Ebro Successfully Completes €20 Million Funding Round with Advisory from Hitch Capital

Electric vehicle company Ebro has successfully completed its first funding round, raising a total of €20 million through Andbank España. This operation, which benefited from the strategic and financial advisory services of Hitch Capital, will allow Ebro to continue its ambitious expansion and consolidation plan within the sustainable mobility sector.

A Key Operation for the Automotive Industry.

The first phase of this funding round raised €16 million, with an additional €4 million expected before the end of 2023. The round involved more than 70 investors, including institutions, qualified investors, and family offices.

Ebro CEO Pedro Calef highlighted that the completion of this round is “further proof of the strong investor and institutional interest in a project committed to reindustrialization.” This financial backing marks a decisive step in the company’s path toward solidifying its position in the electric vehicle industry.

Hitch Capital’s Role in the Capital Raise At Hitch Capital, we are proud to have played a key role in this process, providing financial and strategic advisory to ensure the success of the operation. Our industry expertise enabled us to design a capital-raising strategy aligned with Ebro’s growth objectives, helping attract key investors and optimize the financing structure.

Investment

Objectives and Next Steps

The funds raised will allow Ebro to begin preparations for a future listing on BME Growth, a key step in continuing to attract capital and strengthen its market position. In addition, this financing will support the ongoing consolidation of the project and improve access to public funding under the Strategic Project for the Economic Recovery and Transformation (PERTE) of the Electric and Connected Vehicle.

In parallel, the company is advancing in finalizing strategic agreements, including ongoing negotiations with Chinese automaker Chery, with whom Ebro plans to manufacture vehicles at the Zona Franca plant.

IPO'S BME Growth

Hitch Advises Revenga on its IPO'S BME Growth

Revenga Begins Trading on BME Growth with a €7.9M Capital Increase

Tres Cantos, Madrid – October 3, 2023 – Revenga Smart Solutions, an international leader in technology and Smart Mobility solutions, will begin trading on BME Growth on October 5 under the ticker RSS. The BME Growth Board of Directors approved the company’s listing today, following a favorable evaluation report from the Coordination and Admissions Committee on September 14.

For its market debut, Revenga Smart Solutions has set a reference price of €3.44 per share, resulting in an initial market capitalization of over €38 million, as announced in the addendum to the Information Document for Market Listing (DIIM) published on September 14, following the successful completion of a capital increase prior to the listing.

Revenga Smart Solutions carried out a subscription offering through which it raised €7.9 million, which will be used to fund part of its new growth plan. The capital increase attracted strong demand, prompting the company to prorate allocations. The round was subscribed mainly by retail investors, along with other qualified investors.

Taking into account its market capitalization, free float, and number of investors, the BME Growth supervisory department has decided that RSS Solutions will be traded under the "fixing" system, with a single price set per auction period. Grupo Revenga Ingenieros will retain 77.31% ownership, with the remaining capital forming the free float.

Arturo Revenga, CEO of Revenga Smart Solutions, stated:“We are thrilled to begin our journey to BME Growth and deeply appreciate the outstanding reception our project has received in the market. "Being the first company specializing in Smart Mobility technology and solutions to go public is a great honor that fills us with pride.”

D-HUB Acquires Former Nissan Factory

Hitch Advises EBRO on the Negotiation for the Acquisition of the Former Nissan Factory

Barcelona, June 21, 2023 – EBRO, the revitalized automotive company specializing in the production of 100% electric vehicles in Spain, is progressing according to its business plan and marks a milestone in Spain’s reindustrialization.

Through its involvement in the D-HUB, EBRO is reshoring electric vehicle production in Spain—a key component in the transition toward a new model of sustainable, zero-emission mobility. In this context, EBRO expects to begin marketing its first vehicles produced at the Zona Franca site by the end of 2024, with initial deliveries slated for 2025.

The company forecasts production of 50,000 units between 2027 and 2029.EBRO has appointed Andbank to lead its first funding round, aiming to raise up to €20 million. The capital, raised through its parent company EV Motors, will be used to fund the engineering of the models to be produced at the Zona Franca plant (a 100% electric pickup and a minivan), as well as the development of the D-Hub, in which EBRO plays a strategic role through its parent company.

“The EBRO project represents a significant step forward in the reindustrialization of Spain, particularly in reviving activity at the former Nissan plant in the Zona Franca. "It’s about recovering domestic electric vehicle production and industrial employment—trends that have reversed in recent decades in major economies like Europe and the U.S.,” said Pedro Calef, CEO of EBRO.

In this regard, the relaunch of EBRO will enable the D-Hub to rehire former employees from the Nissan factory in the Zona Franca. EBRO is very pleased with the gradual reintegration of a highly skilled industrial workforce, capable of quickly adapting to the development of the company’s new electric models. The company expresses its gratitude to public administration, unions, and the business community for their commitment to achieving this shared goal.