Although slowly, the reindustrialization of the old Nissan space in the Free Zone continues to advance. Yesterday, the historic Ebro brand announced the opening of a financing round for the amount of 20 million euros led by Andbank. It is the first step for a subsequent entry into the MBE Growth, the stock market for small companies, in an operation advised by the Cuatrecasas firm.
Ebro has been recovered by the founders of Btech, one of the two engineering companies that have launched the so-called decarbonization hub, together with QEV, which in turn owns the Zeroid brand. Both of electric vehicles. QEV sources assured that before the end of July they will also present their capital increase.
The 20 million round will be used to finance the engineering of the models that Ebro plans to manufacture in the Free Zone, a pick-up truck and a small van, which will be made thanks to the patents that Nissan has ceded.
Despite the endorsement of Goodman, the real estate logistics company that has been awarded the management of the space, the promoters of the hub also have to contribute their own resources to be able to receive the 65 million European funds that have been allocated through the Electric Vehicle Perte. QEV and Btech already had problems gathering bank guarantees, essential for the approval of the Perte funds. In unblocking the guarantee process, the participation of Andbank, the entity that contributed the most (32 million), was key.
The first round of financing for Ebro is expected to close at the end of July and will be carried out among a small number of investors, according to the company. This round is part of a financing strategy to start the processes for an exit to BME Growth in the short-medium term to continue raising funds.
Ebro estimates that the commercialization of the first vehicles produced in the Zone will begin at the end of 2024, with a forecast of reaching 50,000 units manufactured between 2027 and 2029.
“The Ebro project represents a very significant advance in the reindustrialization of Spain,” said Pedro Calef, CEO of Ebro, who added that “it is about recovering its own production of electric vehicles and industrial employment.”
Along with the hub, the other major industrial project is that of Silence, which already has a first order for 300 units for its small electric vehicle that it will manufacture in the Free Zone.
