Barcelona, Spain / Amsterdam, Netherlands. October 3, 2023. QEV started trading today on Euronext Amsterdam under the ticker symbol [QEV] with a fully diluted market capitalization of EUR 221 million. The debut follows the merger of QEV Technologies, a high-growth Spanish company specialising in electric vehicles, and SPEAR Investments I, a Special Purpose Acquisition Company (SPAC) formed by AZ Capital and STJ Advisors.
The transaction has raised EUR 23.1 million of capital to support the business plan of QEV Technologies, which is expected to quadruple its revenues to 60 million euros this year and aims to sell more than 16,000 electric vehicles per year from 2027.
QEV Technologies will maintain its fiscal domicile, headquarters and operations in Barcelona, and will focus its business plan on the implementation of the D-Hub (Decarbonisation Hub), a cutting-edge project in electric mobility that combines the production of owned brands with a contract manufacturing model and seeks to position Spain and Europe as a benchmark in sustainable mobility. The D-Hub, which has been installed in the strategic Zona Franca of Barcelona, expects to start production in early 2024 and will have a maximum annual capacity of 180,000 vehicles.
The money raised in this transaction will allow QEV Technologies to accelerate progress in the implementation of this project and will also accelerate the deployment of the funds corresponding to the Strategic Project for the Recovery and Economic Transformation of the Electric and Connected Vehicle (PERTE_VEC), authorised by the European Commission and the Government of Spain.
The equity raised includes a new contribution from Inveready, a long-standing investor in QEV Technologies, which has now increased its investment in the company. The total capital raised also includes existing investments made by SPEAR shareholders, and the entry of new private investors through a PIPE (Private Investment in Public Equity) transaction and additional new investments made by the SPAC promoters.
After the completion of the merger, QEV’s historical shareholders will have 80% of the merged company, with the management team collectively accounting for 14%. The other two reference shareholders within this group are NAD (11%) and Power Electronics (9%).
Joan Orús, CEO of QEV Technologies, explained: “The new capital raised and to start trading in a stock exchange such as Euronext Amsterdam will allow us to accelerate the implementation of our pioneering electric project, which not only has huge potential, but is also a model that faces the economic and climate challenges. Today marks a new milestone in our company’s path and a step forward for the reindustrialisation in Spain, and we are fully committed to a green transition. This operation demonstrates the market’s confidence in our business model and the whole project, it will open the door to new investors and will allow us to scale our production capacity to meet the growing demand for electric vehicles”.
Jorge Lucaya, co-CEO of SPEAR Investments, commented: “We are delighted to have agreed a business combination with QEV Technologies. From our new role as minority shareholders of QEV, we will support the company in achieving its goals which will benefit all the stakeholders in this journey to a cleaner economy”.
John St. John, co-CEO of SPEAR Investments, said: “The merger with QEV Technologies allows us to provide the company both with liquidity and with our expertise in supporting companies that want to expand and further consolidate their business models. The partnership with QEV Technologies has given SPEAR Investments the opportunity to invest in a company with a significant role in the sustainable mobility industry and with an extraordinary growth potential.”
QEV Technologies has been advised by JB Capital as financial advisor, and Pérez-Llorca Abogados, Augusta Abogados and Stibbe as legal advisors for the transaction. SPEAR Investments I was advised by AZ Capital as financial advisor, STJ Advisors as capital markets advisor and Allen & Overy as legal advisor.
