and conditions, reinforcing this option between the two parties.

To preserve its working capital, Ebusco has largely suspended its production in anticipation of the outcome of the court hearing and the completion of the contemplated rights issue. The turnaround plan and the proposed rights issue will be discussed at the company’s upcoming extraordinary general meeting of shareholders later this week, on 24 October 2024.

Information in this press release may constitute inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 07:30 on 21 October 2024.

Regeneration, an important factor of electric driving which is often overlooked. Although the range, regardless of the regeneration, should be sufficient, it is an aspect which can have a surprisingly big influence on the battery capacity and energy consumption.

What is regeneration and how does it work?

Regeneration is a process where the electric motor works as a generator during braking, converting the vehicle’s kinetic energy back into electrical energy. This energy is then stored in the vehicle’s battery, helping to extend the driving range by reusing energy that would otherwise be lost as heat in traditional braking systems.

When a driver lifts their foot off the accelerator in an electric vehicle, the electric motor begins to operate in reverse. Instead of using electricity to drive the wheels, the wheels drive the motor, which acts as a generator. This slows the vehicle down and produces electricity, which is fed back into the battery. The amount of energy recovered can vary based on the driving conditions and how aggressively the driver slows down the vehicle.

Influencing regeneration

The amount of regeneration can be influenced by several factors:

• Driving Terrain: Hilly or mountainous terrain can enhance regenerative braking, as the vehicle has more opportunities to convert downhill motion into energy. Flat terrain provides fewer chances for regeneration.
• Speed: Regeneration is more effective at higher speeds, where there’s more kinetic energy to be converted back into electricity.
• Driving Style: Driving style significantly impacts the regeneration of an electric vehicle. Smooth, controlled acceleration and gradual deceleration allow the regenerative braking system to capture more energy, which is fed back into the battery. In contrast, aggressive driving with rapid acceleration and hard braking reduces the efficiency of regeneration, as the system may not have enough time to convert kinetic energy effectively.

Data monitoring

With Ebusco Live, the buses can be monitored and driving data can be collected. Each day, alongside other data, the consumption and regeneration are registered.
As shown in the image below, this real-life example highlights a regeneration rate of up to 38.48%. However, it also illustrates how driving behaviour can significantly impact the percentage of regeneration.

This 10% missed regeneration equates to approximately 35 kWh. Given a consumption rate of 0.65 kWh per kilometre, this results in more than 50 lost kilometres which the vehicle could have driven with optimal regeneration.

Optimising regeneration reduces overall power consumption, which not only extends your vehicle’s range but also cuts costs and lessens environmental impact. Educating drivers on how to effectively operate an electric vehicle can therefore be highly beneficial.

To help maximise the efficiency of electric vehicles, Ebusco offers driver training sessions. These sessions demonstrate the best practices for operating an electric bus. Ebusco’s goal has always been to minimise energy consumption, but by integrating product innovation with daily operations, we can truly make a difference.

Deurne, 10 September 2024 – Ebusco (Euronext: EBUS) today announces its intention to raise up to EUR 36 million of new equity through a rights issue as part of its turnaround plan, as mentioned in the H1 2024 results.

Ebusco today convenes an extraordinary general meeting of shareholders (EGM), to be held on Thursday 24 October to seek approval of the rights issue and a corresponding share consolidation, as well as the appointment of Christian Schreyer as a member of the Management Board. The EGM convocation and related documents are available via the website.

Equity capital raise

Ebusco intends to raise up to EUR 36 million through a rights offering. Existing shareholders will have the opportunity to buy additional ordinary shares, through exercising their rights, and maintain their ownership percentage in the company. The rights will be tradeable, so shareholders that do not wish to buy new shares will be able to sell their rights on the stock exchange.

Ebusco’s initiative to raise new equity is required to deliver its turnaround plan to improve the overall performance and delivery reliability of the company and return to a profitable growth path.

The rights issue is expected to take place in Q4 2024. Further details of the rights issue, including the exact timeline and specific terms and conditions, will be provided in a prospectus currently being prepared by Ebusco.

At the EGM, Ebusco will request authorisation from its shareholders to issue new shares raising gross proceeds to the company of up to EUR 36 million.

Share consolidation

Ebusco will propose to consolidate 5 shares to 1. This means that 5 (five) ordinary shares will be consolidated into 1 (one) ordinary share.

The purpose of the proposed share consolidation is to increase the market value per ordinary share and to facilitate the rights issue. With the current share price, any change of only a few cents in the share price immediately translates to a significant percentage value change. Following the share consolidation, the resulting share price will be five times the previous share price and trading liquidity may improve as a result.

CEO appointment

At the EGM, Ebusco will further request approval of the appointment of Mr Christian Schreyer as member of the Management Board with the title Chief Executive Officer, as detailed in Ebusco’s press release on 30 August 2024. Due to this EGM, Ebusco will schedule the Q3 2024 update to take place on Thursday 24 October.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on September 10th, 2024.

Measuring the carbon footprint from cradle to grave

For many years, the transition to electric buses was hindered by the additional costs that electric driving would bring. Therefore, Ebusco focused on designing a bus that is economically beneficial, hence the success of the Ebusco 2.2. However, with the Ebusco 3.0, the concept extended beyond cost savings. The goal for this model was to create the lightest possible electric bus to reduce overall energy consumption. While this approach directly reduces operational expenses, we should not forget that the environmental benefits of this approach are equally important if not more important.

To clearly understand the sustainable benefits of the Ebusco 3.0, a Life Cycle Assessment (LCA) was conducted. LCA is a standardized model approach, designed to quantify the carbon footprint of a product or service throughout its entire life cycle, from cradle-to-grave. The LCA is divided into three main stages: upstream, core, and downstream. Each stage represents a distinct phase in the product’s life cycle.

Deurne, 30 august 2024 – Ebusco (Euronext: EBUS), today announces that its Supervisory Board nominates Christian Schreyer as new Chief Executive Officer (CEO) in the Management Board. As announced in the press release on the H1 2024 results, the Executive Team has developed a turnaround plan. In this process, it was concluded that the organisation should be led by a single CEO with a general management track record in the public transport sector. Founder Peter Bijvelds and Michiel Peters will step down as Co-CEO’s on 2 September.

The Supervisory Board and current Co-CEO of Ebusco Peter Bijvelds, have agreed that it is the appropriate time for a leadership transition. Consequently Peter Bijvelds, will step down as Co-CEO. Since June current co-CEO Michiel Peters chaired the Executive Team while diagnosing Ebusco and defining a turnaround plan. In this process it has become clear that besides several operational changes the company requires a single CEO with a general management track record in the public transport sector. Michiel Peters is therefore stepping down.

Christian Schreyer (1968) will join Ebusco on 2 September as CEO and chairman of the Executive Team. Ebusco will convene an EGM to propose the appointment of Christian Schreyer as member of the Management Board in the role of CEO and to present the turnaround and financing plans. Several major shareholders have already expressed their support for Christian’s appointment by providing financial backing as a prelude to start implementing the turnaround.

Christian has over 25 years’ experience within the Public Transport and logistics sector having worked for companies such as Deutsche Bahn, DB Schenker Rail, Transdev and Go Ahead. Throughout his career, he has developed deep industry expertise, gained extensive customer insights, and successfully led massive company turnarounds. Christian holds a Master of Laws degree from Ludwig- Maximilians Universität Munich and pursued a General Management Programme at Harvard Business School in Boston USA.

In addition to these management changes, the Supervisory Board announces that Ruud Spoor will step down from the Supervisory Board for health reasons and Saskia Schatteman will step down as Supervisory Board member due to personal reasons. Both retirements are with immediate effect, the company extends its gratitude for their contributions.

Founder Peter Bijvelds, comments: “From 2010 onwards, my focus has been on establishing and further developing Ebusco. While the idea of making cities cleaner with zero emission buses once seemed ambitious, it has now proven to be the future. With the support of a dedicated team, I have built this organisation from the ground up and established Ebusco as an industry pioneer. Over the past decade, I’ve poured my energy into this mission, finding joy and satisfaction in seeing our products succeed and even outperform market standards in terms of energy efficiency. As Ebusco enters a new phase, it is time for me to hand over the CEO position to Christian whom I trust that under his leadership, the management will take the necessary steps to achieve the further execution of the turnaround.”

Michiel Peters, adds: “It has been a privilege to work with Peter, the Executive Team and other Ebusco colleagues. The superior product and bright people of Ebusco are a strong foundation for long term success. I believe that with the recent additions and the arrival of Christian Schreyer the Executive Team of Ebusco is strong and well positioned to deliver the required operational turnaround and further develop customer relations. I will therefore step back but will remain a supporter of the Ebusco team.”

Derk Haank, Chairman of the Supervisory Board of Ebusco, adds: “We extend our gratitude to Peter for his tireless commitment and dedication. We thank Michiel Peters for his leadership over the past period to chair the Executive Team while shaping the Turnaround Plan, preparing the organisation for the next phase, and supporting Christian Schreyer while on-boarding. To conclude, but by no means less important we thank Ruud Spoor for his dedication both before and after the listing of Ebusco as well Saskia Schatteman for the constructive cooperation over the past years”

Executive Team is developing Turnaround Plan

Financial review H1 2024

• Revenue over the first half of 2024 arrived at €38.0 million.
• EBITDA loss of €60.7 million.
• Result for the period of negative €64.7 million.
• Order book of 1,662 buses[i].

Operational review H1 2024

• 98 buses delivered, including first Ebusco 3.0 buses assembled by contract manufacturers.
• Scaling up with contract manufacturers has been hampered by start-up inefficiencies.
• Working with contract manufacturers has nonetheless proven to be the right choice, with unit economics approaching expected levels.
• Ebusco 3.0 showing strong operational performance and market leading energy efficiency.
• Reshaping of the Executive Team completed with recent hires of Co-CEO, COO and CCO.

Guidance 2024 and Turnaround Plan

• As already communicated, guidance of 325 million revenue and positive EBITDA no longer achievable.
• Reshaped Executive Team working on Turnaround Plan.
• Further guidance provided during Q3 update and Capital Markets Day.

Deurne, 31 July 2024 – Ebusco (Euronext: EBUS) today provides insight into its results for the first half of 2024. Disappointing performance to date, have resulted Management to withdraw 2024 guidance, as communicated on 25 June 2024. To take action, the reshaped Executive Team is developing a Turnaround Plan to improve the overall performance and delivery reliability of the company.

With a slower than expected scale up of the adapted production set-up, the company has, as earlier announced in its press release, drawn the conclusion that the provided guidance for 2024 is no longer achievable. Start-up inefficiencies have delayed production compared to the initial plan and will take the remainder of 2024 to resolve.

Although Ebusco was unable to reach the production output it was aiming for, the strategic shift to re-introduce working with contract manufacturers has proven to be the right choice, resulting in accelerated assembly time.

Inefficiencies at our in-house production facility in Deurne continue to hinder the finalisation of buses, slowing down factory output. This not only affects revenue but also delays the full execution of the cost reduction programme.

To improve the performance of the company, the reshaped Executive Team is developing a Turnaround Plan. While the key elements of this plan are clear, details have to be worked out. Ebusco has engaged with an external consultant to assess quality of gross margin, especially in view of production with contract manufacturers. This assessment shows that unit economics per bus will reach the levels allowing the company to execute its Turnaround Plan. For financing of the plan discussions with lenders and investors have been initiated. In this context, we also refer to our disclosures as set forth in the Interim condensed financial statements attached to the full press release.

Peter Bijvelds, Founder and Co-CEO of Ebusco, comments: “As the half-year figures reflect, it has been a disappointing start of the year. Although the decision to work with contract manufacturers for the Ebusco 3.0, as we have successfully done for years with the Ebusco 2.2, has proven to be the right choice, we have faced start-up inefficiencies that take longer than anticipated to resolve. To address these challenges, responsibilities within the Executive Team have been redistributed, and additional strength has been added. I am pleased that Michiel Peters has recently started as Co-CEO and chairman of the Executive Team. With the arrival of two experienced executives from the bus industry, Roald Dogge as COO and Erland Morelissen as CCO, we are ready to get the company back on track based on the turnaround we are developing.”

Michiel Peters, Co-CEO of Ebusco and chairman of the Executive Team, adds: “In the last few weeks I have had the opportunity to get to know Ebusco further and sense the commitment and knowledge of the people. With the Executive Team in a new composition, we have identified both the need and the opportunities to improve the performance of the company. Based on the unique concept of the Ebusco 3.0 and the proven concept of the Ebusco 2.2 we should be able to generate higher volumes and healthy financial returns.”

Guidance 2024 and Turnaround Plan

Guided by Michiel Peters, the new Executive Team is developing a Turnaround Plan to improve performance and reliability. This plan encompasses the following elements:

• Simplify operational footprint and establish reactive supply chain;
• Complete industrialisation of existing product portfolio before launching new products;
• Gradual increase of run rate to 40-50 buses per month by the end of 2025;
• Structural reduce OPEX by €20-30 million in 2025;
• Mobilise organisation by creating clarity with respect to goals, processes, and responsibilities.

During the Q3 update and the Capital Markets Day later this year, Ebusco will provide a more detailed elaboration of the Turnaround Plan, and an updated guidance for 2024.

Click here to read the full press release including interim condensed consolidated financial statements.

[i]  These orders can be divided into three categories: fixed (697), call off contracts (178), additional options within won contract (787).

Totalling to 140 buses ordered through the Deutsche Bahn framework

Deurne, 26 July 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and energy storage, has received a fixed order of 25 Ebusco 2.2 buses via the Deutsche Bahn framework agreement. With this order, the buses ordered through the framework agreement total to 140 Ebusco buses.

25 Ebusco 2.2 buses for Speyer region
These 25 buses represent the largest order under the DB framework so far and mark the beginning of Speyer’s complete fleet electrification. The 12-metre low-floor buses will each be equipped with a battery pack exceeding 400 kWh, allowing them to drive a full day operation on a single charge.

The framework agreement between Ebusco and Deutsche Bahn was originally signed in April 2022 and extended during Busworld in October 2023. With this agreement, Ebusco is the primary supplier to Deutsche Bahn for its 12- and 18-metre electric buses until the end of 2026.

The Ebusco 2.2 as preferred model
95% of the Ebusco buses ordered through the framework are Ebusco 2.2 buses, demonstrating Deutsche Bahn’s strong trust for this highly efficient electric bus. The Ebusco 2.2 has established itself as a market leader electric bus, thanks to its proven track record and continuous optimisations over the years. This highly efficient bus can drive up to 550 kilometres on a single charge, making it suitable for city and intercity transportation.

Peter Bijvelds, Co-CEO & Founder of Ebusco comments: “For over two years we have been a proud supplier of electric buses for Deutsche Bahn. We are extremely grateful for the trust shown by Deutsche Bahn, and are excited to continue the long-standing partnership that we share. The Ebusco 2.2 buses have proven to be excellent buses, show good Total Cost of Ownership performance, and are therefore perfectly suited for city and intercity transportation. We are grateful to Deutsche Bahn, and look forward to supplying even more electric buses in the coming two years.

Deurne, 9 July 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and energy storage, appoints Erland Morelissen as their new Chief Commercial Officer (CCO) and member of the Executive Team as of 12 August 2024. In this role, Erland will draw on his extensive experience and market knowledge to spearhead the company’s commercial strategy.

Erland Morelissen has a longstanding track record in automotive sector, holding various international and senior commercial roles within the Volvo Group and most recently, Van Hool, where he held the position of CCO for nearly five years. Erland is a Dutch national and holds a Bachelor International Management from the Amsterdam University of Applied Sciences. Erland has a proven track record in the automotive and bus industry and will further accelerate Ebusco’s commercial success based on his deep market knowledge, strong network, and strategic sales and marketing insights.

Over the last 12 months Ebusco has reshaped its Executive Team by welcoming six new members, including four external and two internal candidates. With the appointment of Erland, the restructuring of the Executive Team has now been completed. Ebusco is confident that the broad range of knowledge and experience within the Executive Team will enable the company to make significant strides forward.

Peter Bijvelds, Co-CEO of Ebusco added: “In recent years, besides my role as CEO, I have taken on the role of ad interim CCO. With a strong affinity for commerce, I am eager to work with Erland to further enhance Ebusco’s commercial success. The strong performance of the buses and the substantial order book create an excellent foundation for Erland to build upon in his new role. Ebusco’s market-leading products deserve the dedicated focus of an Executive Team member, and with Erland’s extensive experience in the bus industry, I am confident we will further strengthen Ebusco’s market position.”

Deurne, 25 June 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, and energy solutions, today releases an interim update. Following an initial results assessment of the first months of 2024 and the operational planning for the remainder of the year, the Executive Team sees the actions taken in the last 12 months are bearing fruit. However, the company has drawn the conclusion that its current guidance of revenue in excess of €325 million combined with a positive EBITDA in 2024 is, unfortunately, no longer achievable.

The strategic shift to re-introduce working with contract manufacturers has proven to be the right choice as we see an acceleration in assembly time. The number of buses delivered year-to-date has increased to 90 (vs. 66 in the first half of 2023) and is expected to accelerate in the second half of the year. The Ebusco 3.0 buses in operation at our customers continue to outperform in terms of energy efficiency. This strong operational performance and the resulting market demand enables Ebusco to plan its production well into 2025.

Earlier this year, Ebusco introduced a revised organisational structure, leading to clearer roles and responsibilities. Following the appointment by the Annual General Meeting in May, Roald Dogge has started as COO on 1 June 2024. Michiel Peters has already started his onboarding at Ebusco in preparation of his role as Co-CEO and Chairman of the Executive Team. The CTO and CHRO roles have been filled with internal candidates.

Although we are seeing the first positive results of the management actions taken, the transition of the assembly process and logistic flows to contract manufacturers has encountered start-up inefficiencies. These inefficiencies have delayed production compared to the initial plan and will take for the remainder of 2024 to resolve.

Also, at our inhouse production facility in Deurne, the finalisation of buses continues to be impacted by inefficiencies slowing down factory output. Besides having an impact on revenue, this also has an impact on the cost reduction programme which could not be executed in full yet. The catch-up effect in the second half of this year will not be enough to compensate for the lower than expected savings in the first half of 2024.

To counter these setbacks, Ebusco has taken the decision to prioritise customer orders that are currently on assembly lines and in the Pre Delivery Inspection (PDI) to focus on maximum speed of delivery of buses that are close to completion. Furthermore, the Executive Team is in the process to identify additional cost savings on top of the initiated plans.

Headed by Michiel Peters, a start has been made to the refinement of the medium- and long-term strategy which will be presented during the Capital Markets Day in November 2024. In the meantime, the company will update the market with intermediate financial updates as it works through the challenges that impacted the first half of 2024.

The publication of the half year results is due on 31 July 2024 at 07:30 CET.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on June 25, 2024.

One of the innovative components of our 3.0 buses: Carbon
But how is it produced?

To learn more about it,
DOWNLOAD OUR WHITEPAPER:
Carbon fibre and its role in modern electric vehicles

Showcasing the factory of the Ebusco 3.0

Deurne, 24 May 2024 – Ebusco (Euronext: EBUS), today showcased its manufacturing facility for the Ebusco 3.0 model in Cléon, France, to local and regional politicians and the press. Jean-Benoît Albertini, Prefect of the Normandy Region, Hervé Morin, President of the Normandy Region, Nicolas Mayer-Rossignol, Mayor of Rouen and President of the Rouen Normandy Metropolitan Area, and Fréderic Marche, Mayor of Cléon. Each took the floor to confirm their involvement in this project.

The Cléon site, which has been operational since late 2023, represents an important step in Ebusco’s growth strategy. At the event, Peter Bijvelds, Founder and Co-CEO of Ebusco, and Nicolas Mayer-Rossignol, Mayor of Rouen and President of the Rouen Normandy Metropolitan Area, highlighted the strong partnership between Ebusco and the local region.

Guests were given an exclusive tour through the factory, where they observed the production process of the lightweight Ebusco 3.0 casco. This innovative production process, incorporating carbon and other composite materials, houses several IP sensitive and essential components developed in-house by Ebusco. The use of these advanced materials results in the lightest and most efficient electric bus in the industry.

Peter Bijvelds, Founder and Co-CEO of Ebusco, comments: “Our Cléon facility marks a significant milestone for Ebusco, showcasing our commitment to France, as well as the south European market. We are proud to collaborate with the Metropole region to drive the future of electric transportation forward. With our committed team in France, I look forward to furthering Ebusco’s growth and success.”

For press images of the event: Press pack

Deurne, 15 May 2024 – During the Annual General Meeting (‘AGM’) of Ebusco Holding N.V. (‘Ebusco’) (Euronext: EBUS) on 14 May 2024 shareholders adopted all resolutions on the agenda.  

In addition to adopting the 2023 financial statements and discharging the members and former members of the Management and Supervisory Board, the AGM adopted the resolutions on the approval of the 2023 Remuneration Report and the proposed authorisation to repurchase and issue its shares and the exclusion or limitation of pre-emptive rights. Furthermore, the following resolutions were approved by the AGM.

Composition of the Management Board
Mr. Roald Dogge was appointed as a new member of the Ebusco Management Board. Commencing June 1, 2024, he will serve as the COO (Chief Operating Officer) for a duration of four years.

Composition of the Supervisory board
Mr. Roelf de Boer has been reappointed as member to the supervisory board for an additional year. His one-year reappointment extends Mr. De Boer’s membership to a total of over three and a half years.
Mr. Jeroen Drost has also been reappointed as member to the supervisory board for a second four-year term. His reappointment extends Mr. Drost membership to a total of over seven and a half years.
In additon Mrs. Carin Gorter has been reappointed as member to the supervisory board for a second four-year term. Her reappointment extends Mrs. Gorters membership to a total of over seven and a half years.
With these reappointments, the Supervisory Board strengthens its continuity.

