Agreement for QEV to list in Amsterdam

QEV Technologies, the company leading the mobility hub that will reindustrialize the former Nissan plant, has reached an agreement to go public. The Catalan company led by Joan Orús will merge with Spear Investments, a company listed in Amsterdam (Euronext) that will provide it with the necessary financial resources to carry out its plan to become a major operator within the emerging electric mobility sector, with the forecast of selling more than 16,000 vehicles through the Zeroid brand starting in 2027.

Spear is a listed company that has no activity. Its mission is to raise capital from investor partners and then merge with a high-growth company, which thus goes public quickly. In the jargon of the financial sector, these corporate vehicles are known as SPACs (Special Purpose Acquisition Company). Using this route, QEV has become the second Catalan electric mobility company to go public through a SPAC, as this same formula is the one Wallbox used to debut on the New York Stock Exchange.

After the merger with Spear, a company promoted by former bankers Jorge Lucaya and John St. John, QEV will maintain its tax domicile, headquarters, and operations in Barcelona, focused on the implementation of the D-Hub in the Zona Franca, with a maximum production capacity of 180,000 vehicles per year.

Thanks to the operation closed with Spear, 23 million euros of capital have been committed to support QEV, valued at 209 million euros. The resources will be used to finance the company's growth plan, the increase in vehicle production in the Zona Franca, and the supply of electric vans for last-mile sector clients.

The capital injection comes from Spear shareholders, the attraction of new private investors, and a new investment from Inveready, a current shareholder, as well as a line guaranteed by the promoters of the operation.

According to the agreement, QEV's current shareholders ---Inveready and GAEA Inversión--- will maintain their investment in the company by exchanging their shares for shares of the resulting entity, which will imply significantly increasing their investment.

The transaction will have to be approved by Spear shareholders by the end of September, at which point QEV will be listed on Euronext Amsterdam. Committed capital is expected to increase before the merger closes.

QEV Technologies and B-Tech won the tender to operate the former Nissan factory with the promise of employing a thousand workers and producing, in three years, 100,000 vehicles. Of these, 60,000 will be of the Zeroid brand ---driven by QEV--- and 40,000, of B-Tech, a company that will recover the historic Ebro brand.

In parallel, Ebro wants to manufacture an electric pick-up, presented at Automobile Barcelona, and a small electric van also on the former grounds of the Japanese manufacturer. This company has also initiated the procedures to finance itself through a stock market listing, but its intention is to do so on the Spanish alternative stock market, BME Growth.