B-ON REPORTS FULL YEAR 2022 RESULTS

Electrification services and electric light commercial vehicle (eLCV) manufacturer announces successful business results for last year

LUXEMBOURG, April 3, 2023 /PRNewswire/ -- B–ON, the electric vehicle (EV) solutions provider today publicly announced revenue and operational results for 2022.

• The company produced and delivered 2,447 all-electric commercial vehicles to customers
• Generated $125M in revenue
• Raised $150M of capital life to date
• Secured contracts and LOIs for ~11,000 vehicle orders with ~30,000 total in advanced discussions for 2023
• Scaled its team to 188 employees across more than a dozen countries
• Completed ISO9000 Certification for manufacturing quality at its contract manufacturing facility in Dueren, Germany
• Implemented SAP company-wide
• Identified distribution partners in Italy, US, UK, and France
• Established multiple regional partnerships for charging and energy infrastructure, service and maintenance, and financing
• Launched B–ON brand

The company, which is headquartered in Luxembourg with locations in the UK, Switzerland, Germany, Japan, and Latin America, acquired eLCV-maker StreetScooter Engineering from Deutsche Post DHL in January of 2022. It began producing vehicles under the new leadership in the existing 30,000 vehicle capacity facility in Germany the following month.

The rebrand to B–ON was completed in May, including the introduction of a complementary suite of electrification services in addition to the proven vehicle line. The evolution of the company from OEM to full EV solution provider was undertaken to make the switch to EVs as straightforward and hassle-free as possible for fleet owners—providing EVs, charging and energy management, financing, service and maintenance, driver education, and advanced telematics through one point of contact for the customer.

The revenues and milestones are strong validations of B–ON's innovative asset-light business model, focused on leveraging existing infrastructure and partner expertise rather than an asset-heavy, vertically integrated approach favored by other companies in the space. The company works with contract manufacturers to produce its vehicles in existing facilities, allows employees to work from home all over the world instead of investing in expensive headquarter locations, and cooperates with established market leaders to provide a complete and proven ecosystem for fleet electrification.

"It's been an extremely tough year for financial markets, electric vehicle manufacturers, and global automotive supply chains as a whole," said Stefan Krause, Founder, Chairman and CEO of B–ON. "Despite this, B–ON produced and delivered vehicles, and generated nine figures in revenue in our very first year of operations. This is a massive testament to our business model, to our product, and the team we have built, and we expect to continue our growth in 2023 and beyond despite the adverse environment."

About B–ON

B–ON is a full-service solution provider democratizing fleet electrification, providing access to tried and tested electric vehicles plus the entire ecosystem of supporting services needed to electrify any fleet. By bringing together financing and insurance, service and maintenance, charging and energy management, telematics, driver solutions, and proven electric vehicles through one single point of contact, B–ON makes smarter EVs and the electrification process accessible to all fleets, whether big or small. For more information, follow B–ON on LinkedIn, Instagram, or its website, www.b-on.com.

Media Contact:
Veronica Grigoriou
[email protected]

SOURCE B-ON