The voting results will be published on the Ebusco investor website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 11:30 on May 15, 2024.

Deurne, 14 May 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, announces today that its Supervisory Board intends to nominate Michiel Peters as Co-Chief Executive Officer (Co-CEO). Michiel will join Ebusco on August 1 as Co-CEO with the mutual intention to formalise this position in the fourth quarter of 2024. Michiel will chair the Executive Team and report to the Supervisory Board.

In line with the earlier announcement made on 29 January 2024 regarding the introduction of the Co-CEO role, the Supervisory Board is pleased to announce that Michiel Peters (1966) will start as Co-CEO and Chair of the Executive team of Ebusco per 1 August 2024.

Michiel has more than 20 years’ experience as a CEO and COO in the broader industrial domain, including 4 years as CEO of Vanderlande and 6 years as CEO of Moba Group. He started his career at McKinsey & Company. Michiel holds a Master degree in Applied Physics from Delft University of Technology and earned a PhD degree at Eindhoven University of Technology.

Frank Meurs, who has fulfilled this role on an interim basis since January, will retire from the company as of 31 July 2024. In the coming weeks, Frank Meurs and Michiel Peters will be in close contact to ensure a thorough handover. The Supervisory Board expresses its gratitude to Frank for his commitment during this interim role and the contributions he has made to the company.

Peter Bijvelds, Founder and Co-CEO of Ebusco said: “I am really pleased that Michiel will join and lead Ebusco together with me. Michiel has more than 20 years’ experience in leading industrial companies, and I am confident that with the new Executive Team we are in pole position to deliver the growth strategy.”

Derk Haank, Chairman of Ebusco’s Supervisory Board added: “With Michiel Peters stepping in, the company can focus on turning its financial performance around and realising its growth plan.”

Capital Markets Day (CMD)

In view of the proposed nomination and Michiel’s responsibility in terms of strategy and operational excellence Ebusco has decided to move the Capital Markets Day to the end of 2024. Michiel will use this time to further familiarise himself with Ebusco’s operations and stakeholders, develop his own vision on the company and deploy his expertise in leading industrial growth companies.

Ebusco receives an order via the UGAP public purchasing centre, bringing the total number of Ebusco buses to be on the roads of Rouen to over 100

Deurne, 19 April 2024 – Ebusco (Euronext: EBUS), a pioneer and leader in the development of electric buses, charging systems and energy storage, has received a new order via the public purchasing centre UGAP, on behalf of the authority Métropole Rouen Normandie. This order consists of 15 Ebusco 3.0 18-metre buses which will be deployed in the Rouen Metropolitan area in 2025.

These 15 new Ebusco 3.0 18-metre buses will be fitted with 4 double doors and a battery pack of over 500 kWh to navigate the steep roads and accommodate the anticipated large number of passengers on their designated routes in the Rouen Metropolitan area.

More than 100 Ebusco 3.0 buses for the Rouen Metropolitan area
The 15 Ebusco 3.0 18-metre buses will accompany the four Ebusco 2.2 buses that are already in operation, and the additional 85 Ebusco 3.0 buses that are due to be delivered. This new order will see the deployment of 100 Ebusco 3.0 buses, including both 12- and 18-metre variants, in and around Rouen Metropolitan area. These 15 buses will be delivered from the site in Cléon, which is one of the Ebusco 3.0 manufacturing sites of Ebusco.

Sustainable buses and advanced safety systems
Métropole Rouen Normandie has opted for the Ebusco 3.0 model to serve the TEOR rapid transit lines. Thanks to its lightweight design and low energy consumption, these buses can cover the entire route on a single charge and return to the depot for an overnight recharge using the charging systems provided by Ebusco. An integrated optical guidance system will assist the driver when approaching platforms and the buses will be equipped with a Advanced Driver Assistance System (ADAS), which improves vehicle traction (acceleration, braking, steering) and driver and passenger safety.

Jean-Francois Chiron, Managing Director Ebusco France Sales comments: “We are really delighted to continue our partnership with Metropole Rouen Normandie in their strategy of decarbonisation of their urban transport and it is great to see that the second order is placed through the UGAP purchasing group. With our production facility in Cléon, we can provide innovative, zero-emission buses with local content.”

Deurne, 26 March 2024 – The Supervisory Board of Ebusco Holding N.V. (Ebusco, Euronext: EBUS), nominates Roald Dogge for appointment as a member of the Management Board of Ebusco. Following appointment by the General Meeting of Shareholders, he will hold the role of Chief Operating Officer (COO). In this role, he will be responsible for the global production, supply chain and purchase strategy. Roald will start in his new role on the 1 June 2024.

Roald Dogge (1970) joins Ebusco from NTS Group where he held the Chief Operating Officer position. In this role, he has ultimate operational responsibility for 10 production sites in Europe and Asia. Before that, Roald held various roles within NTS Group as Senior Vice President in Asia and Director Corporate Accounts. Before joining NTS Group, he spent considerable time in the bus industry in various management roles at Volvo Group and Autobus Factory BOVA, among others. His extensive experience will be invaluable in Ebusco’s next phase, in which the company is firmly committed to scaling its production capacity internationally in conjunction with assembly partners.

Derk Haank, Chairman of Ebusco’s Supervisory Board, comments: “The Supervisory Board is very happy that Roald, as a highly experienced COO with an outstanding track record when it comes to operational management, has committed to join Ebusco as COO. Thanks to his extensive experience, we are convinced that Roald has what it takes to drive the adapted assembly strategy and improve our supply chain, logistics, and procurement activities.“

Peter Bijvelds, co-CEO and chairman of Ebusco’s Management Board, added: “I am gratified that we are able to attract someone with Roald’s talent and experience. I am convinced that his experience will be of great value in the strategic direction we have taken. With Roald, we can further realise the necessary operational improvements as communicated to our stakeholders.”

Following the appointment of Roald, Ebusco’s Management Board will consist of Peter Bijvelds (co-CEO), Frank Meurs (co-CEO ad interim), Jurjen Jongma (CFO) and Roald Dogge (COO). In view of the continuity of the company, the Management Board as well as the Supervisory Board are pleased that Frank Meurs until 1 June, in addition to his position as co-CEO, will provide support to the teams that then will report to Roald.

Deurne, 26 March 2024 – Ebusco Holding N.V. (Ebusco, Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, has published the convocation for the Annual General Meeting of Shareholders (AGM), including the agenda and the accompanying explanatory notes, and the annual report 2023, and the draft deed of amendment of the articles of association of Ebusco, on its website https://investors.ebusco.com/share-information today. The Annual General Meeting of Shareholders will be held on 14 May 2024 at 14:00 CET at Fletcher Kloosterhotel Willibrordhaeghe, Vlierdenseweg 109, 5753 AC Deurne.

During the General Meeting the following items (among others) will be dealth with:

1. Proposal to appoint Mr. R. Dogge as a member of the Management Board in the role of Chief Operating Officer (COO)

On the day of the Annual General Meeting 2024, Mr. Bob Fleuren’s term of appointment will expire. Mr. Fleuren has informed the Supervisory Board that he is not available for reappointment. He will therefore step down on the day after the Annual General Meeting 2024. The Supervisory Board thanks Bob Fleuren for his very valuable contribution in recent years and wishes him every success for the future.

It is proposed to appoint Mr. Roald Dogge (Dutch nationality, 1970), with effect from 1 June 2024, as a member of the Management Board (Chief Operating Officer (COO)) for a term of four years (i.e., until the end of the Annual General Meeting of Shareholders to be held in 2028). The Nomination Committee had extensive discussions with Mr. Dogge in the context of his qualifications, ambitions and cultural fit with Ebusco. On this basis, the Nomination Committee determined that he fits the profile.

Currently, Mr. Dogge is working as COO at NTS Group. In this role, he has ultimate operational responsibility for 10 production sites in Europe and Asia. Before that, Mr. Dogge held various roles within NTS Group as Senior Vice President in Asia and Director Corporate Accounts. Before joining NTS Group, he spent considerable time in the bus industry in various management roles at Volvo Group and Autobus Factory BOVA.

The Nomination Committee has advised the Supervisory Board to nominate Mr. Dogge for appointment as a member of the Management Board. The Supervisory Board has followed this advice and proposes to the General Meeting of Shareholders to appoint Mr. Dogge as a member of the Management Board. the Supervisory Board intends to appoint him Chief Operating Officer (COO) with effect from 1 June 2024. Mr Dogge does not hold any shares or options in the capital of Ebusco.

2. Proposal to reappoint Mr. R.H. de Boer as member of the Supervisory Board

The Supervisory Board proposes to reappoint Mr. Roelf de Boer (Dutch nationality, 1949) as a member of the Supervisory Board for a third one-year term. Mr. De Boer was first appointed as a member of Ebusco’s Supervisory Board on 26 October 2021 and was reappointed for a one-year term at last years AGM on 17 May 2023 and is a valued member thanks to his extensive experience in the transport industry. On the occasion of his reappointment last year, Mr. De Boer had indicated he was no longer available for reappointment at the end of that term. At the request of the Supervisory Board, Mr. De Boer reconsidered his availability for reappointment and is available for reappointment once more. Mr. De Boer held various positions in the port and transport industry, including at Royal Nedlloyd Group, as well as various public and semi-public positions, including as Minister of Transport, Public Works and Water Management.

Mr. De Boer has now been a member of the Supervisory Board for over two and a half years and is chairman of the Remuneration Committee and a member of the Audit Committee. His one-year reappointment extends Mr. De Boer’s membership to a total of over three and a half years and strengthens the Supervisory Board’s continuity. In line with the Dutch Corporate Governance Code and the company’s Articles of Association, this means that his new term of appointment will expire at the end of the Annual General Meeting of Shareholders in 2025. Mr. De Boer has indicated that he is not available for reappointment after this term. Mr. De Boer is considered a non-independent member of the Supervisory Board within the meaning of the Corporate Governance Code and he does not hold any shares or options in the capital of Ebusco.

3. Proposal to reappoint Mr. J. Drost as member of the Supervisory Board

The Supervisory Board proposes to reappoint Mr. Jeroen Drost (Dutch nationality, 1961) as a member of the Supervisory Board for a second four-year term. Mr. Drost was first appointed as a member of Ebusco’s Supervisory Board on 26 October 2021. Mr. Drost has extensive experience as CEO and as a member of the Supervisory Board. Jeroen Drost started his career at ABN AMRO in 1986 and held various positions, including his first CEO role at ABN AMRO Asia. He later held similar positions at commercial bank NIBC and investment company NPM Capital. From 2014, he held various supervisory board positions, including at Fidea, Deli Maatschappij, Dura Vermeer, Vanderlande and Klépierre.

Mr. Drost has been a highly valued member and vice chairman of the Board of Commissioners for over two and a half years now, and he is chair of the Nomination Committee. His reappointment of four years extends Mr. Drost’s membership to a total of over seven and a half years and strengthens the Supervisory Board’s continuity. In line with the Dutch Corporate Governance Code and the company’s Articles of Association, this means that his new term of appointment will expire at the end of the Annual General Meeting of Shareholders in 2028. Mr. Drost is considered a non-independent member of the Supervisory Board within the meaning of the Corporate Governance Code and he does not hold any shares or options in the capital of Ebusco. Mr. Drost is also a supervisory director at Randstad and Signify intends to appoint Mr. Drost as a member of the Supervisory Board in May.

4. Proposal to reappoint Mrs. C. Gorter as member of the Supervisory Board

The Supervisory Board proposes to reappoint Mrs Gorter (Dutch nationality, 1963) as a member of the Supervisory Board for a second four-year term. Mrs Gorter was first appointed as a member of Ebusco’s Supervisory Board on 26 October 2021. Mrs Gorter started her career at a legal predecessor of accounting firm EY Netherlands. She subsequently held various management positions at Rabobank and ABN AMRO. Mrs Gorter is also a supervisory director at TVM Verzekeringen, Basic Fit, TKH Holding, and DAS Holding, as well as a member of the Supervisory Board of De Nederlandse Transplantatie Stichting.

Mrs Gorter has now been a highly valued member of the Supervisory Board and Chairman of the Audit Committee for over two and a half years. This four-year reappointment extends Mrs Gorter’s membership to a total of over seven and a half years and strengthens the Supervisory Board’s continuity. In line with the Dutch Corporate Governance Code and the company’s Articles of Association, this means that her new term of appointment will expire at the end of the Annual General Meeting of Shareholders in 2028. Mrs Gorter is considered an independent member of the Supervisory Board within the meaning of the Corporate Governance Code and in that context holds no shares or options in the capital of Ebusco.

Adjusted strategy offers positive prospects after disappointing 2023

Financial review FY 2023

• 2023 revenue arrived at €102.4 million impacted by operational and logistics issues
• EBITDA loss of €95.7 million, higher than 2022 reflecting operational challenges
• Net loss for the year of €120.1 million
• Cash & Cash Equivalents of €27.9 million and contract assets of €67.6 million

Operational review FY 2023

• Order book grew from 1,474 to 1,719 buses at year-end, enabling production into 2025
• Management actions taken: new leadership team, new assembly strategy, cost base, and working capital improvement plans
• Assembly strategy implemented with first buses shipped within six months after start
• New production site Rouen live on time and on budget supporting the assembly at partners

Outlook 2024

• Revenue 2024 expected in excess of €325 million
• Employee benefits and other operating expenses for FY 2024 below FY 2023
• Positive EBITDA full year 2024 weighted towards the second half of the year
• Ebusco Capital Markets Day, planned for 20 June 2024

Peter Bijvelds, founder and co-CEO Ebusco

“Last year was a challenging, but above all, disappointing year. Neither did we deliver what we intended, nor did we deliver what we promised. Our guidance for a substantial improvement in our second half 2023 EBITDA was based on a full year revenue amount of approximately €145 million which we did not achieve. Management has taken key actions to structurally improve the financial and operational performance of the company and increase predictability in 2024 and beyond.

Lower production and delivery output impacted our liquidity and subsequently resulted in significant amounts of inventories (€106.5 million) and contract assets (€67.6 million). The actions we have taken will result in a higher, more predictable production pace and delivery in 2024. At the moment, over 125 buses are set for delivery, including more than 80 Ebusco 3.0 buses.

The appointment of Frank Meurs as ad interim co-CEO in January 2024 allows me to fully focus on the corporate strategy as well as product and commercial development. Next to the addition of Frank to the team, I am also glad to welcome Roald Dogge who has been nominated to become our new COO. His expertise and extensive experience in the automotive and OEM industry perfectly suits the role of the COO in our new assembly setup. I would like to thank Bob Fleuren for the invaluable contribution he has made to Ebusco.

Despite the challenges we faced in 2023, the main highlight remains the operational performance of the Ebusco 3.0. Our customers tell us that the 0.65 kWh per kilometre energy consumption of the Ebusco 3.0 is unrivalled. We have several innovations that we are working on to further improve the Ebusco 3.0 and remain at the forefront of the market. Lighter, more efficient, one step better every time. We have to do better, we can do better and we have taken the necessary management actions. We owe this to our employees, customers, suppliers, shareholders, and other stakeholders and I am grateful for their continued trust and patience over the past year.”

[1] For further details, see the ‘Non-IFRS measures’ included in the Annual Report 2023 page 124

Click here to read the full press release

Ebusco signs contract with Verkehrsbetriebe St. Gallen introducing the Ebusco 3.0 to the mountainous landscape of Switzerland

Deurne, 15 March 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage has signed a contract with VBSG – Verkehrsbetriebe St. Gallen. This order consists of 12 Ebusco 3.0 12-metre buses which will be deployed in St. Gallen beginning 2025.

The 12 Ebusco 3.0 12-metre buses will feature a low floor, three doors and will be powered by a battery pack of over 350 kWh. With these configurations, the buses are well equipped to cover the estimated 60,000 kilometres a year through the mountainous scenery of St. Gallen.

The Ebusco 3.0 to enter new territory
The Ebusco 3.0 is exceeding boundaries, both literally and figuratively. With this new order, the Ebusco 3.0 will again enter a new country. In the next years, the Ebusco 3.0 is expected to be on the road in: Sweden, Norway, Denmark, the Netherlands, Belgium, Germany, France and now Switzerland. Nevertheless, this will mark the first time the Ebusco 3.0 will be deployed in mountainous terrain. The characteristics of the Ebusco 3.0, such as its exceptional energy-efficiency and manoeuvrability, make this bus highly suitable for steep landscapes and therefore the perfect choice for VBSG.

Cleanest air in the world
Switzerland has long held clean air in high regard, and it comes to no surprise that the cleanest air in the world can be found in this country. As per the Paris Agreement, Switzerland developed a long-term climate strategy, targeting net zero emissions for 2050. Aligned with its country’s strategy, VBSG has set the same goal of becoming climate neutral by 2050, and is currently in the process of converting its entire fleet to an electric driveline. With this order, Ebusco and VBSG are together contributing to meeting both regional and national targets.

Dr. Ralf Eigenmann, CEO at VBSG, comments: “With this new order, we take another significant stride towards our goal of becoming climate neutral by 2050. We eagerly anticipate our partnership with Ebusco, firmly believing that the Ebusco 3.0 represents the optimal choice for delivering clean and sustainable transport throughout our region. We are confident that this partnership will not only benefit our community but also contribute to a greener, more environmentally friendly future.”

Patrick Oosterveld, Sales Director of Ebusco, comments: “For the Ebusco 3.0 there is no mountain high enough to climb. St. Gallen features stunning scenery, and we’re privileged to add to its beauty with our bus. We are very confident that the Ebusco 3.0 will once again excel in performance and provide St. Gallen with sustainable and reliable transportation for many years to come.”

Ebusco signs contract with VR Sverige to partner up and ensure a rapid transition to emission-free transport

Deurne, 31 January  2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage has signed a contract with VR Sverige. This order consists of 14 Ebusco 3.0 18-metre buses which will be deployed in Helsingborg beginning 2025.

The 14 Ebusco 3.0 18-metre buses will be equipped with a battery pack of over 500kWh, ensuring a sufficient range for the BRT (Bus Rapid Transit) lines where these buses will operate. BRT is a transit system renowned for its frequent, swift and dependable travel times while providing a comfortable and high-quality transportation experience. Through these routes, VR Sverige, together with Ebusco facilitates convenient, inclusive, and environmentally sustainable transportation in Helsingborg.

A bus that suits the city
The groundbreaking Ebusco 3.0, will be right at home in the city of Helsingborg which is known for its innovation-driven spirit. So much so that Helsingborg won second prize in the European Capital of Innovation Awards 2020. This annual award, also known as “iCapital”, is given to the European city that can best demonstrate that it uses innovation to improve the lives of its residents – something Helsingborg continues to excel at, reaffirmed by this new order.

Making public transport appealing
VR Sverige not only focuses on zero emission buses, but also on the overall impact of an electric operation. Consequently, VR Sverige exclusively relies on green, renewable energy to minimise the environmental impact. The Ebusco 3.0 seamlessly aligns with this philosophy. Due to its lightweight design, the Ebusco 3.0 has recently showcased its revolutionary low energy consumption, resulting in a substantial reduction of the overall resources required to run an operation.

Anders Frykman, Director of the Bus Division at VR Sverige, comments: “We are proud and happy to announce that Ebusco will be the new supplier of electric buses to Helsingborg. They are, just like VR Sverige, innovation-driven, and we are convinced that the Ebusco 3.0 is a bus model that will increase both the comfort on board and the perceived quality. In addition, it will be even easier for the people of Helsingborg to travel sustainably.”

Peter Bijvelds, co-CEO of Ebusco, comments: “We are extremely proud and honoured to welcome VR Sverige as a new customer. In recent trials, the Ebusco 3.0 has demonstrated its position as the market’s most efficient electric bus. As we introduce these 18-meter buses, we anticipate a further amplification of their positive impact on sustainability. We are delighted to partner with VR Sverige in taking a significant stride toward enhancing comfort and sustainability in public transportation, with the shared goal of improving the environment for both commuters and residents.”

Deurne, 29 January 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, announced that shareholders adopted the proposal to authorize the Management Board to issue shares, to grant rights to subscribe for shares and to limit or exclude pre-emptive rights.

As announced in separate press releases on 13 December 2023 and 14 December 2023, the Company has launched a comprehensive package which comprises an accelerated bookbuild offering of newly issued ordinary shares, and a placement of a private convertible bond to an entity managed by Heights Capital Management, Inc. (“Heights”). In respect of the convertible bond placement, the Company has entered into a binding agreement with Heights for an amortising convertible bond financing which will be maturing in December 2026 (the “Convertible Bond”).

During the Extraordinary General Meeting on 29 January 2024 the shareholders adopted the proposal to authorize the Company’s management board for a period of 18 months following the date of the EGM as the competent body to issue Shares and grant rights to subscribe for Shares and exclude pre-emptive rights relating thereto for purposes of the Convertible Bond.

Peter Bijvelds, co-CEO of Ebusco, says: “We are grateful for the trust our shareholders have shown during this process. This approval concludes the capital increase of in total 59.2 million which strengthens our financial position. Ebusco is now focusing on 2024 and the adapted assembly strategy and is planning ahead for the future.”

The voting results will be published on the Ebusco investor website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 15:30 on January 29, 2024.

Deurne, 29 January 2024 – Ebusco (Euronext: EBUS) today provides a preliminary update on its full year figures for 2023 and announces that Frank Meurs will join the management board as ad interim co-CEO.

Shift 2023 revenue to 2024

Due to unforeseen circumstances, part of the previously expected 2023 revenue will shift to early 2024. The revenue not recognised in 2023 will be added to our 2024 outlook which is subsequently increased to revenue in excess of EUR 325 million and positive EBITDA.

