ODIN AUTOMOTIVE ANNOUNCES STREETSCOOTER TAKEOVER
Seasoned automotive leadership to take on last-mile delivery business
LUXEMBOURG, Jan. 4, 2022 /PRNewswire/ -- Odin Automotive S.à r.l., an automotive holding company led by global automotive experts, today announced the close of a transaction with Deutsche Post DHL Group (DPDHL) to acquire StreetScooter Engineering (StSE), the company's manufacturer of electric light commercial vehicles (eLCVs). The acquisition gives Odin the rights to StSE's existing IP, production lines, and subsidiaries in both Switzerland and Japan. With the completion of the transaction, Odin takes ownership of the largest producer of eLCVs in Germany and secures the future of StSE's ongoing battery management system development and manufacturing capabilities. Concurrently to the acquisition, the group has also secured an additional minimum order of 3,500 StSE vehicles from DPDHL to continue electrifying their postal delivery fleet. The acquisition marks Odin's first public announcement out of several transactions expected to be completed over the coming year.
The acquisition makes Odin a new global leader in the development, manufacturing, and sale of eLCVs. Founded in 2010 as part of a private research project and acquired by DPDHL in 2014, StreetScooter has deployed a fleet of more than 17,500 of its 4㎥, 8㎥ and 20㎥ volume delivery vehicles for DPDHL alone, along with smaller fleets elsewhere in Europe and in Japan totaling another 5,000 vehicles, making it one of the largest eLCV fleets in operation globally. StSE currently operates manufacturing in Germany, with a production capacity of up to 30,000 vehicles per year. DPDHL will retain a 10% stake in the business to capitalize on its continued growth under its new leadership.
The team is led by CEO and Chairman Stefan Krause, who is the original CEO and founder of EV company Canoo and previously held roles as CFO/Board Member of automaker BMW and CFO of Deutsche Bank. The new venture is backed by several institutional and private global investment partners, including a major Chinese OEM, a partner for contract manufacturing in North America, and Sparta Capital Management, a London-based investment firm. Odin will focus on continuing DPDHL's expansion of StreetScooter's innovative electric vehicle offerings for universal driver comfort, maximum range and reliability, and extending the product lineup to cover a greater variety of use cases. In addition, the company plans to grow StSE's untapped potential in international markets, including countries in Europe, North America, and Asia. Odin anticipates completing other mobility acquisitions which will greatly expand the company's product line and addressable markets for electrified last-mile delivery and beyond.
"The acquisition of StreetScooter from Deutsche Post marks a huge milestone for us—besides acquiring a proven and established OEM in the EV space, we are gaining over a decade of experience in electric fleet management that is unparalleled in the industry," said Krause. "This acquisition provides us with a huge head start over the rest of the sector on our mission to deliver a proven, holistic electrification solution for fleets."
About Odin Automotive S.à r.l.
Odin Automotive is an automotive holding company with employees working together across Europe, Asia, and North America to transform last mile transportation of people and goods to zero emissions. Odin is led by experienced leaders who have been at the forefront of the automotive industry for the last 30 years. After pioneering change in large car and logistics companies, as well as EV start-ups and tech, they're more than ready for the challenge of solving the electrification equation for commercial fleets. For more information, check us out on our website at www.odinev.com.
Media Contact:
Veronica Grigoriou
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SOURCE Odin Automotive
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