THE NETHERLANDS: Epyon receives EUR7m funding boost, signs China JV
Epyon BV has received EUR7m in new equity funding from five investors, the company has said.
"The coming year will be pivotal for our rapidly expanding industry. We are very well positioned to capture growth and we are fully energized to move ahead, backed by an exceptional mix of investors," said Hans Streng, CEO of the electric vehicle charging company. "This financing gives us a solid base, both financially and industrially, as we roll out operations throughout Europe."
Epyon said it had three new shareholders: LiteOn Technology from Taiwan and Dutch investors BOM and Breesaap, the investment fund of former Dutch prime minister Ruud Lubbers. The existing investors, SET Venture Partners and Chrysalix, also participated in the financing round and will remain Epyon's largest shareholders. After closing, all five investors will be represented on Epyon's supervisory board.
Parallel to the financing agreement, Epyon and LiteOn also agreed a joint venture for the Chinese market. LiteOn will support Epyon's market development in parts of Greater China, Asia, Europe and the US, based on its strength in volume production, marketing and logistics and its regional connections. Epyon will continue to produce lower-volume and modular products through its existing partnerships in Europe.