Ebusco is currently working on the financial close of 2023, the company expects the 2023 revenue to be impacted by two elements that previously could not have been foreseen:

1. Energy Containers certification delay

The delivery of most of the Energy Containers has been moved to 2024 as a certification programme required for delivery was not completed in line with the expected timetable. The certification programme has since been completed on the first containers and delivery to the client is now expected late Q1/early Q2. The impact of the delayed delivery is slightly over EUR 10 million.

2. Bus production logistic impact

For a number of buses that were already completed at our assembly partners, revenue could not be recognised due to the fact that title transfer to Ebusco did not occur in time. These buses have been completed by our assembly partner and are ready for shipment.

Furthermore, the recent disturbance in global logistics flows and the capacity in our own warehouses resulted in longer shipping times delaying the arrival of parts at our assembly partners. This had a knock-on effect on the assembly progress in the last weeks of the year at our partners. The title transfer and logistics issues had an impact on the 2023 revenue of circa EUR 15 to 20 million.

The above circumstances will not impact the production plan for 2024 and therefore will not have consequences for client delivery plans and related cash collections.

Increased guidance 2024

As a result, the guidance for 2024 is adjusted upwards from “revenue in excess of EUR 300 million” to “revenue in excess of EUR 325 million”. Furthermore, Ebusco reiterates that it expects positive EBITDA for the full year 2024. Ebusco will provide more concrete guidance on the EBITDA outlook throughout 2024.

The underlying flow and progress with our assembly partners continue to develop positively with an increasing number of parts being locally sourced. Although the set up with the assembly partners will initially add some complexity to our logistics flow, the strategy to work with assembly partners will result in reduced supply chain risks, a more flexible cost base and lower working capital.

We confirm that the first Ebusco 3.0 buses assembled by our partners are currently in transit to Europe and are due to arrive in February. We further confirm that our own manufacturing location in Deurne has contributed to revenue as expected in the last quarter.

Organisational update

Following the ongoing expansion of the company and the shift in assembly strategy, founder and CEO Peter Bijvelds has requested the Supervisory Board to consider creating the role of co-CEO with the aim to increase efficiency and sharing the workload in the company. The Supervisory Board, after due consideration, decided to grant their approval for this request.

The Supervisory Board today appoints Mr. Frank Meurs for this new co-CEO role on an ad interim basis while searching for a permanent solution. As previously announced, Frank Meurs is already acting as advisor to the Board and has substantial experience in business development, operations and supply chain which will be his main responsibilities in the new Management Board set up.

Following the creation of the co-CEO role, Peter will be able to fully focus on corporate strategy as well as product and commercial development. The complementary skill sets of Peter and Frank should further solidify the strong position Ebusco has built over the last decade in the zero-emission public transport market.

In addition, the nomination committee and management board continue to make good progress in the search for a new COO and aim to announce a successor for Bob Fleuren ahead of the AGM in May.

Beginning this year, Ebusco has started implementing the cost measures, developed late last year, to reduce the indirect cost base and align the direct cost base with the adjusted assembly strategy. These measures are expected to result in total operational expenditures for 2024 being substantially below 2023.

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management’s beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

This press release contains information that qualifies or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Optimal electric bus performance by pre-conditioning your buses

In the ever-evolving landscape of sustainable transportation, electric buses have emerged as frontrunners in reducing emissions in the mobility sector. However, one challenge electric bus operators face, especially in colder climates, is the potential impact on range due to heating requirements, but there is a relatively simple way to minimise this impact.

Pre-conditioning

Often, it can be a matter of utilising your charging system to its full capacity, meaning that, while your bus is charging, it can simultaneously heat the bus, creating a warm bus before operation starts.

Heating systems operate by using external electricity to warm up the bus before it hits the road. This not only ensures passenger and driver comfort but also reduces the strain on the battery during operation in colder climates. By heating the bus while it’s still connected to the charging station, operators can minimise the need for heating during the journey, preserving valuable battery power for driving.

Ebusco Live

Ebusco Live is a real-time monitoring system. This system collects all the data of the buses, and gives you, amongst other things, insight into the battery capacity, temperature in the bus, and temperature of the batteries, even up to cell level. By using Ebusco Live, you can make data-driven decisions to optimise your charging time and energy consumption.

Data driven decisions

Ebusco Live empowers operators to implement customised charging strategies based on specific needs. Whether it’s adjusting charging times during off-peak hours, or pre-conditioning the buses by including heating (or cooling) in the charging time, the platform offers flexibility to adapt to varying operational requirements. So how can Ebusco Live help you to increase the performance of the bus in wintertime? With this live monitoring system, the battery performance is displayed at cell level. By understanding the impact of weather conditions on the battery performance and charging process, fleet managers can strategically adapt their operational planning. For instance, during cold temperatures, an additional cooling time can be seamlessly integrated into the charging schedule, ensuring a warm bus, pre-heated batteries, and an optimal battery capacity before the start of operation. In summer, this principle can also be applied by cooling down the bus before the service starts.

Small change, big impact

By properly mapping your operation in different weather conditions, and adapting your charging strategy, you offer comfort for both passengers and drivers while improving operational efficiency, and range. With these relatively small adjustments, electric bus operators can ensure that sustainable mobility remains a viable and efficient option year-round.

Opportunities to contribute to a more sustainable world

Officially, 2023 stands as the warmest year on record, with the concentrations of the primary greenhouse gases, CO₂ and methane, reaching record levels. As the atmosphere accumulates more greenhouse gases, they intensify heat retention, contributing to a rise in average temperatures. This trend is anticipated to persist beyond 2023, with projections indicating that 2024 will likely surpass even this record warmth.

Paris climate agreement

In 2023, the global average temperature exceeded that of the late 19th century (pre-industrial times) by almost 1.5 degrees. Back in 2015, nearly 200 countries agreed under the Paris Climate Agreement with the shared goal of constraining global warming to this 1.5 degree limit, to avoid the worst effects of global warming. To uphold our commitment to the Paris Climate Agreement, where Ebusco already played a role as the provider of zero emission bus transportation for the Dutch Royal Family during their visit in Paris, it becomes imperative to reinforce the implementation of zero emission technologies and secure a sustainable way of generating and distributing energy.

CO₂ Emission as one of the primary gases

Projections indicate that the global CO₂ emissions for 2023 are expected to total 36.8 billion metric tons from fossil fuels, marking a 1.1% increase from the previous year. It’s well-known that the world is much warmer now than 100 years ago, as humans keep releasing record amounts of greenhouse gases like carbon dioxide into the atmosphere. Those emissions come from many sectors, and this means there is no single or simple solution to tackle climate change.

Regarding the most recent review of emission distribution by sector, data from 2020 shows, road transportation singularly accounted for 12% of global emissions, making it the largest sector in terms of contribution. Consequently, if we were to electrify the entire road transportation sector and shift to a fully decarbonised electricity mix, it could potentially result in a reduction of global emissions by 12%.

More than electric driving

The recognition of electric vehicles playing a significant role in addressing climate issues is well-established. However, the often-overlooked aspect of this transition is the electricity supply required, considering that electricity generation remains a major source of pollution and an area with substantial room for improvement. Despite the increasing number of green energy generators, the current distribution systems are not adequately aligned with them.

Traditionally, we are accustomed to a consistent power supply unaffected by external factors. The shift to green power generators demands adaptability in both distribution and power deployment. Managing the irregular power supply introduces challenges, leading to surplus power when it may not be needed and shortages during peak demand. To address this issue and promote green power supply, energy storage becomes crucial for enhancing the power grid.

For this reason, Ebusco focuses not only on advancing electric driving but also on promoting green power supply through the implementation of Ebusco Energy Storage Systems. This approach aims to make electric driving more accessible and sustainable, acknowledging the importance of a reliable and adaptable power infrastructure.

New customer Verkehrsbetrieb Potsdam kicks off fleet electrification with first E-bus order

Deurne, 4 January 2024 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, has signed a contract with Verkehrsbetrieb Potsdam (ViP) for 10 Ebusco 3.0 12-metre buses, and 13 Ebusco 3.0 18-metre buses.

The 12-metre buses will feature a low floor, three doors, and will be powered by a battery pack exceeding 350 kWh. In addition, the 18-metre buses will be equipped with four doors and a battery pack surpassing 500 kWh. Notably, each bus will be equipped with a pantograph, setting them apart from any other Ebusco 3.0 bus. The buses are scheduled to commence service in 2025 and will operate in the Potsdam area.

Made to move millions of passengers per year
ViP manages a fleet of 59 buses and transports over 30 million passengers annually. Stadtwerke Potsdam and ViP have committed to a gradual reduction of the 5,000 tons of CO2 emissions resulting from bus transportation, with the goal of achieving emission-free operation by 2031. To accomplish this goal, the first step has been taken by placing this order of 23 Ebusco 3.0 buses.

Ebusco and ViP have together shaped an infrastructure based on pantograph charging. Therefore, this will be the first time Ebusco will apply a pantograph to the 3.0 model. Although this is a debut for the Ebusco 3.0 model, the pantograph itself is a well-known concept that has already been successfully implemented on many Ebusco 2.2 models for several years.

Patrick Oosterveld, Sales Director of Ebusco comments: “Ebusco has consistently played an important role in facilitating the initial adoption of electric buses. We are thrilled to continue contributing our wealth of knowledge and experience, playing a significant part in the successful implementation of electric buses. Through collaborative efforts with ViP, we’ve devised a solution that seamlessly enables their transition to an all-electric operation, and we eagerly anticipate the positive impact of this transition.”

Bettina Biffi and Uwe Loeschmann, Managing Directors of Verkehrsbetrieb Potsdam, comments: “This first order represents a significant step on our way to an emission-free fleet. The order for 23 electric buses is our targeted step towards continuing to offer environmentally friendly public transport in Potsdam and keeping up with the latest technological developments. We look forward to continuing this collaboration with Ebusco in the coming years and working together towards our sustainability goals.”

Deurne, 18 December 2023 – Ebusco Holding N.V. (Ebusco or the Company, Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, today announces it will hold an Extraordinary General Meeting (EGM) on 29 January 2024.

As announced in separate press releases on 13 December 2023 and 14 December 2023, the Company has launched a comprehensive package which comprises an accelerated bookbuild offering of newly issued ordinary shares, and a placement of a private convertible bond to an entity managed by Heights Capital Management, Inc. (“Heights”). In respect of the convertible bond placement, the Company has entered into a binding agreement with Heights for an amortising convertible bond financing which will be maturing in December 2026 (the “Convertible Bond”).

Ebusco today announces it will hold an Extraordinary General Meeting on 29 January 2024 to request shareholder approvals to designate the Company’s management board for a period of 18 months following the date of the EGM as the competent body to issue Shares and grant rights to subscribe for Shares and exclude pre-emptive rights relating thereto for purposes of the Convertible Bond. The convocation and related documents are available via the website.

Peter Bijvelds Holding Erp B.V., VDVI B.V., ING Corporate Investments Participaties B.V. and Teslin Participaties Coöperatief U.A. (the “Pre-Committed Investors”) have irrevocably committed to vote in favour of the requisite EGM resolution, with the Pre-Committed Investors representing a majority of the shareholder base.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on December 18, 2023.

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

To access the press release, please click here.

Confirmation of full year guidance for 2023

Deurne, 13 December 2023 – As indicated during the third quarter update 2023, Ebusco (Euronext: EBUS) today provides an update with respect to its progress in 2023, outlook for the full year 2024 and other operational developments. In conjunction, Ebusco announces an accelerated bookbuild offering and concurrent convertible bond private placement in a separate press release. 

Narrowing of the 2023 guidance 

Based on the current production in Deurne and the development at our assembly partners, Ebusco narrows its revenue guidance for the full year 2023 to arrive in the range of EUR 145-155 million, which reflects the lower half of the guidance as provided at the Q3 update.  

Operational expansion outside of Deurne is on track with the first serial produced 3.0 buses successfully assembled at our assembly partners in China and ready to be shipped this year. Furthermore, the first cascos based on a local supply chain have been completed at our assembly partner and the commencement of production at our plant in Rouen is on track. 

Supply chain imbalances continue to impact our business as missing components lead to inefficiencies and additional costs. However, Ebusco continues to make progress on the efficiency of its assembly lines and expects a significant improvement of EBITDA in 2H23 compared to 1H23.  

Outlook 2024: revenue in excess of EUR 300 million and a positive EBITDA  

Fully based on the execution of existing customer orders for 2024, Ebusco expects revenue to be in excess of EUR 300m for the full year 2024. Furthermore, Ebusco confirms that it expects to achieve a positive EBITDA for the full year 2024. Ebusco will provide narrower guidance on the EBITDA outlook in the course of 2024. 

As of the first quarter of 2024, Ebusco will implement cost measures that have been developed in recent months to lower its indirect cost base and bring the direct cost base in line with the adapted assembly strategy. 

Funding initiatives 

To cover the working capital need in relation to the 2024 guidance, Ebusco simultaneously announces in a separate press release the launch of an accelerated bookbuild offering and concurrent convertible bond private placement. Ebusco will convene an extraordinary general meeting on 29 January 2024 to request the required shareholder approvals. 

To further increase its financial flexibility, Ebusco is having constructive and advanced discussions with lenders to extend and increase its existing bank guarantee/letter of credit facility. The structure under discussion is similar to the structure that Ebusco successfully deployed in the past to shorten its cash cycle. 

Organisational changes 

Bob Fleuren has informed the Management Board and Supervisory Board of Ebusco that he will not stand for re-election as COO at the end of his current term (May 2024 AGM).  

Bob remains highly supportive of the adapted assembly strategy, which he co-initiated. However, he has decided that his personal ambitions lie elsewhere, and he will be looking to pursue these outside of Ebusco. During his remaining tenure, Bob will continue his work with the same dedication and commitment to Ebusco, its employees and customers. A search for a replacement COO has been initiated, with a view to further align the composition of the management board with the adapted assembly strategy. 

Furthermore, Ebusco has appointed Mr. Frank Meurs as an advisor to the management board with the intention to nominate him for a position on the supervisory board at the AGM in May 2024. Frank brings with him a wealth of experience in the fields of business development, operations and supply chain.  

Most recently, Frank acted as the managing director of Toray Advanced Composites EMEA. Prior to that, he was chief operating officer of Ten Cate Advanced Composites Global. With this background, Frank will provide invaluable support to both the management and supervisory boards and the broader company as Ebusco scales up its business. 

Capital Markets Day 2024 

Ebusco will organize a Capital Markets Day in the second quarter of 2024 to provide more insight in market developments, its long-term strategy, and technological roadmap. 

Important information

The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), may not be offered or sold in the United States absent registration or except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of the securities referred to herein in the United States.

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management’s beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

This press release contains information that qualifies or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Ebusco selected as supplier for Consip with Ebusco 2.2 buses

Deurne, 28 November 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, has been selected by Italian central purchasing organisation Consip in the category “suburban buses in Class I”. Under this selection, Ebusco will offer the Ebusco 2.2 to Italian authorities and operators without the need to issue a European tender.

Consip is the National Public Administration Procurement Center of Italy which enables local governments to perform public purchases while stimulating a competitive participation of bidders in public tenders. The Italian Ministry of Economy and Finance (MEF) is the sole shareholder of Consip.

Through an extensive tender process, Ebusco was selected as a supplier for electric suburban buses. Operators can order a pre-defined Ebusco 2.2 low floor bus with a battery pack of more than 400 kWh through the Consip system. If operators want to deviate from the standardised configuration, they can issue a mini tender to the selected OEMs. The total number of buses rewarded under the suburban lot for the selected group of six suppliers is 250 buses over the next 18 months with a possible extension of 6 months. This framework agreement allows Ebusco to enter the Italian market in an efficient way with the Ebusco 2.2.

Peter Bijvelds, CEO of Ebusco comments: “We are proud and honoured to be selected by Consip and it is clearly a next step to expand our footprint in Europe. With the Ebusco 2.2, we continue to have a modern electric bus with excellent energy consumption performance leading to a competitive Total Cost of Ownership. We are happy to see that we have now taken a first step in Italy and look forward to working with the Italian authorities to reduce the carbon footprint through the deployment of zero-emission public transport.”

First buses from assembly partners expected in Q4 2023

Deurne, 11 October 2023 – Ebusco (Euronext: EBUS) today provides a trading update for Q3 2023 and an outlook for the remainder of 2023.

Peter Bijvelds, founder and CEO: “Following the announcements at the half year results, we have made strong progress with implementing our adjusted manufacturing strategy and good progress in optimising our day-to-day operation in the Netherlands, while navigating a challenging landscape.

We are pleased to report that we have successfully expanded our 3.0 production capacity. This includes both the scaling of 3.0 casco production in Deurne and the start of production with international assembly partners. It is encouraging to see that our assembly partners have swiftly started the Ebusco 3.0 bus assembly and we can confirm that the first shipments are expected in the fourth quarter of this year.

The delivery of Ebusco 3.0 buses to Transdev has continued at a steady pace during the quarter. In addition, we are currently in the vehicle acceptance phase with two customers, who will start operations with the Ebusco 3.0 in the fourth quarter of this year. The operational performance of the Ebusco 3.0 exceeds our and our clients’ expectations. The buses in operation demonstrate outstanding energy efficiency, with a real-road energy consumption of 0.65 kWh per kilometre while regularly driving over 500 kilometres per day on a single charge.

It is very gratifying to see that, despite the challenges we face, customers consistently place their trust in us. This is reflected by, for instance, the seventh order we received from Stadtwerke Munich. Furthermore, we continue to receive highly positive feedback from amongst others Berliner Verkehrsbetriebe (BVG) and Transdev with respect to the operational performance and drivability of both the Ebusco 2.2 and Ebusco 3.0.

It is clear that our operational performance is not where we would like it to be. It is therefore crucial that we remain focused on executing our plans to improve this performance. The dedication I see from our colleagues every day makes me proud and gives me the confidence that we will make it happen together.”

Outlook 2023

Despite the supply chain imbalance and personnel shortages that are still impacting operations, Ebusco has delivered 138 buses to date. As a result of these developments combined with the ramp up in Deurne and at our assembly partners Ebusco provides the following outlook for the full year 2023:

• 250-300 buses contributing to revenue;
• Revenue of EUR 145-165 million;
• A significant EBITDA improvement in 2H23 compared to 1H23.

Furthermore, we reiterate our previous guidance to achieve a positive EBITDA in 2024 and will update the capital markets on our FY 2024 outlook in December 2023.

As mentioned at our half year results, Ebusco secured a two-year financing facility of €41.5 million, in addition to its already existing bank guarantee credit facility of €50 million. The financing facility of €41.5 million is undrawn and management has implemented several cost savings and working capital improvement projects.

Order book Q3

During the third quarter, Ebusco gained new orders for 54 buses. New contracts were signed with repeat customer and innovation partner Stadtwerke Munich as well as Fraport, a new customer, opening up the airport bus market. More recently Ebusco and Deutsche Bahn extended their partnership for delivery of electric buses until 2026. The order book at the end of the third quarter is reflected below.

We continue to see robust tender activity scheduled for deliveries in 2024 and 2025 and expect to further increase our order book in the coming period. In addition to this, we notice that the demand for solutions provided by Ebusco Energy is growing, resulting in a good increase of its order book.

Production strategy progress

Based on the long-term relationships with our external assembly partners, Ebusco has been able to swiftly roll out the new production setup. Since launching the adjusted production strategy, good progress was made with the first cascos assembled at our casco assembly partner. On the bus assembly side, the first Ebusco 3.0 buses have been successfully manufactured and the first shipments of Ebusco 3.0 buses are expected in November.

Current partnership extended until 2026

Deurne, 10 October 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, remain to be the primary supplier to Deutsche Bahn for its 12- and 18 meter electric buses until 2026.

The initial framework was signed in April 2022 and went into effect from 2023 until 2024. With this signing, the optional extension for 2025 and 2026 is officially confirmed. The framework agreement relates to the delivery of battery electric Ebusco buses.

Orders through framework
Through the framework, multiple orders have been placed for the Ebusco 2.2 Model buses already, which will be deployed in more than 10 different projects. Out of those orders, multiple buses have already been delivered and hitting the roads. In addition, the companies are in final discussions for firm orders soon, which will bring the total so far to over 100 buses.

Mutual trust
With this extension, Deutsche Bahn shows their trust and confidence in moving forward together. With the acceleration in terms of electric bus procurements and Deutsche Bahn’s strong market position in Germany, we look forward to supplying many more zero emission buses. To date, Deutsche Bahn has only ordered Ebusco 2.2 buses, however, the contract also gives the possibility to order Ebusco 3.0 buses, this way Deutsche Bahn can offer the best possible solution tailored to the requirements of the different principals.

Patrick Oosterveld, Sales Director at Ebusco comments: “It has been great to consistently work with Deutsche Bahn and build a partnership in which we can both rely on each other.We are very proud to have been selected as a supplier of electric buses until 2026 and expect two more fantastic years in which we will make a major contribution to emission-free transportation in Germany.”

Ebusco signs with Multiobus, once again reaffirming the trust between the two parties

Deurne, 09 October 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage will, once again, sign a contract with Multiobus for 20 Ebusco 2.2 buses. Multiobus is a long-lasting partner that from the early years of Ebusco has shown its confidence through several orders.

Today, Ebusco and Multiobus will sign a contract for 20 new Ebusco 2.2 buses at Busworld in Brussels, the largest bus exhibition in the world. This exhibition holds special significance due to its location since Belgium will soon become the home country for the 20 ordered buses. The 20 Ebusco 2.2 buses will be equipped with a battery pack of over 400 kWh, will have a low floor configuration, and will accompany the Multiobus fleet which already consists of several models of Ebusco. The in total 36 Ebusco buses will be operated by Multiobus but will be driving under the name of De Lijn, Belgium’s largest public transport authority. Together, these buses will form the transport around Tienen – Belgium.

