The finalization of the investments in the former space of Nissan is advancing little by little. QEV Technologies, one of the two companies leading Nissan’s decarbonization hub, yesterday signed the merger agreement with Spear Investments I. It is a special purpose purchase (Spac) company, promoted by AZ Capital and STJ Advisors and intends to list the resulting company, QEV N.V, on the Amsterdam stock exchange.
The headquarters and fiscal domicile will remain in Barcelona, ??with its business focused on the reindustrialization of Nissan. The management of the Free Zone space has been awarded to Goodman, which competed with QEV and BTech as industrial partners. As QEV is doing now, BTech, owner of the Ebro brand, must also present new investors to ensure its financial capacity. An essential condition to be able to receive the 65 million European funds assigned to them by the Perte of the electric vehicle.
QEV reaffirmed yesterday that the D-Hub will have a maximum production capacity of 180,000 vehicles per year and assured that the hiring of personnel continues, a process that will conclude one year later than initially planned due to the financing problems with which the promoters of the hub have been finding.
With the agreement with Spear, the implicit valuation of QEV reaches 209 million. According to company sources, the operation has made it possible to commit, so far, 23 million euros of capital to support QEV Tech’s business plan, which plans to quadruple revenue by 2023 and aims to sell more than 16,000 electric vehicles a year at from 2027. It is expected that new partners will be incorporated, although the intention is that the current shareholders, among which Inveready and Gaea Inversión stand out. keep most.
QEV, which manufactures under the Zeroid brand, wants to specialize in last-mile electric vehicles and a supplier of electric buses for large national and international companies.
“QEV Technologies is the ideal candidate for the merger. It combines technological experience in electric mobility with competitive production capacities in terms of costs and specific orders”, highlighted Jorge Lucaya, co-CEO of Spear Investments. Co-CEO John St. John added that “Spear has met its goal of providing an on-ramp to the capital markets for a high-growth private company.”
