Navya has signed a EUR30m (US$4.6m) financing agreement with the European Investment Bank (EIB).
The EUR30m deal follows various fund raising events (equity and debt), which have already occurred in 2018 to bring Navya’s total financing to close to EUR80m for 2018.
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The financing is made of two tranches (A and B) of EUR15m and each tranche will have a maturity of five years. Tranche B is subject to performance.
The draw is at Navya’s discretion and at the time of the draw of Tranche A, a number of warrants will be issued representing 1.5% of Navya’s shares.
Navya recorded EUR9m (US$10.5m) revenues in H1, 2018, with EUR5.6m revenues for the second quarter.
In line with its plan, Navya sold 22 Autonom shuttles during the second quarter of 2018, compared to 14 in the first quarter.
During the second quarter, as part of the Horizon 2020 Project, Navya has been selected by Avenue, a European consortium, to supply ten shuttles in four different European cities.
In addition, Navya has sold its first Autonom shuttle in the UK, to Salford University in Manchester.