Follow up orders
Ebusco and Multiobus embarked on their electric journey together from the very beginning. In 2017, Multiobus took a significant step by becoming one of Ebusco’s early clients, acquiring an initial fleet of four Ebusco 2.1 buses. Their dedication to zero emission transportation became evident in 2020 when they placed an additional order for ten Ebusco 2.2 buses, reaffirming their satisfaction and trust in Ebusco’s products.

Following the introduction of the Ebusco 3.0, Multiobus recognized the potential of this lightweight innovation and placed an order for two Ebusco 3.0 buses, which are currently in production. Now, with specific configuration requirements, and the already proven concept of the Ebusco 2.2, Ebusco and Multiobus are once again collaborating to provide sustainable and affordable transportation. Since the Ebusco 2.2 model has shown to be highly competitive in terms of TCO – Total Cost of Ownership, Multiobus ensures itself of an ecologically and economically choice.

Olivier Van Mullem, CEO at Multiobus, comments: “We’ve had a longstanding partnership with Ebusco, and their unwavering dedication continues to leave us impressed. Our belief in the future of electric mobility has been steadfast, and like Ebusco, we’ve faced scepticism for our commitment to this vision. Now, six years since our initial collaboration with Ebusco, we stand even more firmly behind our shared philosophy, hence this new order and extended partnership.”

Brad van de Kerkhof, Account Manager Benelux at Ebusco comments: “We are immensely proud of the cooperation with Multiobus and are grateful for their trust and friendship over the last years. We admire Multiobus immensely as they bravely took  the lead in the transition towards zero emission transportation and we are looking forward to many more years of collaboration”

Unveiling of Ebusco Energy FLEX and more highlights at Busworld

Deurne, 06 October 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems, and energy storage, introduces Ebusco Energy FLEX, a new innovation that combines energy storage and charging, simplifying the way to zero-emission solutions. In addition, Ebusco also presents the real-road consumption of the Ebusco 3.0 and offers comprehensive insights into TCO, sustainability, and fleet monitoring through a series of presentations during Busworld 2023 in Brussels.

During Busworld, Ebusco can be visited at Hall 6 – Stand 603. The company unveils, amongst other things the Ebusco Energy FLEX, an innovative bi-directional energy storage and charging solution. Ebusco Energy FLEX enables the possibility to directly store (renewable) energy and is at the same time designed to minimise invasive construction of an electrical infrastructure. Because Ebusco Energy FLEX is a combination of energy storage and energy supply, no permanent installation has to be installed to provide electric vehicles with (renewable) power.

Flexible Energy Exchange
Ebusco Energy FLEX is a self-driving energy storage system that contains a battery capacity of 184 kWh. As the (renewable) energy sector continues its rapid expansion, Ebusco Energy FLEX is stepping up to meet the challenges posed by an overtaxed electricity grid. With the increasing availability of renewable energy sources outpacing the grid’s capacity, Ebusco Energy FLEX has emerged as the most accessible solution as it has the option of being directly connected to green energy providers such as solar panels and wind turbines. Ebusco Energy FLEX enables efficient storage of surplus and self-generated energy, ensuring that this energy is readily available when demand peaks. The capacity of 184 kWh and charging speed of 60 kW is sufficient to quickly charge multiple electric cars or recharge a bus in between operations. Implementation and provision of electricity could not be easier, eliminating all reasons to delay electric driving any longer.

Real-road consumption Ebusco 3.0
Ebusco is excited to share the real-road performance of the Ebusco 3.0, which has been in operation for the past couple of months. This data demonstrates an energy consumption of 0.65 kWh surpassing the initial model-based calculations, underscoring Ebusco’s commitment to reducing energy consumption and therefore the overall costs for operators. Ebusco also showcases its 3.0 18 metre bus that based on its exceptional weight saving again will exceed all existing boundaries regarding energy consumption.

TCO, sustainability, and fleet monitoring
In addition to the Busworld press presentation scheduled for Friday afternoon at 16:00, featuring Peter Bijvelds – CEO and founder of Ebusco, Ebusco has organised daily presentations at their booth. During these sessions, Ebusco will delve into crucial subjects like sustainability. Furthermore, guest speakers will be joining Ebusco to provide valuable insights on topics such as real-time data and fleet management. In addition, the topic TCO – Total Cost of Ownership, which has always been Ebusco’s focus, is further analysed and underpinned by the innovations Ebusco has to offer.

Peter Bijvelds, CEO of Ebusco, comments: “Our longstanding goal has consistently been to make electric driving as widely accessible as possible. With the real-road data of the Ebusco 3.0 exceeding our expectations, we could not be prouder. On the other hand, we also see the challenges entailed by the electric transition and are therefore thrilled to introduce Ebusco Energy FLEX, an innovative solution designed to meet the current demand for efficient energy use in the market. We eagerly anticipate showcasing the Ebusco 3.0 12 and 18 metre and Ebusco Energy FLEX at Busworld and can’t wait to welcome you there!”

Shareholders adopt all resolutions at EGM 2023

Deurne, 6 September 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, announced that shareholders approved the appointment of Jurjen Jongma as a member of the Management Board during today’s Extraordinary General Meeting of Shareholders (EGM) in Deurne. In line with the appointment of Jongma, the EGM also approved an individual adjustment to the existing remuneration policy in respect of Jurjen Jongma.

After today’s meeting, Jurjen Jongma (1971) assumed the role of Chief Financial Officer (CFO) with immediate effect. Before joining Ebusco, Jongma (1971) was CFO at Versuni, formerly known as Philips Domestic Appliances. Prior to that, he held financial positions within Royal Philips for over 25 years, including in the role of CFO for various Philips business units, as well as Head of Internal Audit for Royal Philips.

At Ebusco, Jurjen will dedicate his experience to helping the company further scale its production capacity internationally. Jongma explains: “I’ve got to know Ebusco as a dynamic company that’s proactively and effectively driving the positive changes needed for our society’s battle against climate change. While I acknowledge the challenges we face as a company, I hold a strong belief in our product and am absolutely certain that Ebusco has a bright path ahead. Being part of that is something I am positively looking forward to!”

Peter Bijvelds, CEO of Ebusco, says: “Over the past weeks, we’ve witnessed the immense financial, operational and strategic expertise that Jurjen brings to the team. Having him join us as our new CFO is something we’re very much looking forward to. I’m confident his experience will be indispensable during Ebusco’s next growth phase, in which we are firmly committed to scaling our production capacity internationally.”

Jurjen Jongma succeeds Björn Krook, who temporarily fulfilled the position of CFO over the past months. Krook will move back into his role as Investor Relations Manager.

“On behalf of the entire Ebusco family, I want to thank Björn for his valuable contribution and positive impact on our company over the past months. He fulfilled an exceptional role in our recent funding and we are therefore grateful that he stays on board to support Ebusco as Investor Relations Manager,” adds Peter Bijvelds.

The voting results will be published on the Ebusco investor website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 15:00 on September 6, 2023.

All-electric mobile shore power installation boosts the electrification of inland shipping

Deurne, 29 August 2023 – Ebusco (Euronext: EBUS), a pioneer and leader in the development of electric buses, battery storage and charging systems, has secured a total of three new orders from ZES. These include a Discharge Station, Charging Station and up to fifteen Docking Stations. Consequently, Ebusco contributes to a turnkey solution for the electrification of the inland shipping industry.

Zero Emission Services B.V. (ZES) supplies interchangeable energy containers for new and existing inland vessels. These energy containers, so-called ‘ZESpacks’, are used to power ships and can easily be replaced at one of the exchange and charging stations once empty.

Although ZES had previously purchased energy containers, the company still needed a charging solution. Following a tender process, ZES therefore awarded a contract to Ebusco to supply ten Docking Solutions, with an option for five more. The Docking Solutions will be deployed to charge ZESpacks, allowing them to power vessels during transit.

Peter Bijvelds, CEO of Ebusco, commented, “After an extensive tender process, we are delighted to be working for ZES once again. We already have significant experience with heavy-duty batteries in the bus industry and are proud to now apply this knowledge to the electrification of inland shipping. By combining our knowledge, we will ensure that the sustainability of shipping gains momentum.”

Plug-and-play solution: all-electric mobile shore power installation

Besides a charging solution, ZES was also looking for a way to provide shore power to ships during loading/unloading. For this, the choice fell on an Ebusco Discharge Station in combination with a Charging Station. The shore power facility consists of a 20-foot container containing electrical equipment, which can be used to supply ships with power during loading/unloading.

Remarkable is the fact that it is a plug-and-play solution. The Discharge Station is not connected to the public electricity grid, but used in combination with energy containers, allowing the station to be moved easily. The six ZESpacks required for this purpose can in turn be charged by the Charging System, which can charge several energy containers at once via a 20-foot container.

When the complete solution from ZESpack to charging station is not used for inland navigation, it can be used to balance the power grid. Balancing electricity supply and demand is essential to increase the resilience of the power grid as the share of renewables, with more variable output, increases.

Bart Hoevenaars, CEO of Zero Emission Services, adds: “We already know Ebusco as a reliable partner with a deep understanding of batteries and are therefore looking forward to collaborate once again. With the purchase of several Docking Solutions, a Discharge Station and Charging Station, we are taking an important step towards a complete ecosystem for zero-emission shipping, taking us one step closer to zero emission.”

Elevating airport transportation with up to 8 aerospace-inspired buses

Deurne, 15 August 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a two-year framework with Fraport (Frankfurt Airport) This framework includes a fixed order of 4 Ebusco 3.0 12-metre buses and 4 buses in option. This marks Ebusco’s first-ever order in the aerospace sector.

Fraport is one of the leading players in the global airport business and has set itself the mission of reducing its CO₂  emissions continuously, reaching net zero by 2045. This order of 4 Ebusco 3.0 12-metre buses with three doors, low floor and a battery pack of >250 kWh, marks an important step towards this goal.

Ebusco has a strong affiliation with the aerospace industry. For the development of the Ebusco 3.0, a team of key experts have drawn inspiration from various fields such as the aerospace industry to develop a lightweight and highly efficient electric bus. Due to its composite construction, this bus configuration can drive with the smallest battery pack available, up to 350 km on a single charge, making it possible to easily run the day-to-day airport operation.

Although multiple Ebusco 3.0 buses are already on the road in the Netherlands and Germany, this will be the first time the Ebusco buses will be deployed at an airport. As a result, the Fraport buses will feature a layout specifically designed for efficient airport transportation. With this new step, Ebusco is making an additional impact outside urban areas, providing travellers with a clean and comfortable start to their journey.

Wolfgang Hackauf, Sales Director of Ebusco, comments: “It is great to see that the aerospace industry and the Ebusco 3.0 once again come together. Our buses are available in different configurations and can therefore easily be applied for different purposes, such as airport transportation. We look forward to working with Fraport and are eager to expand our presence in the airport sector.”

Thorsten Clemens, Project Manager Fleetmanagement of Fraport: “Electromobility is a key element of our climate protection efforts and stands for future-oriented ground handling operations at Germany’s largest airport. These new Ebusco buses are among the first electric buses in our fleet and will set the tone for the coming years. In the tender process, Ebusco was able to respond to our specific height restrictions. We are looking forward to the arrival of the Ebusco 3.0 buses, and are excited about the partnership with Ebusco for the coming years.”

New assembly partners to enable improvement of operating results

Operational highlights H1 2023

• First Ebusco 3.0 buses from serial production delivered, showing strong vehicle performance
• Strong commercial momentum, with orders won from Qbuzz, SWEG, and Keolis amongst others
• First nine buses ordered through the French public procurement agency UGAP
• Tender activity in full swing, with traditionally most closing dates in the second half of the year
• Trials with new assembly partners completed, first Ebusco 3.0 buses successfully manufactured through partners

Financial results H1 2023

• Revenue over the first half of 2023 arrived at €41.7 million
• EBITDA[1] loss of €43.5 million
• Result for the period of negative €35.8 million
• Good order book increase with 320 buses (net) to a level of 1,794[2] (of which 677 Ebusco 3.0’s)
• Ebusco achieved a 4.7% market share in European Electric buses in 2Q23[3]

Liquidity and funding

• In order to finance short-term liquidity requirements, Ebusco secured a two-year financing facility of €41.5 million, in addition to its already existing bank guarantee credit facility of €50 million
• In view of the acceleration of production with partners, Ebusco sees further opportunities to streamline its working capital and cost base

Outlook FY 2023

• As per the update provided on the 27th of July 2023, Ebusco expects to record a significant improvement in the operating result for the second half of 2023 compared to the first half of the year and a significant increase in sales over the full year 2023 compared to 2022. In 2024, the company expects to be EBITDA positive.

Deurne, 9 August 2023 – Ebusco (Euronext: EBUS) today provides insight into its figures for the first half of 2023. With an adjusted manufacturing strategy, the company targets an improved result for the second half of 2023.

In the first half of 2023, Ebusco delivered fewer buses than expected. Although the company recently delivered the first Ebusco 3.0 buses from serial production, showing strong operational vehicle performance, Ebusco was unable to reach the production output it was aiming for. Production continued to be impacted by, amongst others, supply chain constraints and a shortage of skilled labour. As a result of these circumstances, the company faces delays due to rework. These effects, and provisions for late delivery penalties, negatively impacted profitability.

To mitigate the above-mentioned challenges, Ebusco has actively sought to increase production capacity by working with bus assembly partners in Europe and Asia. With respect to Asia, as we see with the Ebusco 2.2, supply chains have recovered much faster compared to Europe while the assembly partners also have an experienced workforce available. In conjunction with an existing supplier, Ebusco will also increase its casco output. The proprietary parts required for the casco output will be supplied from Deurne and Rouen.

The measures outlined above in combination with the financing facility up to €41.5 million enable Ebusco to continue its growth path while working on its operational performance improvement and working capital efficiency at the same time.

Peter Bijvelds, CEO and Founder of Ebusco, explains: “With no doubt we can state that the first half of 2023 was disappointing. Mainly due to the impact of supply chain disruptions and skilled blue-collar shortages, our performance, unfortunately, fell short of expectations. Although we proudly delivered the first Ebusco 3.0 buses from serial production, and strengthened our order book with repeat orders, the landscape in which Ebusco operates remains challenging.

We have taken several important steps to mitigate the challenges we faced in the first half of 2023, of which the decision to work with assembly partners for the Ebusco 3.0 is the most relevant. This step will not only improve our delivery reliability and gross margin in the short term, but it also enables us to facilitate further growth of our order book in the long term.

I am fully convinced that, by broadening production capacity and adjusting the supply chain, we take the right measures to improve performance in the second half of 2023.”

Click here to read the full press release.

[1] EBITDA is defined as earnings before net finance expenses, tax, depreciation and amortization. It can be calculated by excluding the depreciation and amortization expenses from the operating result in the interim condensed financial statements.

[2] These orders can be divided into three categories: fixed (669), call off contracts (229), additional options within won contract (896).

[3] Chatrou CME Solutions Alternative Drivelines for City buses Q2-2022 / Q2-2023.

Order for a total of 28 Ebusco 3.0 18-metre buses

Deurne, 2 August 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a new contract with Stadtwerke München for the delivery of 28 Ebusco 3.0 18-metre buses for Münchner Verkehrsgesellschaft (MVG). MVG already has Ebusco 2.2 and 3.0 buses in operation.

SWM has ordered the low-floor articulated buses with a particularly large battery pack (>500 kWh) for MVG. Together with the lightweight design, which makes the Ebusco 3.0 18-metre as much as 5 tonnes lighter than its forerunner (the Ebusco 2.2 18-metre), SWM can count on low energy consumption and high range. The buses are expected to cover some 60,000 km per year, good for savings of at least 55,000 kilograms of CO₂  and more than 90,000 grams of nitrogen per bus annually.

The Ebusco buses are a familiar sight on the streets of Munich. SWM not only has Ebusco 2.2 buses in operation, but the Ebusco 3.0 also experienced its world premiere in the Bavarian capital. Meanwhile, the first Ebusco 3.0 has been running for over a year and a half on line 100 in Munich’s city centre. There, the energy consumption of the 3.0 12-metre proves to be over 30 per cent lower compared to its predecessor (Ebusco 2.2). This makes the bus a very reliable choice in the switch to electric driving.

Peter Bijvelds, CEO of Ebusco, comments: “We are immensely proud of the trust shown by this order. The first Ebusco buses have already been on the road in Munich since 2017. In the past years, we have worked closely with SWM as an innovation partner, for example for the development of our lightweight construction and prototyping of platooning buses. The fact that SWM has now chosen the Ebusco 3.0 again proves that we are on the right track.”

Ingo Wortmann, MVG-Chef, adds: “Besides their innovative character, the Ebusco 3.0 vehicles are very reliable and especially economical. We are looking forward to adding 28 more 18-metre buses to our fleet and, among other things, making public transport in Munich even more sustainable.”

Ebusco provides update on its performance

Deurne, 27 July 2023 – Ebusco (Euronext: EBUS) today provides an initial insight into its figures for the first half of 2023. As a result of previous supply chain disruptions and ongoing labour shortages, the company is adjusting its expectations for 2023. By accelerating production capacity increases with assembly partners, the company is targeting an improved result for the second half of 2023. 

Market conditions first half 2023

As communicated earlier, Ebusco is facing material shortages due to supply chain disruptions. Although the supply chain is recovering, combined with ongoing labour shortages, this is leading to more delays in bus production than expected. Due to the headwinds, financial performance in the first half of the year remains below Ebusco’s expectations:

• Turnover is expected to be around €41 million.
• EBITDA loss expected to be €44 million.

Mitigating actions

To meet current orders and facilitate future growth in its order book, Ebusco is now pushing to accelerate the scale-up of its production capacity with the help of three assembly partners in Europe and abroad. Not only have all partners individually already proven their ability to ensure the quality of assembly, they are also helping to accelerate production and improve gross margin. Moreover, with the planned opening of the production facility in Rouen, France and an external casco assembly partner, Ebusco is working to further scale its casco production.

Outlook and strategic priorities beyond 2023

Partly due to the lower number of buses contributing to turnover, it is no longer realistic to assume that the previous expectations for turnover as well as positive EBITDA will be met in 2023. With the current actions, Ebusco expects to record a significant improvement in the operating result for the second half of 2023 compared to the first half of the year. With this, Ebusco nevertheless expects a significant increase in sales over the full year 2023 compared to 2022. In 2024, the company expects to be EBITDA positive.

On 9 August 2023, Ebusco will announce the results for the first half of 2023 and further details regarding the planned actions.

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management’s beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30am on 27 July 2023.

Deurne, 25 July 2023 – Ebusco Holding N.V. (Ebusco, Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, today announced it will hold an Extraordinary General Meeting (EGM) on 6 September 2023. The convocation and related documents are available via the website.

At the EGM, it will be proposed to appoint Jurjen Jongma as a member of the Management Board (CFO) for a term of approximately 3.5 years. Once approved, the appointment will take effect per the conclusion of the EGM and will end at the Annual General Meeting to be held in 2027.

In addition to the appointment of Jurjen Jongma, a proposal to approve an individual change to the existing Remuneration Policy approved by the general meeting of shareholders will also be put to the vote in that context.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on July 25, 2023.

Deurne, 25 July 2023 – The Supervisory Board of Ebusco Holding N.V. (Ebusco, Euronext: EBUS), nominates Jurjen Jongma for appointment as a member of the Management Board. Following appointment by the general meeting of shareholders, he will hold the role of Chief Financial Officer (CFO). In this role, the former Philips executive will be responsible for the global financial strategy and policy as Ebusco enters its next phase of growth.

Until recently, Jurjen Jongma (1971) was CFO at Versuni, formerly known as Philips Domestic Appliances. Prior to that, he held financial positions within Royal Philips for over 25 years, including in the role of CFO for various Philips business units, as well as as Head of Internal Audit for Royal Philips. Jongma is a Dutch national and holds a Master’s degree in Economics from Tilburg University, as well as an Executive Master in Finance & Control from Maastricht University. His extensive experience will be invaluable in Ebusco’s next phase, in which the company is firmly committed to scaling its production capacity internationally.

Derk Haank, Chairman of Ebusco’s Supervisory Board, said: “The Supervisory Board is delighted that Jurjen Jongma will join Ebusco as CFO. As a seasoned CFO, Jurjen has built an excellent track record when it comes to financial leadership. Thanks to his extensive experience, we are convinced that Jurjen has what it takes to lead Ebusco through its next growth phase. We, therefore, believe Jurjen will be a valuable addition to the Management Board.”

Peter Bijvelds, CEO and chairman of Ebusco’s Management Board, added “We are extremely pleased with the arrival of Jurjen Jongma as a member of the Management Board. Jurjen brings a wealth of financial, operational and strategic experience. I am convinced that his leadership will be of substantial value in building Ebusco into a long-term company. I am looking forward to taking Ebusco to the next phase together.”

Jongma will kick off at Ebusco at the end of July with an extensive onboarding period. Following his proposed appointment at an Extraordinary Meeting of Shareholders on 6 September, he will step into the role of CFO.

After his appointment, Ebusco’s Management Board will consist of Peter Bijvelds (CEO), Jurjen Jongma (CFO) and Bob Fleuren (COO). Björn Krook, who temporarily fulfilled the position of CFO, will stay on board as Investor Relations Manager. In view of the continuity of the company, both the Management Board and the Supervisory Board express great recognition for his flexible and decisive approach over the past period.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on July 25, 2023.

SWEG orders up to 25 Ebusco 2.2 buses

Deurne, 10 July 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a new contract with Südwestdeutsche Landesverkehrs-GmbH (SWEG). It involves an order to supply up to 25 Ebusco 2.2 buses in 12-metre versions.  

