CENN - Cenntro Electric to invest $2.5M in e-cargo firm Antric

• Cenntro Electric Group ( NASDAQ: CENN ) shares gained pre-market on Friday after the company entered into a non-binding term sheet to acquire a minority interest in German e-cargo designer, Antric
• The EV technology firm is investing $2.5M in Antric for a 25% stake. The investment consists of ~$1.27M in cash and rest in the form of a convertible loan, at an implied post-money enterprise value for Antric of €10M.
• Based in Bochum, Germany, Antric has designed and engineered an auto-grade four-wheeled e-cargo bike, Antric One, which has been successfully piloted in Europe. Offering a 2.3 cubic meter cargo volume and up to 300kg payload, the bike is suitable for delivery services and general cargo transport.
• In conjunction with the investment, Cenntro ( CENN ) will manufacture the Antric One at its assembly facility in Germany and market the e-cargo bike globally.

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