19 September 2023
The Orione 1 Fund invests 33 million euros in the Flymove Mobility initiative by acquiring equity in Equiventia Capital Partners Limited UK.
Equiventia Italia Srl announces that it has closed an investment agreement with the English Fund "Orione 1" for the sale of a minority equity stake in Equiventia Capital Partners Limited UK, a company directly controlled, also including shareholdings in companies belonging to the Flymove Group, for a total investment of 33.0 million euros, on a post-money valuation of over 250 million (Round B). This capital will be entirely dedicated to the completion of the three-year development program of the "Flymove Mobility" initiative, which will be implemented by the companies of the Group and more precisely: Moovital (automotive), Mobentia (energy and service stations), Evedigix (digital platform and services) and Racetron (motorsport and hyper-cars).
Flymove Mobility, an initiative entirely conceived in Italy and involving many high-tech Italian companies in the mobility, energy, sustainability, advanced materials, batteries, automation and digital sectors, is currently one of the most innovative integrated mobility platforms for smart cities in the world, boasting a unique supply chain of its kind, which starts from the design and construction of innovative EV cars (and soon also direct hydrogen combustion), up to the creation of a pan-European network of stations for fast charging, battery swapping and supply of self-produced hydrogen.
Furthermore, already planned equity investments will be made in partner technology companies in Italy, strategic for the industrial consolidation of the Flymove mobility platform. The corporate and financial aspects of the operation will be concluded by the end of September, with the immediate start of industrial and development activities.
Paolo Carlin, Sole Director of Equiventia and CEO of the Flymove Group: "We have spent a lot of time and made great resources and sacrifices to achieve this result, but today we finally have the satisfaction of having launched this initiative in the best possible way. In fact, this agreement investment can be considered as one of the largest private industrial operations of recent years in the Automotive sector in Italy, demonstrating that Italian technological and industrial skills are always competitive and attractive even for foreign investment capital, if applied in truly innovative and competitive projects in the long term. Negotiations are also underway with new international investors for the definition of a Round C of equity for approximately 20 million additional euros, which will allow Flymove to prepare the start of large-scale industrial production for its EV "Dianchè Cube" cars. I would like to thank our technological partners and all those who have collaborated with us for the patience and trust they have shown us so far.".
Further announcements will follow shortly regarding the progressive launch of the activities, technologies and products of each of the Flymove Group companies.
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