Südwestdeutsche Landesverkehrs GmbH (SWEG) is a public transport company in southwest Germany. Together with its subsidiaries, it operates a fleet of around 470 buses. The company plans to deploy the buses in the Baden-Württemberg region. The buses are expected to drive around 60,000 km per year, saving roughly 55,000 kilograms of CO2 and over 90,000 grams of nitrogen per bus on an annual basis.  

It is not the first time for SWEG to take Ebusco buses on the road. Last year, the German transport company already placed an order for 10 Ebusco 2.2 12-metre buses, the first of which are now in operation. These are low-floor buses, equipped with two doors and an extended battery pack (>400 kWh). 

With Ebusco 2.2 buses in cities such as Berlin, Munich and Frankfurt, the Ebusco 2.2 is now a proven success in Germany. The bus is known for its very low energy consumption and high battery capacity. The Ebusco 2.2 comes standard with LFP batteries and, depending on the capacity chosen, has a range of up to 450 km. This makes the bus a very reliable choice for transport companies making the switch to electric.  

Wolfgang Hackauf, Sales Director at Ebusco, comments: “We are very proud that SWEG has once again chosen Ebusco. The Ebusco 2.2 is a hugely reliable and energy-efficient bus, making it a good choice. We, therefore, look forward to continuing our cooperation with SWEG and continuing our journey towards zero emissions together.” 

Dr Thilo Grabo, Managing Director at SWEG, commented, “After our first experiences with the Ebusco 2.2, we are particularly impressed by the long range of the vehicle. We are very pleased to further expand the use of electric mobility in our bus operations with this contract and thus make our fleet even more environmentally friendly.” 

The report provides an overview of ESG initiatives and performance

Deurne, 4 July 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, today publishes its first ESG report under the title ‘Sustainability Report’. The company, which is committed to driving the transition to zero emissions in public transport, is hereby laying the foundations for its future ESG strategy.

Based on the belief that electric is the future, Ebusco has spent the past decade proving that zero emission is a choice. With more than 420 Ebusco buses on the road by 2022, the deployment of electric buses in that year alone saved 48 million grams of nitrogen and a further 28 million kilograms of CO₂. Although sustainability is deeply rooted in Ebusco’s DNA, the publication of the Sustainability Report is the first formal step towards a strategic ESG framework.

Peter Bijvelds, CEO at Ebusco, explains: “Over the past decade, the market perception of electric transport has changed dramatically. Initially, the focus was mainly on cost and range limitations, meanwhile, governments are actively steering towards zero emission driving and the stage is set for a major shift. With the Ebusco 2.2 and Ebusco 3.0, we have proven that zero emission driving is a choice, now it is up to us as a company to extend this focus on sustainability to other facets within our organisation. The publication of our very first Sustainability Report is a next step in that direction.”  

Key points covered in the 2022 report include:

• Towards a sustainable ESG policy: as a pioneer in zero emission transport, Ebusco is also striving to reduce its own environmental footprint. This year, among other things, the company provided insight into its Scope 1 and 2 emissions, as well as a comprehensive materiality analysis. This analysis serves as the basis for the further development of its ESG policy, which will focus on health & safety, sustainable innovation and supplier due diligence.
• Smart use of materials for sustainable impact: by opting for a composite body, the Ebusco 3.0 not only realises a huge weight saving and emission reduction, but also offers an expected lifetime of up to 25 years. Moreover, Ebusco is committed to promoting composite recycling in the long term. For example by collaborating with universities and colleges to study the reuse of composite beams’ waste fibres in the production process.
• Working together for personal growth: in 2022, Ebusco’s workforce grew from 309 to 607 FTEs. To structurally support the personal growth of employees, the Ebusco Academy was launched. Here employees can find a mix of more than 400 e-learnings and live trainings.

The Sustainability Report is compiled in line with the United Nations’ Sustainable Development Goals (SDGs) and serves as a basis to improve Ebusco’s sustainability performance. Currently, Ebusco is already included in ESG-rankings by Sustainalytics and MSCI.

Matthijs Versteeg, Sustainability Manager at Ebusco, explains: “At Ebusco, we wish to make a sustainable impact in the transition to electric public transport. We are committed to doing this in a transparent manner. We do so in a practical way by developing innovative zero emission buses, but also by clearly reporting on our ESG initiatives- and progress. With this first report, we have laid the foundation to further shape our ESG strategy in the coming years.”

Keolis orders 50 Ebusco 3.0 with option for 75 more buses 

Deurne, 22 June 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a contract with Keolis Sverige for the delivery of up to 125 Ebusco 3.0 12-metre buses. Delivery of the first 50 buses is scheduled for 2024 and the 75 buses are under option for delivery in 2025. The buses will be used in and around the Swedish capital city Stockholm. 

Keolis Sverige has won the E42 tender in and around Stockholm (Bromma, Solna, Sundbyberg and Sollentuna). The Ebusco 3.0 12-metre buses ordered by Keolis will be equipped with a >350 kWh battery pack. With the purchase of initially 50 lightweight Ebusco 3.0 buses, Keolis can count on extremely low energy consumption, contributing to a well-developed, easily accessible, and reliable public transport system in and around the Swedish capital.    

Keolis Sverige stands for well-functioning and coherent public transport that creates value for society, simplifies travellers’ daily lives and contributes to sustainable travel. In Sweden, Keolis’ operations include Stockholm, where nearly 800,000 people travel by public transport every day. Keolis is also active in Västra Götaland, Uppland, Värmland, Dalarna and Skåne. To keep these operations running, Keolis employs nearly 5,000 people. 

Karl Orton, Fleet Director at Keolis comments: “Ebusco’s innovative bus fits perfectly with our ambition to reduce our climate and environmental footprint and the Ebusco 3.0 has proven to be the obvious choice on our road to zero emission.” 

Jonas Helsner, Sales Director Nordics at Ebusco, comments: “It is exciting that we have secured a substantial order for such a large city like Stockholm. This is the first order for Keolis in Sweden, after we previously scored an order for the Nordics with Keolis in Denmark. Since not everything in Stockholm is within walking distance, a well-functioning public transport system is indispensable. We are delighted that we are expanding together with Keolis and our innovative Ebusco 3.0 can soon be seen in the Swedish capital city.” 

Follow-up order from NIAG for both 12-metre and new 18-metre buses

Deurne, 20 June 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a new contract with NIAG (like Transdev, part of the RETHMANN Group) for 19 Ebusco 3.0 12-metre and 12 Ebusco 3.0 18-metre buses. Delivery of these buses is scheduled for the end of 2024.

For this order, Ebusco competed against other preferred suppliers in a so-called mini-tender and Ebusco had the best economical offer. The 31 new Ebusco 3.0 buses will be used by public transport company NIAG in the district of Wesel and Kleve. As with the previous order, the 12-metre buses will be equipped with a >350 kWh battery pack and the Ebusco 3.0 18-metre will be fitted with a >500 kWh pack. The 31 buses will save more than 2,300,000 kg of CO2 and 3,900 kg of nitrogen annually.

Niederrheinische Verkehrsbetriebe AG (NIAG) is a modern transport and mobility service provider with around 800 employees. NIAG provides logistics connections for the region in two core areas: local public transport and logistics. With a bus line network of more than 2,200 kilometres and 36.5 million passengers per year, NIAG is the largest provider of public bus transport in the Lower Rhine region.

Hendrik Vonnegut, director at NIAG, commented: “In 2022 we ordered our first 12 Ebusco 3.0 12-metre buses, this follow-up order of 31 buses is another important step towards electrification of the entire bus fleet.”

Patrick Oosterveld, Sales Director at Ebusco, commented: “We are pleased with the confidence expressed in this follow-up order from NIAG. Within this order, we are delivering both Ebusco 3.0 12-metre as well as Ebusco 3.0 18-metre buses. The Ebusco 3.0 18-metre bus was unveiled late last year and the combination of its high passenger capacity, extra-long range and extremely low energy consumption allows us to make an even greater impact for the benefit of the environment. The ambition to move to fully zero emission public transport as soon as possible is something we share with NIAG.”

First Transdev buses will hit the road in the Netherlands

Deurne, 19 June 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, today starts delivery of the first Ebusco 3.0 from serial production. It concerns 12-meter buses that will hit the road in the Hilversum region for Transdev. The delivery marks a new phase towards a production capacity of 3,000 buses per year.

With the delivery, Transdev has a Dutch premiere. Made of composite, the Ebusco 3.0 is an absolute game changer in the bus industry. With its lightweight body, the bus is known for its extremely low energy consumption and high range. As the batteries are integrated into the floor, the bus has a low centre of gravity with excellent road handling and optimum comfort. It’s not the first time Transdev takes the road with Ebusco buses: in 2020, Transdev already added 156 Ebusco 2.2 buses to its Dutch fleet.

Manu Lageirse, CEO at Transdev Nederland, comments: “With the Ebusco 2.2 buses, we already save around 15 million kilograms of CO₂  every year. We are very proud to take another big step forward in our sustainability strategy by adding the Ebusco 3.0 to our fleet. We have already tested the Ebusco 3.0 extensively and are delighted to finally welcome our passengers in this sustainable bus.”

High performance for optimal CO₂ savings
Transdev can rely on extremely high performance with the Ebusco 3.0. The very first Ebusco 3.0 bus has already been running for over a year and a half on line 100 in downtown Munich. In practice, the energy consumption of this bus already proved to be over 30 per cent lower compared to its predecessor (the Ebusco 2.2). At Transdev, the Ebusco 3.0 buses will travel an average of about 110,000 kilometers a year. As a result, over the total contract period, more than 30 million kg of CO₂ will be saved.

Launchpad for continued scale-up of production
In the next few months, the Ebusco 3.0 buses will be delivered in phases. Due to issues in the supply chain, the buses had been waiting for the final parts since the end of last year. The delivery of the first buses from serial production, therefore, marks an important tipping point in Ebusco’s ramp-up. In the medium term, the company is targeting a production capacity of 3,000 buses a year.

Bob Fleuren, COO at Ebusco, explains: “We are thrilled to deliver the first buses from serial production in the Netherlands. Besides the usual learning curve when starting a new production line, in particular issues in the supply chain caused the completion of the buses to take longer than expected. However, our team has worked extremely hard over the past few months and we are therefore proud that Transdev can now hit the road with the first Ebusco 3.0 bus. With this first series, a solid foundation has been established for our continued ramp-up, so we expect to make considerable progress in the next few months.”

Oechies Elektrotechniek awards Ebusco framework agreement for maritime batteries

Deurne, 30 May 2023 – Ebusco (Euronext: EBUS) has signed a framework agreement to provide Oechies Elektrotechniek with maritime battery packs for inland shipping for one year. Initially, the deal involves the delivery of 36 battery packs for the WEVA Antonie 1, the first-ever new-build hydrogen-powered inland vessel. In total, the agreement includes over 10 megawatts of battery capacity.  

For the delivery of maritime batteries, Ebusco builds on years of experience in large-scale battery and battery management systems (BMS). The first delivery of 36 battery packs and 6 BMS systems accounts for a total capacity of 1,089 kWh, enabling the full substitution of a large diesel generator.

The Ebusco Maritime Batteries have obtained maritime certification and are tested for strict requirements, including water tightness and fire safety. Thanks to the usage of LFP technology, the maritime batteries are not only an extremely safe choice but also boast high power density and stability.

Proven battery technology for the first-ever new-build hydrogen ship
Oechies Elektrotechniek will use the first delivery of Ebusco Maritime Batteries to power the first-ever new-build hydrogen-powered barge. Dutch shipbuilder Concordia Damen will build the WEVA Antonie 1 on assignment from Lenten shipping, the vessel will have a length of 135 metres. With a carrying capacity of 3,700 tons, the barge will eventually be used to transport salt between Delfzijl and the port of Rotterdam. The WEVA 1 Antonie will sail for Nobian Industrial Chemicals B.V.

Johan van der Sluis, director at Oechies Elektrotechniek, responds: “The completion of the first-ever new-build hydrogen-powered barge is an important step to make the sector more sustainable. We are excited to partner with other pioneers in the energy transition for the realization of this project. Thanks to Ebusco’s longstanding experience in the transition to zero emission buses, we can rely on an experienced and smart partner in the field of battery technology.”

Towards clean inland shipping
The order is in line with the recent agreement by the Council and the European Parliament to use renewable and low-carbon fuels to reduce the carbon footprint of the maritime industry. Offering maritime battery systems is thus a logical step in Ebusco’s mission to contribute to a better environment by enabling transport ecosystems.

Peter Bijvelds, CEO at Ebusco, adds: “Over the past decade, we have gained extensive experience in the application of batteries amongst heavy energy users. By extending our expertise in battery technology to other industries, we can make an even greater impact on our journey towards zero emission transport. We are therefore proud to join forces with Oechies Elektrotechniek on our way to clean inland shipping.”

Deurne, 17 May 2023 – During the Annual General Meeting (‘AGM’) of Ebusco Holding N.V. (‘Ebusco’) (Euronext: EBUS) on 17 May 2023 shareholders adopted all resolutions on the agenda.  

In addition to adopting the 2022 financial statements and discharging the members and former members of the Management and Supervisory Board, the AGM adopted the resolutions on the approval of the 2022 Remuneration Report and the proposed authorization to repurchase and issue its shares and the exclusion or limitation of pre-emptive rights. Furthermore, the following resolutions were approved by the AGM.

Composition of the Supervisory Board
Mrs. S. Schatteman was appointed as a new member of the Ebusco Supervisory Board for a period of four years. The AGM also adopted the proposal to reappoint Roelf de Boer as a member of the Supervisory Board for a period of one year.

Appointment of an external auditor
Ernst & Young Accountants LLP has been appointed as the external auditor for the fiscal years 2024, 2025, and 2026.

The voting results will be published on the Ebusco investor website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 16:15 on May 17, 2023.

There is little doubt that electric mobility is the future: with the rise of electric vehicles and the necessity to drive without emission, questions around the sustainability and safety of the batteries that are incorporated in the vehicles are becoming more and more relevant each day. As a result, people often wonder which battery is the better choice. Let’s dive into the battery basics to answer this question properly.

LFP vs NMC batteries

There are several battery types, of which lithium-ion is the most common choice for application in Electric Vehicles. NMC is the most frequently used type of lithium-ion due to its higher energy density. Some believe that this helps to increase the range of the vehicle and therefore choose this battery for application in electric vehicles. However, range is not the most important factor for EV buses. The main, and most important factor of the buses, is that they are made to move people. Therefore, the safety of the passengers and drivers is more important than anything else when selecting a battery.

Safety first

By choosing LFP batteries, you choose for safety first. But what makes LFP safer compared to any other battery on the market? The main reason is the composition of raw materials that the batteries are made of. Where NMC exists out of Nickel, Manganese, and Cobalt, LFP batteries are made of Iron and Phosphorous. Not only does the LFP battery not contain cobalt, of which the mining is highly environmentally damaging, it also has no substances which, singly or mixed, may cause a fire. NMC batteries, on the other hand, have substances that are not flammable by themselves but can cause a chemical reaction that can lead to fire when mixed with one another.

To fully understand why LFP is the safer choice, it is interesting to look at the thermal runway of both batteries. If the substances of the NMC battery get in contact with each other, the temperature of the battery can rise 154°C per second, which will occur immediate ignition. When the same happens with an LFP battery, the temperature will rise only 6,6°C per second and will only cause smoke. As you can imagine, the damage that will be done in both cases will be significantly different: thus the application of LFP can be life-saving.

Prevention is better than cure: monitoring battery safety

To prevent any of this from happening and ensure all batteries are in optimal condition,  Ebusco offers a data monitoring system called Ebusco Live. With this online tool, all buses are monitored, including the state of the batteries. For each bus, a BMS helps to see how many kilometers the bus has been driving, how much battery capacity it still has, and what temperature each battery pack has. By monitoring the battery state closely, it is possible to act upon battery changes before any damage has been done.

In the unlikely event that something happens to the batteries, the system will indicate this, and the battery system is fully switched off after which the bus indicates that maintenance is required and can be acted upon immediately.

All in all, the choice for the right batteries is not an easy one, but Ebusco has studied it from the start to offer optimal safety without compromising battery efficiency. It is an area where continuous change is taking place and development is still in full swing. It is important to keep up and contribute to these developments while always putting safety first.

The most important component in our buses: Batteries
But how do they actually work?

To learn more about it,
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The basics of battery technology

Deurne, 4 April 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, announces today that the Supervisory Board, in consultation with the Executive Board, has decided to appoint Björn Krook as CFO ad interim. This appointment is imperative as Paul van Beers has indicated to step down as CFO and member of the Executive Board immediately with respect to his health.

On the day of the General Meeting of Shareholders 2023 (AGM), Paul van Beers’ term of appointment was due to expire. Paul had already informed the Supervisory Board that he would not be available for reappointment. After the convocation of the AGM last week, an acceleration in the above situation occurred and Paul informed the Supervisory Board and the Executive Board that he is resigning from his position as CFO and Member of the Executive Board with immediate effect due to his current health.

Consequently, in conjunction with the Executive Board, the Supervisory Board has decided to appoint Björn Krook (Dutch nationality, 1979) to temporarily fill the position of CFO (ad interim) with immediate effect. Paul van Beers’ board seat is currently vacant. As soon as a definitive successor is found, an Extraordinary Meeting of Shareholders will be convened.

The Supervisory Board and Executive Board thank Paul for his valuable contribution over the past years and wish him good health and success for the future. Peter Bijvelds, CEO of Ebusco adds: “Thanks to Paul’s solid expertise and wealth of experience we have been able to achieve tremendous growth over the past years. We are extremely grateful for his valuable contribution and owe him all the best for the future.

Fortunately, we are confident Björn has the right background to take over from Paul as CFO ad interim. Not only has Björn already become thoroughly acquainted with our company over the past year as Investor Relations & Sustainability Manager, he also adds a great deal of experience thanks to over 20 years in the banking industry. As such, he will be able to make a significant contribution to Ebusco’s next phase of growth and we look forward to scaling the company together.”

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on April 4, 2023.

Positive outlook for 2023

Operational highlights FY 2022

• Largest order ever received from Deutsche Bahn for up to 800 buses
• Reveal of the Ebusco 3.0 18m, the most efficient articulated bus on the market
• First orders in Spain (21 Ebusco 12m 2.2) and Sweden (multiple 12m and 18m Ebusco 3.0)
• Acquisition of stake in Zero Emission Services and first contract for Energy Storage Solutions signed
• Introduction of the Ebusco 2.2 for the Australian market

Financial results FY 2022

• Revenue increased by 360% to €111.6 million despite delayed shipments and deliveries
• EBITDA loss of €34.8 million due to the ramp up and supply chain related production inefficiencies
• Net loss for the year of €32.2 million
• Cash & Cash Equivalents of €95.2 million and contract asset of €63.0 million largely for 1H23 delivery
• The order book grew from 325 to 1,474 buses including 388 Ebusco 3.0 orders

Highlights YTD 2023

• Rouen letter-of-intent converted to lease agreement with casco production to start in 2H23
• Significant order from Qbuzz for up to 63 Ebusco 3.0 12m and 18m buses
• Selected by UGAP in the category Electric Buses for delivery in France, the largest market in Europe
• Ramp up continued but impacted by supply chain and skilled blue collar labor shortage
• First Ebusco 3.0 serial produced buses near completion, with delivery expected in 2Q23

Outlook 2023

Based on the order intake, tender activity and anticipated deliveries, Ebusco’s 2023 outlook:

• Revenue to increase sharply again with 550-600 buses contributing to revenue
• Improvement in gross margin and positive EBITDA for the full year, weighted towards the 2H23
• Ongoing growth of the order book based on current tender pipeline
• Capital expenditure of €10-15 million focused on future growth

Medium term objectives

• Ebusco confirms the objective to produce over 3,000 zero emission buses per year and adds that it expects to reach this level within the next five years
• Considering amongst others the ongoing disturbance in the supply chain and inflationary environment, Ebusco evaluated its medium term profitability objective. The result of this evaluation is that Ebusco expects to reach an EBITDA margin of 20-25% within the next five years compared to 35% previously

Peter Bijvelds, founder and CEO: “As indicated in our full-year update on February 14th, 2022 has been a year of recovery and expansion for Ebusco. The year resulted in a sharp increase of revenue of 360% and strong growth of our order book which ended the year at 1,474 buses compared to 325 at year end 2021. This growth was mainly driven by the Deutsche Bahn framework and the commercial success of both the 12m and 18m Ebusco 3.0.

Much of our growth can be explained by our people. We already learned early on that we have to be more efficient, smarter and different to outweigh the competition. Innovation is in the DNA of our people. Evidence of this includes the launch of the Ebusco 3.0 18-meter only a year after the first 3.0 was delivered, already resulting in 184 buses in order. It is a clear example of the non-hierarchical and decisive culture we have been able to foster. While the release of the 18-meter bus in 2022 may be the most telling example, the entrepreneurial culture is deeply rooted in our company. 10 years of experience allow us to make daily decisions based on real-road data, ensuring our solutions are well aligned with reality.

Although we can be proud of many milestones, it’s equally true that we are facing ongoing geopolitical uncertainty and global supply chain constraints, impacting the number of buses assembled, shipped and delivered. In relation to the Ebusco 3.0, parts availability has triggered production inefficiencies as buses had to be moved in and out of the production line. For the Ebusco 2.2, high transport prices had a pressing effect on our profitability as did the resurgence of COVID-19 in China, forcing us to move part of our shipments from 2022 to 2023. Next, attracting skilled personnel is a challenge.

The market for zero emission buses continues to grow and our objective remains to produce 3,000 buses with the aim to reach this in the next five years. Given the supply chain disruptions and inflation we however feel it is more prudent at this point to lower our profitability goals to an EBITDA margin of 20-25% to be reached in the next five years.

I would like to thank the entire Ebusco family, our clients, partners, shareholders and Supervisory Board
for their ongoing support to achieve our vision ‘to drive the transition to sustainable transport.’ Not only in 2022, but throughout a decade of Ebusco. Focus for 2023 is to grow production capacity, further optimise our supply chains, improving gross margin and operational efficiencies while keeping our innovation based commercial momentum.”

Click here to read the full press release.

Deurne, 29 March 2023 – Ebusco Holding N.V. (Ebusco, Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has published the convocation for the Annual General Meeting of Shareholders (AGM), including the agenda and the accompanying explanatory notes, and the annual report 2022, on its website today. The Annual General Meeting of Shareholders will be held on 17 May 2023 at 11:00 CET at the company’s head office, Vuurijzer 23 in Deurne.

During the General Meeting the following items (among others) will be discussed:

1. Intention to appoint Mr. B. Krook as Chief Financial Officer (CFO) ad interim

On the day of the 2023 AGM, the appointment term of Mr. P. van Beers, CFO, will expire. Mr. Van Beers has informed the Supervisory Board that he is not available for reappointment and will resign the day after the 2023 AGM, upon completion of his current term. The Supervisory Board thanks Paul van Beers for his valuable contribution in the past years and wishes him success in his future endeavours.

The nomination process for a definitive successor to Mr. van Beers, as member of the Executive Board and CFO, is still ongoing. In this context, together with the Executive Board, the Supervisory Board has decided to appoint Mr. Björn Krook (Dutch nationality, 1979) as Chief Financial Officer ad interim per closure of the AGM 2023 to ensure continuity. Mr. Van Beers’s seat on the Executive Board will be vacant after his retirement. Once a definitive successor has been found, an Extraordinary General Meeting of Shareholders will be convened during which the proposal to appoint the new Executive Board member and CFO will be placed on the agenda.

The Nomination Committee met with Mr. Krook to discuss his qualifications and thereby determined that he meets the profile as Chief Financial Officer (CFO) ad interim. In his role as CFO ad interim, Mr. Krook can draw on extensive experience in the financial sector. He worked in the banking sector for over 20 years. Before joining Ebusco as Head of Investor Relations & Sustainability in 2022 he managed the Equity Capital Markets Syndicate team at ING. Thanks to his extensive track record in the financial field, Mr. Krook has the necessary experience when it comes to the transition to a listed company. Mr. Krook also holds a master’s degree from VU University Amsterdam and is a CFA charterholder. He holds no shares or options in the capital of Ebusco.

2. Proposal to appoint Mrs. S. Schatteman as member of the Supervisory Board

The Supervisory Board intends to nominate for appointment Mrs. Saskia Schatteman (Belgian nationality, 1968) as a member of the Supervisory Board for a period of four years (i.e. until the end of the AGM to be held in 2027). Mrs. Schatteman is currently CEO at VAR, the media control for advertising space on VRT (Belgium). In addition, she has extensive experience in both the public and private sector (a.o. at Microsoft, Telenet and Procter & Gamble). Thanks to her extensive knowledge of the public transport market (at De Lijn and NMBS) and experience with the Belgian market, Mrs. Schatteman is a welcome addition to the Supervisory Board.

3. Proposal to reappoint Mr. R.H. de Boer as member of the Supervisory Board

The Supervisory Board intends to nominate for reappointment Mr. Roelf de Boer (Dutch nationality, 1949) as a member of the Supervisory Board for a second term for a period of one year (i.e. until the end of the AGM to be held in 2024). Mr. de Boer was first appointed as a member of Ebusco’s Supervisory Board on 26 October 2021 and is a valued member due to his extensive experience in the transport industry.

Mr. De Boer held various positions in the port and transport sector, including at Royal Nedlloyd Group, as well as various public and semi-public positions, among others as Minister of Public Works and Water Management. Mr. De Boer has already served on the Supervisory Board for over a year and a half and is chairman of the Remuneration Committee. His reappointment extends Mr de Boer’s membership from 1 to over 2.5 years and strengthens the Supervisory Board’s continuity.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on March 29, 2023.

ZES chooses Ebusco energy containers to make inland navigation more sustainable

Deurne, 28 March 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses, charging systems and Energy Storage Solutions, announces today that it has received a contract from Zero Emission Services (ZES) to deliver 20 mobile energy containers. The first 9 containers will be delivered by the end of 2023, while the remaining 11 containers will be delivered in 2024 at the latest. Delivery of the 11 containers can be accelerated depending on the roll out of ZES.

Following a commercial tender, ZES awarded Ebusco a contract for so called ZESpacks. ZESpacks are developed specifically for usage in (hybrid) electric barges, thereby contributing to the European Commission’s recent decision to reduce CO2 emissions in the maritime sector by 80 per cent by 2050. ZESpacks are a purpose build solution offered by Ebusco based on its long-established experience with heavy-duty batteries and battery management systems. Each ZESpack can store a total of 2.9 MWh of energy, bringing the total capacity of this order to 58 MWh.

Following delivery of the ZESpacks, ZES will deploy these new units at both existing and to be established docking stations throughout the Netherlands. When the containers are not deployed on a barge, they can be used to help balancing the electricity grid. Balancing electricity supply and demand is essential to increase the resilience of the electricity grid as the share of renewable energy sources, with more variable output, increases.

Bart Hoevenaars, CEO of Zero Emission Services comments: “In the last few years we have gained a lot of experience with our first ZESpacks and docking station, with the purchase of these 20 ZESpacks we will now go for an accelerated upscaling of our innovative system solution for inland shipping. With Ebusco, we choose an experienced, smart and European partner with sustainable and safe LFP battery systems and together we ensure a positive impact on the climate and contribute to solutions for the current energy challenges.”

Peter Bijvelds, CEO of Ebusco comments: “We are thrilled to sign this contract with ZES following the earlier tender. We see this as a major step forward in our Energy Storage Systems business which we have steadily built out over the past years. We are proud to work together with the ZES team to help the inland shipping sector to reduce its CO2 emissions. Together we can make an even bigger impact on our road to zero emission transport!”

Qbuzz expands fleet with Ebusco 3.0 with extra-large battery pack

Deurne, 22 March 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a new contract with Qbuzz for the delivery of up to 63 buses. The order involves 45 Ebusco 3.0 12-meter buses and 18 Ebusco 3.0 18-meter buses, four of which are still under option. The buses will hit the road in the provinces Groningen and Drenthe in 2024.

Qbuzz will deploy the buses on behalf of OV-bureau Groningen-Drenthe in the provinces of Groningen and Drenthe. The 12-meter buses will mainly be used for regional transport, while the 18-meter buses will operate under the Q-link flag on lines 5 and 6 nearby the city of Groningen. Both variants of the Ebusco 3.0 for Qbuzz will be equipped with an extra-large battery pack (>500kWh), which is unique for the 12-meter variant. Combined with the bus’s lightweight design, this means the operator can rely on extremely low energy consumption and an extra-long range needed for successful regional and BRT transport.

Qbuzz is one of the five largest regional transport operators in the Netherlands. With its network of buses, trams and trains, the operator moves around 85 million passengers from A to B every year. Besides the Groningen-Drenthe region, the operator is also responsible for public transport in the Utrecht and Drechtsteden-Molenlanden-Gorinchem regions. In Groningen-Drenthe, the operator has a fleet of around 400 buses, which will now partially be replaced by up to 63 Ebusco 3.0 buses.

Ebusco has been working with Qbuzz for several years now and has already provided the operator with circa 130 electric buses. Under the Qbuzz umbrella, the Ebusco 2.2 buses are already operating in the cities of Utrecht, Groningen and Dordrecht, amongst others. In the Groningen-Drenthe region, the operator already has 60 Ebusco buses in operation, covering around 100,000 km per bus annually. As a result, with the Ebusco 2.2 fleet in Groningen-Drenthe Qbuzz has already achieved savings of roughly 5,500,000 kg CO2 and 9,500,000 kg nitrogen per year. With the Ebusco 3.0, Qbuzz will reduce its carbon footprint even further.

Steven van der Burg, Sales Director at Ebusco, explains: “We are extremely proud that Qbuzz has once again chosen Ebusco. In recent years, we have already delivered more than 100 electric buses to Qbuzz. The fact that Qbuzz selected us again after the success of the Ebusco 2.2, is proof that with the Ebusco 3.0 we have taken the right path to take emission-free public transport to an even higher level. We thus look forward to continuing our cooperation with Qbuzz to continue our road to zero emission.”

Dirk Huzeling, Creative Bid Manager at Qbuzz, responds: “Over the past few years, we have already experienced the success of the Ebusco buses on the road. With the Ebusco 2.2 buses we already drive between 350 and 375 electric kilometers per day, while recharging at our depots from time to time. We are very pleased to now also add the Ebusco 3.0 to our fleet and are confident that this lightweight bus will deliver an even better range in combination with the large battery pack. This will allow us to increase the sustainability of public transport in the provinces of Drenthe and Groningen to a greater extent.”

Svealandstrafiken, first customer of Ebusco 3.0 13.5-meter Class II bus

Deurne, 2 March 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a new contract with Svealandstrafiken, Sweden, for a total of up to 64 buses. The contract comprises 23 Ebusco 3.0 13.5-meter Class II buses, to be delivered in the second half of 2024, and an option to purchase 41 additional buses. With this order, Svealandstrafiken is Ebusco’s first customer ordering the 13.5-meter Class II variant.

Svealandstrafiken is a public transport operator responsible for the transportation of 65,000 passengers daily. This order comprises of 23 13.5-meter Ebusco 3.0 buses that are planned for delivery in the second half of 2024. In addition, the new contract includes an option for the purchase of 41 additional 13.5-meter buses. It is the third order from Svealandstrafiken in the last nine months, further strengthening Ebusco’s position in the Nordics.

Made of composite, the Ebusco 3.0 is an absolute game changer in the industry. With its lightweight body, the 13.5-meter bus is known for its extremely low energy consumption. The 3.0 features floor-integrated batteries, ensuring a low centre of gravity to offer excellent driver handling and great passenger comfort. Furthermore, the 13.5-meter buses for Svealandstrafiken will be equipped with a climate control system excluding fuel-driven auxiliary heaters to further reduce the environmental footprint of the buses.

Saving up to 1,500,000 kilograms of CO2 and 2,500,000 kilograms of nitrogen
As Sweden has a long history of sustainable transport, the new fleet will support Svealandstrafiken on its road to climate neutrality. Thanks to its low energy consumption, the Ebusco 3.0 helps reduce carbon footprint, ensuring zero emissions during services and greater comfort due to the absence of noise and environmental pollution. The 23 Ebusco 3.0 buses that will be operating in the Örebro area are expected to drive up to 75,000 kilometers per bus per year. In total, the new fleet will reduce Svealandstrafiken’s emissions with more than 1,500,000 kilograms of CO2 and over 2,500,000 kilograms of nitrogen a year.

Martina Lindblom Alanko, Head of Sustainability and Procurement at Svealandstrafiken comments: “Sustainability is close to our heart and a natural part of our business. As a bus operator, we strive for all our vehicles to have the lowest environmental impact. Ebusco’s innovative bus fits perfectly with our ambition to reduce our climate and environmental footprint and the Ebusco 3.0 has once again proven to be the obvious choice on our road to zero emission. By introducing electric buses in regional transport, we are taking a further step towards completely emission-free public transport.”

Jonas Helsner, Sales Director Nordics at Ebusco comments: “We are delighted to continue our collaboration with Svealandstrafiken with an order of up to 64 buses. The fact that this is their third order for Ebusco 3.0 buses in a year, is proof that we are not only the most sustainable choice but also perfectly suited for the Scandinavian climate. Together we can fulfil our common goal to make zero emission the new standard in Sweden and we’re looking forward to seeing the first Ebusco 3.0 on the road in Örebro.”

Number of buses contributing to revenue arrived at 261

Deurne, 14 February 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, provides a trading update for the full year 2022 ahead of its release of full year results on the 29th of March[1].

• Ebusco ended 2022 with a record order book of 1,474 buses vs. 325 at year end 2021
• Despite the tough labour market the number of FTE grew by 96% to 607
• Number of buses contributing to revenue over 2022 arrived at 261
• First Ebusco 2.2 buses successfully delivered to Berlin

Peter Bijvelds, founder and CEO: “The year 2022 has been a year of recovery and expansion for Ebusco following the COVID-19 related slowdown in prior years. Our order book expanded from 325 buses at the end of 2021 to 1,474 at the end of 2022 predominantly as the result of Ebusco winning the large Deutsche Bahn tender and the commercial success of the innovative Ebusco 3.0. We also continued to invest in our workforce which has nearly doubled to support the strong demand.

Having said this, not everything is in our control and a resurgence of COVID-19 in China in December has resulted in a delay of shipment of 21 buses which will now contribute to the 2023 revenue.

Based on the well filled order book and the investments we have made over the past years we look forward to 2023 with confidence.”

Record year for order intake and organizational development

The year-end order book is reflected in the table below:

Included in the 375 contracted orders for the Ebusco 3.0 are 184 orders for the Ebusco 3.0 18-meter which was revealed in December 2022.

During 2022 we have taken important steps to move the Ebusco 3.0 from prototype production to serial production as we invested in our tooling, equipment and workforce. Despite the tough labour markets, the attractive profile of Ebusco enabled us to grow from 309 FTE (including 90 contractors) to 607 FTE (including 189 contractors) at the end of 2022.

During the year we have also invested considerable time and resources in the improvement and optimisation of our supply chain. The supply chain has to a large extent recovered and parts availability and lead times improving. However, on a small number of parts the supply chain has not fully returned to the pre COVID-19 state. This continued to impact our operations and let to longer production times, higher costs and inefficiencies.

Full year 2022 revenue contribution update

The resurgence of COVID-19 in China during December in combination with supply chain constraints resulted in longer than expected assembly times. Due to these circumstances, orders for in total 21 Ebusco 2.2 18-meter did not contribute to the 2022 revenue as initially budgeted and has shifted to the beginning of 2023. As a result, Ebusco ended the year with 261 buses contributing to revenue versus an earlier guidance of 285.

The supply chain constraints also resulted in higher than expected transport costs compared to previous expectations as a number of parts had to be transported by air instead of by sea.

First buses successfully delivered to Berlin in early 2023

Availability of some customer-specific IT systems as well as heating and cooling systems has pushed the delivery schedule and revenue recognition of 90 Ebusco 2.2 buses from December 2022 into 2023.

The availability of these parts has since improved and the first batch of 17 buses has been delivered and accepted by BVG in January 2023. The remaining buses are expected to be delivered to the client in the coming months.

Feedback from BVG regarding the operational performance of the Ebusco 2.2 in relation to drivability, reliability and range has been very positive. The buses that have entered the operations of BVG have been in operation for 18 hours per day. Despite the winter conditions in Berlin, the battery capacity left at the end of their shift would enable the buses to stay operational for an additional 12 hours.

Full year results

Ebusco’s full year results will be issued on 29 March.

[1] All figures in this document are unaudited.

Ebusco 3.0 available for French PTA’s without additional EU tender process

Deurne, 1 February 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has been selected by UGAP (Union des Groupements d’Achats Publics en France) in the category “Electric Buses”. The Ebusco 3.0 12-meter and 18-meter will be made available as of March 2023 at the UGAP, for a contract period of 24 months, with options for extended contract time.

The Union des Groupements d’Achats Publics, UGAP, is the only generalist public procurement agency in France and offers more than one million products, including electric vehicles.

UGAP provides public buyers with its procurement expertise and offers a wide range of products and services selected in compliance with the Public Procurement Code. All public buyers who contact UGAP are exempt from their advertising and competitive bidding obligations. The customers of the central purchasing agency can therefore have immediate access to its entire offer with a simple order form.

France is a strategically important market for Ebusco as one of the key target countries supporting the international expansion strategy. The French bus market is the largest bus market in Europe and has a relatively low current zero emission penetration. Ebusco will service the French market with locally built buses from its manufacturing facility in the Metropole Rouen which is expected to become operational by the end of 2023.

To support the UGAP catalogue addition, Ebusco will further step up its marketing and sales activities in France in the coming year. Amongst the planned activities are a dedicated Ebusco 3.0 roadshow in France and attendance at multiple exhibitions. These events will allow Ebusco to showcase the innovative and low weight design of the Ebusco 3.0 which has proven to lead to significantly lower energy consumption and longer range while also offering superior drivability and safety features.

Peter Bijvelds, CEO of Ebusco comments: “We are proud and honoured to be selected by UGAP and it is clearly an important strategic step to expand our footprint in France. We are looking forward to presenting our innovative Ebusco 3.0 to all French municipalities that are aiming to lower the regions carbon footprint through the deployment of zero-emission public transport.”

Jean Francois Chiron, Managing Director France at Ebusco comments: “To be referenced with UGAP is really a big step forward for our implementation in France. This contract award, which complements our industrial establishment in the Rouen metropolis, is a concrete expression of Ebusco’s global development strategy in which France has a special place. We are now a major player in the French bus market, supporting local authorities in their shift toward zero-emission transit services.“

Ebusco signs contract with KVS GmbH Saarlouis for 12 & 18-meter buses

Deurne, 18 January 2023 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a contract KVS GmbH Saarlouis for 15 Ebusco 2.2 12-meter and 5 Ebusco 2.2 18-meter buses. The delivery of these buses is planned for early 2024. With KVS, Ebusco welcomes a new customer in Germany, further strengthening its position in one the leading countries for Zero Emission transport.

The new Ebusco 2.2 buses will be used by public transport company KVS (GmbH Nahverkehrs-Unternehmen) in the state Saarland and city of Saarlouis. For this order, Ebusco competed against other e-bus suppliers in Germany and winning this tender once again highlights the competitiveness of the Ebusco 2.2 in terms of range and energy consumption.

Andreas Michel, Managing Director at KVS Saarlouis comments: “Following the tender for electric buses for the KVS Saarlouis, Ebusco came out on top with the most advantageous offer. The Ebusco 2.2 low-floor buses have a very large radius of action and will help transform KVS’s fleet step by step to emission-free transport.

Wolfgang Hackauf, Sales Director at Ebusco comments: “We are very proud to be able to win this tender for Ebusco. We are very much looking forward to working with KVS Saarlouis, together we can fulfill our common goal to make public transport more sustainable.”

Super-efficient articulated city bus with range up to 700 km

Deurne, 16 December 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, reveals today the very first Ebusco 3.0 18-meter to the outside world. Minister for the Environment Vivianne Heijnen, amongst other topics responsible for public transport in the Netherlands, will be present during the event to get a preview of this Dutch innovation.

The Ebusco 3.0 18-meter bus is the epitome of efficiency, leading to an extremely low Total Cost of Ownership for operators. Thanks to the use of lightweight composites, the Ebusco 3.0 18-meter with a starting weight of just 14,500 kg, is ground-breaking in terms of weight. Combining the lightweight body with efficient battery packs of 350+ and 500+ kWh, the Ebusco 3.0 18-meter has a range of up to 700 kilometers on a single charge and has a maximum capacity of 150 passengers.

Thanks to the floor-integrated batteries, the 3.0 18-meter bus has a very low centre of gravity, which has a positive effect on driver handling and passenger comfort. Ebusco again opts for cobalt-free LFP batteries because of safety, ethical and durability considerations. Because of the lightweight structure, all axles can be equipped with a single tyre. This makes it possible to create an extra-wide aisle from front to rear with a width of 90 centimeters, which increases the flow throughout the bus and makes the bus extra accessible also for people with physical disabilities, and for prams.

The composite side walls are injected with a foam that provides high thermal insulation. This high insulation value further reduces the energy consumption of the cooling and heating system and therefore has a positive effect on the range of the bus. The composition of composite and foam also ensures higher passenger comfort and extra safety due to the strength properties of composite.

Today marks the reveal of the first produced Ebusco 3.0 18-meter. Ebusco has already received several orders for this bus over the past year, including orders for Oslo, Orebro Lan, Rouen and Vaxjo. In 2023, Ebusco will further scale up production with a dedicated line for articulated bus models to meet demand.

Peter Bijvelds, CEO of Ebusco comments: “I am immensely proud that we are presenting this ground-breaking 18-meter bus today. With about a third of our workforce working in R&D and engineering, we continuously manage to develop at high speed. This has now resulted in the lightest and most efficient articulated bus in the world.”

Ebusco signs contract with NIAG, part of the RETHMANN Group

Deurne, 14 December 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a contract with NIAG (like Transdev part of the RETHMANN Group) for 12 Ebusco 3.0 12-meter buses. The delivery of these buses is planned for end 2023.

The new 12 Ebusco 3.0 12-meter buses will be used by public transport company NIAG. NIAG will deploy the busses in the district of Wesel and Kleve. For this order, Ebusco competed against other preferred suppliers in a so-called mini-tender.

Niederrheinische Verkehrsbetriebe AG (NIAG) is a modern, multimodal transport and mobility service provider with around 800 employees. NIAG creates connections for the region in two core business areas: local public transport and logistics. With its bus route network of more than 2,200 kilometres and 36.5 million passengers per year, NIAG is the largest provider of public bus transport in the Lower Rhine region.

Hendrik Vonnegut, board member at NIAG comments: “We are pleased to have ordered the first 12 electric buses for NIAG from Ebusco. This initial order is the first important step towards the electrification of the entire bus fleet.”

Peter Bijvelds, CEO of Ebusco comments: “We are delighted with this collaboration with NIAG/Transdev, as we share the commitment to drive the transition to zero emission public transport, in which Transdev is an industry leader. Having already delivered more than 170 buses to Transdev, this order is a clear recognition for Ebusco and we look forward to further expanding our successful partnership with Transdev and NIAG.”

Option to purchase 76 Ebusco 18-meter buses converted into fixed order

Deurne, 25 November 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has received confirmation that the option of 76 Ebusco 3.0 18-meter buses for Métropole Rouen Normandie is converted into a fixed order. Out of the 76 buses, 28 will be delivered by the end of 2023. The remaining 48 buses will be delivered in 2024 and 2025.

Métropole Rouen Normandie (city of Rouen greater area) is, as the PTA (Public Transport Authority), responsible for purchasing the buses. The original contract signed in February this year contained three options. Métropole Rouen Normandie chose to exercise these three options at the same time and to purchase all 76 Ebusco 3.0 buses over the next years expressing its high confidence in Ebusco.

Métropole Rouen Normandie will use these buses for Bus Rapid Transit (BRT) transport. The large battery pack, combined with the lightweight design, ensures low energy consumption and therefore an extra-long range which is needed for successful BRT transport. The long range combined with the superior drivability due to the batteries being integrated in the floor, led Rouen to choose Ebusco.

Peter Bijvelds, CEO at Ebusco comments: “We are delighted with Rouen’s confidence to convert the option into a firm final order. We will continue the path initiated by bringing our innovations to the region and the whole of France as the biggest bus market in Europe. Ebusco and Metropole Rouen Normandie continue to join forces to demonstrate the benefits of an all-electric transport network in France.”

Jean-Francois Chiron, Managing Director France at Ebusco comments: “It fills us with pride to accompany the Norman metropolis of Rouen in its strategy to massively decarbonise its public transport. This trust honours us and obliges us to deliver excellence. We are building a long-term partnership with the Metropole Rouen Normandie with a strong and lasting territorial anchorage.  We have to develop in this ambitious territory a demonstrator of Ebusco’s know-how and its capacity to innovate. On a more personal level, it is really a great satisfaction to work with all the stakeholders who are all so committed to this project.”

31 buses for new customer EBS

Deurne, 22 November 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems,has signed a contract with Dutch public transport operator EBS for 31 Ebusco 3.0 13.5-meter buses. The delivery of these buses is planned for end 2023. With EBS, Ebusco welcomes a new customer in the Netherlands, further strengthening its position in one the leading countries for zero emission transport.

The Ebusco 3.0 13.5-meter is a new addition to the line-up of the innovative, lightweight Ebusco 3.0 and reaches the maximum length on one rear axle. The buses that EBS will operate include a number of other interesting highlights such as the deployment of an all-electric heating system. The typical Ebusco 3.0 lightweight design makes it possible to offer EBS a large passenger capacity without compromising the range on a single charge. The bus is equipped with an optimal combination of 49 seats for regional transport and additional standing places for urban transport.  

EBS is an ambitious Dutch public transport operator and is currently active in three regions: Waterland, Voorne-Putten & Rozenburg, and Haaglanden Streek. The company has at this moment approximately 1,000 employees and will grow within one year to more than 2,000 employees as a result of won contracts in IJssel-Vecht and Zaanstreek-Waterland. EBS will operate over 500 electric buses by the end of 2023. The order of the Ebusco 3.0 buses contributes to the further growth of the electric fleet, making it possible for EBS to provide public transport in the most sustainable way. 

Wilko Mol, CEO of EBS comments: “We are very pleased to add the Ebusco 3.0 buses to our fleet. This is our first order at Ebusco and we trust that Ebusco will meet all our expectations.” 

Steven van der Burg, Sales Director of Ebusco comments: “We are happy and honoured to welcome EBS as a new customer. Together we can fulfil our common goal to make public transport in the Netherlands even more sustainable. We look forward to work together with EBS in the next years and are looking forward to see an increasing number of Ebusco 3.0’s hit the Dutch road.” 

13 Ebusco 3.0 18-meter city buses to operate in Örebro Län

Deurne, 15 November 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a new contract with Svealandstrafiken in Sweden for 13 18-meter Ebusco 3.0 buses, to be delivered in the second half of 2023. This is a follow-up order from Svealandstrafiken and is already the third Swedish contract this year.

Svealandstrafiken is responsible for bus services with more than 65,000 passengers daily. Most bus services are managed directly by Svealandstrafiken, while a minority are provided by subcontractors. This order represents a follow-up order after Svealandstrafiken already placed an initial order for 23 18-meter buses in June bringing the total number of innovative Ebusco 3.0 buses that will be commissioned by Svealandstrafiken in the second half of 2023 to 36. In addition, the contract also includes an option for the purchase of 5 additional 18-meter buses with delivery time no later than the end of 2025.

Martina Lindblom Alanko, Head of sustainability and procurement at Svealandstrafiken comments: “Sustainability is close to our hearts and a natural part of our business. Based on our values, we take active responsibility for our customers, employees, shareholders, suppliers, partners and, not least, for the society in which we operate. This is an important step for us in terms of reaching our strategic sustainability goals.”

Jonas Helsner, Sales Director Nordics at Ebusco comments: “At the end of October, we were present at the Persontrafik fair in Stockholm where we met with many operators and authorities from Sweden and other Nordic countries to present the lightweight and innovative Ebusco 3.0. Besides the bus’s fresh external looks and spacious internal design, the audience was also very pleased with the 3.0’s energy consumption figures, which we were able to show in our real-time fleet management system. It’s great to see that the positive feedback that we have received about our Ebusco 3.0 has strengthened our regional position and which is highlighted by the third order in Sweden.”

Why reinvent the wheel when it can be multi-purpose?

The end of the Formula 1 season is almost here. Once again, it was a season in which the engineering of the cars was decisive in this year’s final ranking. The Formula 1 Sport has always been at the forefront of automotive developments and has played a major role in some, now widely used, techniques in the global automotive industry.

One of these developments is the use of Carbon Fiber. This technique was first used within the Formula 1 sport but is now the standard in the automotive industry. A significant change within this development occurred when McLaren introduced the MP4/1 Formula 1 car in 1981. Until that point, carbon fiber was generally used in non-structural areas and solely used to save weight and gain speed. This new groundbreaking McLaren car was constructed with a complete carbon fiber monocoque. Something that, at the time was never seen before, but also was doubted by many in the industry.

To get ahead in the game, McLaren knew they needed to change their way of thinking and started looking for outside expertise. This is how Aerospace and Automotive engineering was combined. After many years of knowledge sharing, development, and innovation the MP4/1 was introduced. Still, not everyone was convinced of this new concept until later that year John Watson survived a crash and won the Grand Prix in the McLaren car. This was the turning point in convincing the world regarding the use of carbon fiber. A great example of how F1 set the tone for the rest of the car industry.

Looking at Ebusco, some might recognize the story. A different year, a different industry but many similarities nonetheless. With a product, normally constructed out of steel or aluminum, Ebusco saw the need to revolutionize the industry standard and changed the development of electric city buses. With their clear vision of the electrification of public transport, Ebusco was declared a complete fool. This did not discourage them and the multi-year development plan was set in motion, resulting in the introduction of the Ebusco 3.0. An electric bus with a casco made entirely of composite materials.

Now, many may wonder why this move was made 35 years after McLaren’s revolutionary breakthrough. Simply because the need was not there. Lightweight solutions were mostly applied to increase the speed of the vehicle, but with buses, this was not something that needed to be achieved. However, the playing field changed when electric vehicles emerged and the need to be able to drive as far as possible with as few batteries as possible arose. With weight playing a major role in the battery’s performance, an existing technology was again applied in another innovative way. So why reinvent the wheel when it can be multi-purpose?

Selling season for public transport buses off to a good start

Production ramp up remains on track

Peter Bijvelds, founder and CEO: “Following the summer break, we continue to see strong momentum in the market for zero emission public transport and even stronger interest in our innovative lightweight Ebusco 3.0. The strong order intake at the start of the ordering season for public transport buses is for us the proof that we are on the right track.

We are very proud of the performance of our buses with both models offering high value added to our clients through amongst others very low energy consumption. This was once again highlighted by the first Ebusco 2.2 for BVG driving from Deurne to Berlin on a single charge and ongoing strong performance data from Munich.

On the back of our developing order book, tender pipeline and client feedback, we have continued to ramp up capacity in Deurne by adding additional staff. Meanwhile, we also continue to prepare for the opening of the Rouen (France) facility next year. As a result, headcount, including contractors, increased to 558 at the end of September compared to 492 at the half year stage.

Supply chain disruptions continue to take a lot of time and effort to circumvent but we see signs of improvement with parts availability improving. Having said this, we continue to see the impact of higher transportation costs, currency movements and component cost inflation.

Under the assumption that the current geopolitical, supply chain and COVID-19 situation does not deteriorate, we re-iterate our outlook as communicated at the half year results”

Delivery & Shipments

During the third quarter, we shipped an additional 56 buses. The shipments concerned partial shipments for BVG (33 buses) and different orders from Nobina (23 buses). In addition, deliveries were made to Wartburg (two 12 meter buses 2.2) and Schwalmtal (four 12 meter buses 2.2).

The first bus for BVG also made its way to Berlin and was able to cover the 600+ kilometers from Deurne without recharging. Upon its arrival at the BVG depot the Ebusco had 16% remaining battery capacity, highlighting its efficiency.

Orderbook development

Since the first half year results we have continued to gain significant commercial traction with new orders for 76 buses from Nobina (22 Ebusco 3.0 buses of 12 meter and 54 Ebusco 3.0 buses of 18 meter) and 47 buses for Connect Bus a new client in Sweden (29 Ebusco 3.0 12-meter and 18 Ebusco 3.0 18-meter). Noteworthy is the number of additional 18 meter buses that have been ordered following the initial interest from Rouen in this model.

The current order book is reflected in the table below:

Customers are especially attracted to the low weight design of the Ebusco 3.0 resulting in low energy consumption. In times of elevated electricity prices and growing awareness of the importance of energy efficiency, this is an important differentiating factor.

The fact that this consumption data is backed by real-road data from our buses in Munich as well as independent e-Sort tests has further strengthened our position. The exceptional energy efficiency combined with our relentless focus on drivability, passenger comfort and safety has resulted in a unique product offering which has received strong recognition at InnoTrans.

The launch of the first Ebusco 2.2 right-hand-drive in Australia resulted in supportive feedback from transport authorities, operators, and governments. The availability of the bus for testing should drive commercial momentum in the region in the next 12-18 months.

Next to the new orders for buses, the first contract was signed for an Energy Storage Solution (ESS) which will be deployed by Emmett Green. The ESS has been developed in-house based on our experience with heavy-duty batteries and battery management systems. We see multiple use cases for these ESS systems where energy needs to be temporarily stored. These use cases include amongst others grid balancing, supporting smart charging infrastructure on bus depots as well as maritime solutions.

Tender activity

Tender activity remains strong, and we have identified tenders for over 3,800 buses which are expected to be awarded in the next 12-18 months. This tender pipeline is a mixture of Ebusco 2.2 and Ebusco 3.0 buses which allows us to find a balance between the two models during the ramp up of Ebusco 3.0 capacity.

As battery electric buses are becoming the clear standard for zero emission public transport, a number of (local) governments and operators want to take meaningful steps in making their fleets more sustainable. As a result, we have identified several large framework tenders in the market.

Discussions for over 100 buses under the existing framework contracts are also progressing which provides visibility into next year. Furthermore, we see an increasing number of private transport operators showing interest in signing multi-country framework contracts.

This strong tender activity shows that the electrification of public transport, as part of the broader sustainability drive, continues to be high on the agenda of (local) governments and transport operators despite the macroeconomic backdrop.

Production Ramp up

During the third quarter, we continued to ramp up our manufacturing capacity at the Deurne location and remain on track with our ramp-up plans. An additional 39 FTE joined our manufacturing team highlighting Ebusco’s attractiveness as an employer. As parts availability improved, we have taken additional leaps forward on the learning curve. In the fourth quarter of 2022, we will reach the milestone of manufacturing one bus per day at our Deurne location.

This capacity will be ramped up to two buses per day in late Q1/early Q2 2023. Reaching this capacity requires recruiting an additional 100-110 FTE and a relocation of our existing Ebusco 2.2 Pre-Delivery Inspection (PDI) activities. To facilitate this relocation, multiple sites near our existing facilities are being investigated.

In relation to the facility in France, the project is moving forward as planned. Orders for production equipment with a long lead time have been placed and a dedicated project team has been formed. This team works together with a project team of the facility owner to enable Ebusco to move into the facility during the second quarter of 2023. Following the further refurbishment of the factory, installation of the manufacturing equipment, training and hiring of staff, the facility is expected to be operational by the end of 2023.

Once fully operational the Rouen facility will have a manufacturing capacity of 500 buses per annum. Given this location’s size, Ebusco can scale up capacity further in future years. The initial capital expenditure for the Rouen project is confirmed at € 10 million.

While scaling up the 3.0 production capacity and despite a tight labor market, we have also been able to further grow our PDI capacity to deliver on the existing 2.2 orders.

Supply chain developments

The supply chain situation continued to normalise over the third quarter but remains erratic at times. Although the parts availability has improved, we continue to experience late deliveries which sometimes leads to higher transport costs and inefficiencies during assembly.

To withstand supply chain shocks Ebusco continues to hold significant safety stock enabling   continuation of production albeit at the expense of working capital efficiency. Next to supporting current production schedule, the safety stock also allows us to take in new orders for shipment in 2023 well into the next year.

We continue to work on optimising our supply chain with a strong focus on identifying dual source suppliers to lower risks and using scale advantages to lower the cost of goods sold.

Outlook 2022

Assuming no deterioration to the current geopolitical, supply chain and COVID-19 situation, Ebusco management reiterates the outlook previously provided; based on the current and ongoing tender activity, anticipated deliveries and shipment in 2022, a sharp increase in revenue in 2022 compared to 2021 is expected, with 285 buses contributing to the 2022 revenue.

Emmett Green uses Ebusco ESS for energy balancing services

Ebusco today announces the first commercial success of its in house developed Energy Storage Systems as the first ESS will be sold to Emmett Green. Delivery is planned for the first half of 2023.

Emmett Green is an independent company providing services and building own and client asset portfolios in various energy transition assets like e-boiler, hydrogen, private electricity grid and energy storage to get carbon reduction done. It is committed to accelerating the energy transition, with the aim of preventing further warming of our environment. Emmett Green will use the Ebusco ESS for energy storage, arbitrage on day-ahead, intraday or imbalance markets, and ancillary energy services.

Ebusco’s experience with heavy-duty batteries and battery management systems has allowed it to develop Energy Storage Systems (ESS) products that have attractive applications for tasks of high energy demand and for a wide range of applications where energy needs to be temporarily stored including grid balancing, supporting smart charging infrastructure on bus depots and maritime solutions.

Michiel Roelofs, managing director at Emmett Green comments: “At Emmett Green we invest in various energy transition assets like this electrical energy storage. We are excited to add an storage system from Ebusco to our portfolio. Storage systems like this will enable us to engage in behind-the-meter projects and local-for-local optimization as needed to speed up Dutch energy transition and slow down global heating.”   

Peter Bijvelds, CEO of Ebusco comments: “This is another great milestone for Ebusco. We have been focusing on transportation ecosystems for a long time. With this order, this scope becomes even broader, as this energy storage container will be utilized to help balancing the power grid. This so-called Energy Balancing market offers solutions related to energy issues for now and in the future. We are happy to support Emmett Green in this respect with our solutions.”

We are excited to share that today, Ebusco is launching its services and operations in Australia.

With the introduction of the Ebusco 2.2, Ebusco is taking the first steps in its expansion plans for Australia. With its proven concept, the Ebusco 2.2 can drive up to 450 km on a single charge in a broad range of climate and weather conditions. With this model, Ebusco is offering a new way of zero-emission traveling in Australia with a spacious design, USB ports at every seat, and a quiet and smooth operation that is synonymous with electric buses.

Peter Bijvelds, Global CEO of Ebusco is proud to be in Australia to launch the Ebusco 2.2 and said, “When I started this company 10 years ago, I knew that we needed to find a better and a cleaner way to move people. We now have more than 400 buses around the world that have travelled more than 60 million kilometers. This has saved already more than 55 million kg of CO2”

Simon Pearce, Australian Director of Ebusco said, “For the past three years a small team has been working hard in the background to get to this moment today. The arrival of the Ebusco 2.2 bus with right-hand drive in Australia is a huge milestone for our company.”

Ebusco is excited for the start of this journey and the possibility of eventually expanding with local manufacturing focusing on right-hand drive electric buses.

47 Ebusco 3.0 buses to operate for Connect Bus

Deurne, 27 September 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a (fixed) contract with Connect Bus for 47 Ebusco 3.0 12- and 18-meter buses. The delivery of these buses is planned for end 2023. With this contract, Ebusco strengthens its position in Sweden welcoming a new operator to its customer base.

Connect Bus operates public transport services, school bus services and special transport for municipalities and transport authorities. The company has approximately 3,700 employees and about 2,600 vehicles in operation. The company stems from a merger of two Swedish and four Norwegian companies. Connect Bus has extensive operations in both Sweden and Norway, including in Småland, western Sweden and Jämtland.

The 29 Ebusco 3.0 12-meter and 18 Ebusco 3.0 18-meter buses will be used for the Public Transport Authority Länstrafiken Kronoberg in Sweden and will be driving in Växjö.

Christian Plyhm, CCO of Connect Bus comments: “Connect Bus is looking forward to receiving the first batch of Ebusco 3.0 buses both 12-meter and 18-meter buses. With this order we are investing in a healthier living environment and taking a next step to making zero emissions the new standard.”

Peter Bijvelds, CEO of Ebusco comments: “It is great to see that shortly after our first contract, we are now able to go straight ahead with a second contract with a beautiful customer like Connect Bus.  It is yet another confirmation that our growth plans can be implemented, both with existing customers and, as in this case, with new customers. We look forward to the continued cooperation with Connect Bus.”

76 Ebusco 3.0 buses to operate for Nobina in Oslo

Deurne, 16 September 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a contract with Nobina for 76 Ebusco 3.0 buses. The delivery of these buses is planned for end 2023. With this contract, Ebusco significantly strengthens its position in Norway.

Nobina, the largest Public Transport Operator in the Nordic region, is a repeat customer for Ebusco.  This Norwegian order consists of 22 Ebusco 3.0 12-metre buses and 54 Ebusco 3.0 18-metre buses. By adding these 76 buses, the total number of Ebusco buses in the Nobina fleet will be 176. For Nobina, this is the first time that they will be using Ebusco buses in Norway; the previous orders were all for Denmark.

The 76 Ebusco 3.0 buses will be used for the Public Transport Authority Ruter in Norway and will operate in and around Oslo.

Jens Råsten, Fleet Manager at the Nobina Group comments “As the largest public transport operator with largest fleet of electric buses in the Nordic region, we take great interest in the development of new sustainable buses, technology, and materials from Ebusco. Also, in Ebusco’s enhanced European production capabilities for our passengers and PTA´s in the Nordic region.”

Peter Bijvelds, CEO of Ebusco comments: “In 2014, when Ebusco was just starting out, Norway already showed concrete interest and dared to strengthen its ambitions around sustainability by investing in electric buses. It is great to see that in line with our growth ambitions we are now signing a substantial contract for the supply of our buses with our repeat customer Nobina.”

Strong revenue growth following high order intake in 2H21

Growth of the organisation in line with medium term objectives

Financial Highlights H1 2022

• Revenue showed strong recovery to €37.1 million following high order intake in 2H21
• Gross margin improved to 16.2% (+10.7%-points) despite several headwinds
• EBITDA of negative €15.2 million due to continued ramp-up
• Result for the period of negative €14.1 million
• Cash and cash equivalents of €151.4 million to execute roll-out plan
• Orderbook^[1] YTD at 1,307 buses with continued high tender activity

Operational Highlights H1 2022

• Successful retention and recruitment of employees as the headcount more than doubled
• Capacity ramp up for Ebusco 3.0 production and Ebusco 2.2 deliveries for 2H22 on track
• First Ebusco 3.0 bus 18 meter successfully put into the homologation process
• First tenders entered in North America and first right-hand drive arrived in Australia
• Letter of Intent (LOI) signed for new facility in France in July and first equipment ordered

Outlook FY 2022

• Management reiterates that the order intake, tender activity and anticipated shipments and deliveries are expected to result in a sharp revenue increase in 2022

Peter Bijvelds, founder and CEO: “The performance of Ebusco has been very encouraging with especially a strong order intake YTD. Besides the large Deutsche Bahn framework contract announced in April we welcomed new customers in Sweden and Spain.

The reception of the Ebusco 3.0 bus has been positive, supported by the unrivalled low energy consumption of our revolutionary design. The data from the Ebusco 3.0 buses on the road in Munich as well as from independent testing authorities are consistently better than anticipated. Another important milestone was reached as the first Ebusco 3.0 18 meter bus has successfully entered the homologation process.

We also continue the expansion of our company as evidenced by the growth in headcount despite the tight labour market. While we recognise this comes at the expense of short-term profitability, we continue to invest in anticipation of future growth and to provide optimal service to both existing and new clients alike. An important step in our expansion strategy was the Letter of Intent we signed in July for a production facility in the city of Rouen, France. The local production and assembly facility should enable us to meet the growing demand for our Ebusco 3.0 buses and improve our position in the French and Southern European markets.

Although the focus has been on getting all components in the warehouse on time, we have also invested significant time and effort in further optimising our supply chain with a strong focus on identifying dual suppliers to lower risks and scale advantages to lower cost of goods sold.

Looking ahead, as we have said before, we are not immune to the geopolitical uncertainty and the continued strain on the global supply chain. Uncertainty in the supply chain continues, we have to cope with delayed deliveries and higher costs. We are making every effort to stick to agreed delivery deadlines with our clients which for example leads to higher transport costs when parts are delivered by air instead of sea.

Despite these uncertainties, management reiterates that based on the order intake, tender activity and anticipated shipments and deliveries are expected to result in a sharp revenue increase in 2022, assuming the current geopolitical, supply chain and COVID-19 situation does not deteriorate further.”

Click here to read the full press release.

[1] These orders can be divided into three categories: fixed (325), call of contracts (253), additional options within won contract (729) and includes contract assets

Ebusco receives the first order for the Spanish market

21 Ebusco 2.2 buses to operate in Barcelona metropolitan area

Ebusco has signed a contract with Àrea Metropolitana de Barcelona (AMB) in Spain for 21 Ebusco 2.2 12-meter buses and related chargers, to be delivered in the second quarter of 2023. With this contract, Ebusco for the first time gets a foothold in the Southern European market and thus the number of countries where Ebusco operates will be increased to nine.

Àrea Metropolitana de Barcelona (AMB) is the public administration of the metropolitan area of Barcelona, a large urban conurbation made up of 36 municipalities. AMB plans and operates bus and subway networks and other sustainable transport services, the 21 new Ebusco 2.2 buses will be used in Metropolitan Bus services.

Peter Bijvelds, CEO of Ebusco comments: “We are very excited to expand our geographical presence with this very first order in Spain. Spain is one of the target markets in our international expansion strategy as the electric bus market in Spain is expected to grow considerably in the coming years. We are looking forward to support AMB in their transition to sustainable transport.”

Ebusco signs letter of intent to lease production facility in the Metropole Rouen

French headquarters and production facility at the Cléon site

Ebusco has signed a letter of intent to lease 21,000m2 in the Metropole Rouen to facilitate its future growth ambitions in France and Southwest Europe.

Ebusco has elected the Renault Cléon site to set up its French headquarters and production facility. This location came available as part of a transformation and strategic shift of the Cleon site towards 100% electric vehicles thereby creating a new ecosystem focused on continued innovation. Ebusco will contribute to this ecosystem not only through its experience of the electrification of public transport but also with the company’s deep knowledge of the integration of lightweight materials in its unique bus design.

The Metropole has given a very favorable welcome to Ebusco as a new tenant of the Cleon site, mobilizing all public partners (State and Region Normandie) to create the best conditions for a long-term partnership for the benefit of innovation and employment.

The new Ebusco factory is expected to be fully operational by the end of 2023 and will have an initial capacity of 500 buses per year with the option to expand capacity in later years. The initial investment to equip the facility and convert it to Ebusco standards is expected to be EUR 10m.

Peter Bijvelds, CEO of Ebusco, comments: “After the establishment of a development team in France two years ago, the installation of a second production site in Europe, as well as a new headquarters for our French subsidiary, is an important step for Ebusco in its development in France and Southern Europe.

France represents the largest bus fleet in Europe and is therefore a strategic market for the development of Ebusco. With this new local production facility we aim to enhance our service to our existing French clients and gain further traction with new French mobility authorities.”

Nicolas Mayer-Rossignol, President of Rouen Métropole Normandie and Mayor of Rouen: “After the success of the recent takeover of Chapelle Darblay in Grand Couronne, which was made possible by the decisive action of the Metropolis, the establishment of Ebusco France’s headquarters and one of its largest production facilities are a new positive signal for the territory and its attractiveness, based on a clear strategic vision: to develop the low-carbon economy, the economy of tomorrow.”

Thomas Denis, CEO of the Renault Cléon plant, comments: “The challenges linked to job creation, attractiveness, and low-carbon mobility in the Rouen-Normandy metropolitan area naturally led us to agree to host Ebusco on our grounds. This expansion project in France of Ebusco is a great opportunity to promote Normandy, the know-how around the electrical industry and boost the local industrial fabric”.

Ebusco expands footprint in Denmark

19 Ebusco 3.0 buses to operate for Nobina

Ebusco has signed a contract with Nobina for 19 Ebusco 3.0 12-meter buses. The delivery of these buses is planned for mid-2023. With this contract, Ebusco strengthens its position in Denmark.

Nobina is the largest Public Transport Operator in the Nordic region. With 13,000 employees in four countries, Nobina serves one million people per day. This follow-up order from Nobina brings the number of Ebusco buses in the Nobina fleet to a total of 100. By adding these 19 buses, 20 percent of Nobina’s bus fleet will be zero emission. In this way, Nobina is taking on a leading role in order to contribute to more fossil-free travel.

The 19 Ebusco 3.0 buses will be used for the Public Transport Authority Midtrafik in Denmark and will operate in and around Horsens.

Roman Westberg, Strategic purchaser of Nobina comments: “Nobina is looking forward to receive first batch of Ebusco 3.0 buses manufactured in Deurne, Netherlands, complementing the growing fleet of Ebusco-buses of Nobina.”

Peter Bijvelds, CEO of Ebusco comments: “Scandinavian countries have shown interest in our electric buses right from the start of Ebusco. We look forward to intensifying our cooperation with our repeat customer Nobina in Denmark and the rest of the Nordic region.”

Ebusco receives first order for the Swedish market

Ebusco 3.0 buses to operate in Västmanland and Örebro Län

Ebusco has signed a contract with Svealandstrafiken in Sweden for 23 18-meter Ebusco 3.0 buses, to be delivered in the second half of 2023. This is Ebusco’s first contract in Sweden, taking the number of countries with Ebusco buses on the road to eight.

Svealandstrafiken, the Public Transport Operator owned by the Region Västmanland and Region Örebro Län, is responsible for the bus services with daily more than 65,000 passengers. Most of the bus services are under direct management of Svealandstrafiken while a minority is handled by transport subcontractors.

Peter Bijvelds, CEO of Ebusco comments: “We are very excited to expand our footprint in the Scandics. Earlier this year we hired Jonas Helsner as our dedicated Sales Director in the Nordics. This order in Sweden is a perfect next step within our expansion strategy. We are looking forward to serve our new customer in a new country directly with our revolutionary Ebusco 3.0 and are looking forward to further support the expected growth of zero emission buses and associated EV solutions in Sweden.”

Shareholders’ meeting Ebusco adopts all resolutions

Deurne, 25 May 2022 – Ebusco announces that the Annual General Meeting of Shareholders (AGM), which was held today, adopted all proposed resolutions. This included the adoption of the financial statements 2021 and the discharge of the Management Board and the Supervisory Board.

The voting results will be published on the Ebusco website within 5 working days. The draft minutes of the meeting will be published on the company’s website within three months.

Publication Annual Report and Convocation AGM

Ebusco has published the convocation for the Annual General Meeting of Shareholders (AGM) on 12 April 2022, including the agenda and the accompanying explanatory notes, and the annual report 2021. The Annual General Meeting of Shareholders will be held on 25 May 2022 at 11:00 CET in Deurne. Please click here for all the AGM documents.

Ebusco ends transitional year 2021 with record order book
The drive for sustainable public transport is unstoppable

Operational highlights FY 2021

• New facility in Deurne for production of the Ebusco 3.0 fully operational
• Completion of acquisition of Pondus, combining bus and aerospace know-how
• First Ebusco 3.0 buses delivered in Munich following EU vehicle-type approval
• Number of FTEs grew by 86%, in line with growth ambitions
• Automotive Innovation and JEC Innovation awards confirm innovative strength

Financial highlights FY 2021

• Financial results impacted by pandemic-related tendering slowdown in 2020 and H1 2021
• Full-year revenue of €24.3 million, in line with earlier guidance
• Accelerated ramp-up resulted in an underlying EBITDA loss of €20.5 million
• Cash and cash equivalents of €207.9 million to execute roll out plan
• Strong order intake resulted in record total order book of 325 buses of which 240 fixed

Highlights YTD 2022

• Multiple new orders for 951 buses takes current order book to 1,274[1] buses
• Performance data of first Ebusco 3.0 buses in operation exceeding expectations
• Final negotiations on first production plant in France to meet local content requirements
• Acquisition of 40% of Zero Emission Services to accelerate electrification of inland shipping

Outlook 2022

• The order intake, tender activity and anticipated deliveries are expected to result in a sharp revenue increase in 2022
• Ebusco reconfirms the medium-term objectives as defined during the IPO

Key figures FY 2021

Peter Bijvelds, founder and CEO: “Looking back, 2021 was both an exciting and challenging year for Ebusco in which we achieved several important milestones but also had to cope with the delayed effects of the pandemic and supply chain disruptions.

We made significant progress in further preparing our organisation for future growth. His Majesty the King Willem Alexander of the Netherlands officially opened our blueprint facility in Deurne for the production of the Ebusco 3.0, we obtained EU vehicle-type approval for our revolutionary Ebusco 3.0 and we delivered the first Ebusco 3.0 buses to Stadtwerke München. We are very proud to say that the first data we have received through our real-time fleet tracking software shows that performance is exceeding our and customer expectations.

As indicated at the time of our IPO, 2021 has been a year of transition in which our revenue and profitability were impacted by a slowdown in tender activity due to the Covid-19 pandemic. The related supply chain disruptions also had a strong impact on the delivery schedule of our buses, shifting shipments from 2021 to 2022. Next to the cost increases related to the growth of our company, increased transportation costs and currency fluctuations had a negative impact on our profitability in 2021.

Having said this, the drive for sustainable public transport is unstoppable and the electrification of global bus fleets is back on the agenda as we saw tender activity improving in the second half of 2021 and year-to-date 2022. Given our strong competitive position we gained several new contracts, including a significant order from Berliner Verkehrsbetriebe, and ended 2021 with a record order book of 325 buses. In 2022, we have already added a significant number of orders, including the major framework agreement with Deutsche Bahn, taking this record order book to 1,274 buses.

The operational performance of the Ebusco 3.0 buses already on the road further strengthens our belief in the future growth of Ebusco as we work towards our medium-term objectives. To partly accommodate for this expected growth and to offer local content, we have entered into final negotiations to lease a large new production facility in France.

Based on the strong order intake, tender activity and anticipated deliveries, we expect a sharp increase in revenue in 2022 compared to 2021. Ebusco is, however, not immune to the geopolitical uncertainty as a result of the invasion of Ukraine and continued strain on the global supply chain, both of which are key external risks we need to navigate.

We look forward to further executing our international expansion strategy together with our employees, suppliers, clients and shareholders to who we owe a debt of gratitude for their ongoing support. As of today, we have more than 350 buses on the road which have collectively driven more than 47 million kilometres, saving over 43 million kg of CO2. I am convinced that Ebusco is well-positioned to take advantage of the further electrification of bus fleets, enabling us to contribute to a better living environment with our safe, reliable, emission-free and cost-competitive transportation ecosystems.”

Click here to read the full press release.

[1] These orders can be divided into three categories: fixed (285), call of contracts (260), additional options within won contract (729)

[2] For further details, see the ‘Non-IFRS measures’ included in the Annual Report page 127-130.

Deutsche Bahn awards Ebusco major framework agreement for electric buses 
Significantly strengthening its foothold in Germany 

Ebusco announces that it was awarded for framework agreement with Deutsche Bahn. Under this framework agreement, Ebusco will be the primary supplier to Deutsche Bahn for zero-emission buses for the period 2023-2024 plus the option to extend to 2025 and 2026. This framework agreement is a key step in strengthening Ebusco’s presence in the strategically important German market.  

Deutsche Bahn is Germany’s largest Public Transport Operator. The framework agreement relates to the delivery of battery electric Ebusco buses, over the period 2023-2024, with the option to extend the contract by one year twice. The buses will be put into service by Deutsche Bahn at multiple public transport authorities across Germany. As part of this agreement, Ebusco has agreed a call-off contract for approximately 260 Ebusco buses, which will materialize if and when Deutsche Bahn obtains the related concessions in the period 2023-2026. The maximum order volume under the framework agreement amounts up to 800 buses (variety of bus configurations) over the total contract period.  

Ebusco 3.0 wins Red Dot Design award
Prestigious award within the Product Design category

Deurne, 31 March 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has won the Red Dot award with the Ebusco 3.0 in the category Product Design. It will come as no surprise that we are extremely proud of this prestigious design award. It is, once again, a huge recognition for our 3.0 bus.

The Red Dot Design Award is one of the world’s largest design competitions. The Red Dot Label has become established internationally as one of the most sought-after marks of quality for good design.

All registrations have been assessed by the international jury and the fact that we have been awarded is something that we feel extremely honoured about.

Thanks to the cooperation with our partner KesselsGranger DesignWorks, who has been with us since the very beginning, we have managed to design this bus to make it stand out from any other.

“Receiving the Red Dot Award for the design of the Ebusco 3.0 is a wonderful achievement for all involved. We’re honoured and proud to work closely with Ebusco, at the forefront of innovation, with a team of specialists in business, design, engineering and manufacturing, creating state-of-the-art mobility which contributes to a better living environment.” – KesselsGranger DesignWorks

Interior design Ebusco 3.0
The design of the bus is focused on more comfort with a spacious and luxurious interior and is therefore designed to give the best possible travel experience for drivers and passengers. The fully flat floor allows for increased freedom of movement and the opportunity to maximize the window size. This, in combination with an optional panoramic skylight, increases the natural incidence of light considerably. The body of the bus is made of lightweight composite material. This has many technical advantages but also has a special effect on the bus’ interior. The composite beams are left untreated so the woven carbon fibres can be seen in the bus.

Besides comfort, safety also plays a big part in the design of the bus. For that reason, we have replaced the outside mirrors with cameras to increase the safety and aerodynamics of the bus. The Ebusco 3.0 is not only a pleasure to look at, but also a joy to ride. A combination of which we think is crucial within our market.

Exterior design Ebusco 3.0

With its advanced lightweight construction, the exterior design called for a pure and unique aesthetic. The body shape has been determined by the curvature of the carbon fibre spaceframe that, alongside the increase in strength, results in elegantly curved sides.

The styling incorporates a wing-shaped theme that embraces the front and sides, highlighting the lightweight, aerospace-inspired character of the bus. The exterior design includes sculpting that results in a more emotional and dynamic appearance.

All components have been developed for a flush-fitting appearance, including the doors and limited panel gaps.

The aerodynamic spoiler set has been developed to be as low as possible, which has been enabled through the limited number of roof-mounted components.

Important step for Ebusco in maritime market 

Ebusco takes over 40% stake in Zero Emission Services 

Deurne, 18 March 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has taken over 40% of the share capital of Zero Emission Services B.V. (ZES), a provider of all-in concepts for emission-free inland shipping. Ebusco took over the shareholding from ENGIE, one of the founding shareholders of ZES. ZES and Ebusco share their commitment to zero-emission transportation. As their solutions are highly complementary, together Ebusco and ZES can significantly increase their joint impact in the maritime sector. 

Start-up in emission-free inland shipping 

ZES was founded in June 2020 and offers a complete range of products and services, based on interchangeable battery containers charged with renewable power, charging stations, technical support and an innovative pay per use concept for ship owners. In September 2021 the first emission-free inland shipping vessel, with energy containers from ZES, commenced operation. ZES was founded by ING bank, energy and technical service provider ENGIE, maritime technology company Wärtsilä and the Port of Rotterdam Authority. Ebusco took over its 40% stake from ENGIE. All shareholders provide equity, expertise and staff to support ZES in its development.  

Mutual benefits 

Acquiring a stake in ZES perfectly fits Ebusco’s strategy and mission to contribute to a better environment by enabling safe, sustainable, emission-free, and affordable transportation ecosystems. Ebusco’s shareholding in ZES marks the beginning of a collaboration in which ZES can benefit from Ebusco’s experience with heavy-duty batteries and battery management systems. As part of its Energy Storage Systems (ESS) products, Ebusco has been developing Mobile Energy Containers (MECs) in the last years. These solutions can be perfectly integrated into the ZES concept. ZES’ experience in the inland shipping market and Ebusco’s experience in the electrification of the bus market can increase their joint impact in the maritime sector.  

Furthermore, Ebusco has extensive experience in monitoring its entire bus fleet and its charging infrastructure through its dedicated software platform Ebusco Live. This real-time fleet management system and the knowledge and experience gained can be used to further develop the ZES offering and the efficiency of its solutions. 

Attractive market 

Today’s inland vessel industry shows many similarities with the bus industry ten years ago. At that time, Ebusco pioneered the development of electric buses and associated EV infrastructure. However, the overall landscape and acceptance of electric transport nowadays are now much more advanced, so the transition within inland shipping is likely to happen faster. 

Peter Bijvelds, CEO of Ebusco comments: “We are excited about this transaction, an important step for Ebusco in this very promising sector. We are convinced that Ebusco’s participation in ZES can bring accelerated growth in the adoption of electric inland shipping. Together we can lead the way in this virtually untapped market. We are looking forward to working with the other shareholders and the ZES team to make clean, emission-free inland shipping the new standard.” 

The transaction will not have a material impact on Ebusco’s financials. 

Ebusco receives order for the French market

Contract for up to 80 buses, majority revolutionary 3.0 buses

Deurne, 08 February 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has signed a contract with the Metropole Rouen Normandy, France, for a total of up to 80 Ebusco buses. France is a strategically important market for Ebusco and one of its key target markets in its international expansion strategy. The contract comprises four Ebusco 2.2 buses, to be delivered around year-end 2022 and an option to purchase 76 additional Ebusco 3.0 buses, which will be delivered in batches between 2023 and 2026.

Métropole Rouen Normandie (city of Rouen greater area) is, as the PTA (Public Transport Authority), responsible for purchasing the buses. The contract comprises four Ebusco 2.2 buses of 18 meters. Furthermore, the contract entails an option to buy 76 Ebusco 3.0 buses of 18 meters.

The French market represents a large installed transit bus base and still has a relatively low current electric bus penetration. Therefore, France is one of the key target markets in Ebusco’s international expansion strategy.

Peter Bijvelds, CEO of Ebusco comments: “We are very excited about this new contract. This is an important step in our international expansion. Not only are we significantly strengthening our position in the French market, it is also the biggest order for our revolutionary 3.0 buses to date. The extended delivery schedule, over a period of four years also supports the visibility and efficient planning in the production capacity. Ebusco and Metropole Rouen Normandie are committed to join forces to showcase in France the benefit of a full electric transit network.”

The high capacity of the batteries in combination with the competitive TCO were important considerations for Metropole Rouen Normandy for choosing Ebusco.

Nicolas Mayer-Rossignol President of Metropole Rouen Normandie comments: “We are taking a big step in our journey to a climate-neutral future. The electrification of our bus fleet is instrumental in meeting our climate objectives.”

Ebusco expands customer base in Germany

SWEG places an order for 10 electric buses and charging systems from Ebusco

Deurne, 18 January 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, has received an order from Südwestdeutsche Landesverkehrs-GmbH (SWEG) for 10 Ebusco 2.2 buses and 10 Ebusco chargers.  With SWEG as a new customer, Ebusco is once again expanding its German customer base. The buses will be operating in the Baden-Württemberg region.

Südwestdeutsche Landesverkehrs-AG (SWEG) is a public transport company in south-west Germany. Together with its subsidiaries, it manages a fleet of 470 buses. In this tender, SWEG deliberately chose to put the Low Floor electric buses and the accompanying infrastructure in the form of depot chargers together in one tender. The combination of a competitive price, long guarantee and low maintenance costs were important reasons for choosing Ebusco. The order comprises 10 Ebusco 2.2 buses of 12 metres and 10 Ebusco chargers of 100 kW.

Peter Bijvelds, CEO Ebusco: “It is great to see that, yet another renowned German party has chosen us. SWEG chooses to contract both the electric buses and the charging infrastructure to one party and this is fully in line with our vision. By supplying both buses and charging infrastructure, we can better guarantee the high quality and performance, including high up-time, of our buses. We look forward to contributing to improved air quality in the Baden-Württemberg region with our zero emission buses.”

Dr. Thilo Grabo, Managing Director SWEG: “In our search for fully electric buses and the corresponding charging infrastructure, our choice finally fell on Ebusco. After a careful process, the Ebusco low-floor buses with a large battery pack, combined with the Ebusco charging infrastructure, turned out to be the ideal solution for us. With this investment, we are taking the next step towards making climate-friendly mobility the new standard.”

New order in Munich

Stadtwerke München expands fleet with 14 Ebusco 18-metre buses

Deurne, 12 January 2022 – Ebusco (Euronext: EBUS), a pioneer and frontrunner in the development of electric buses and charging systems, received a follow on order from Stadtwerke München. It concerns an order for 14 Ebusco 2.2 18-metre buses. The delivery is scheduled for the first half of 2023.

Reasons for choosing Ebusco included its superior battery capacity, low consumption, and the associated competitive commercial proposition.

Stadtwerke München already has extensive experience with Ebusco buses. There are currently 12 Ebusco 2.2 12-metre buses in operation in the inner city of Munich, and two Ebusco 3.0 buses, which had their world debut in Munich.

Ebusco has been working as an innovation partner with Stadtwerke München and its subsidiary Münchner Verkehrsgesellschaft (MVG) for several years. This new order is a further consolidation of this partnership.

Peter Bijvelds, CEO Ebusco: “We are delighted that Stadtwerke München has once again opted for Ebusco. Besides the 12-metre 2.2 bus and our new generation Ebusco 3.0 bus, our 18-metre 2.2 buses will also be seen on the streets of Munich. Stadtwerke München has been at the forefront of energy transition from the very beginning. We are proud to partner with Stadtwerke München in contributing to our shared goal of introducing zero emission transport as soon as possible”.

Veit Bodenschatz, Managing Director and Head of Bus Operations at Münchner Verkehrsgesellschaft (MVG): “After the 12-metre buses from Ebusco met the range expectation, we are looking forward to taking its big brother on the road. By gradually switching to e-buses, we want to achieve the climate targets in transport and make public transport in Munich even more sustainable.”