The Danish free float car sharing company GreenMobility successfully raised DKK 62.5M (€8.4M), corresponding to a valuation of DKK 250M (€33,6M), in its initial public offering ("IPO") and now prepares to conquer new cities.
Less than 9 months ago, GreenMobility launched Your City Car in Copenhagen with c. 400 electric cars. The company now holds the record for largest IPO on Nasdaq First North Copenhagen in the past 10 years.
-We went from 0 to IPO extremely fast because we have high ambitions, says the Chairman of the Board of Directors, Henrik Isaksen and continues:
- Your City Car was conceived as an international player from the very beginning. We have experienced strong interest from a number of cities throughout Europe which is no surprise given the positive impact eco-friendly electric city cars have on noise, pollution and traffic congestion.
Your City Car provides city cars you share with your peers. You locate your nearest City Car via the smartphone app, which also serves as a key to unlock the car. You pay per minute and you can leave the car at your destination within the operating zone. Your City Car is a sharing economy solution for modern urbanites who want easy access to flexible mobility.
20 cities in 2021
The proceeds from the IPO will among other things be used to support GreenMobility's further growth and international rollout of Your City Car. The company has identified 60 potential cities that may be compatible with the Your City Car concept and GreenMobility has an ambition to be represented in 20 cities in 2021 primarily via franchise.
-Since we announced our intention to float on Nasdaq First North Copenhagen, we have experienced great interest from possible investors, partners and city governments. We consider this a clear indication that Your City Car is an attractive mobility solution for modern cities, says CEO Torben Andersen.
GreenMobility aims to be among Europe's leading car sharing companies in 2021 - an ambition that is supported by strong relationships with large international partners.
Three global mega trends
GreenMobility expects the demand for shared city cars to continue to grow driven by three mega trends: urbanization, sustainability and sharing economy.
It is expected that 60 % of the world's population will live in cities in 2030 compared with 50 % today*. But even today, cities face challenges such as noise, pollution and traffic congestion. As a response to these challenges, there is an increased focus on green and sustainable solutions - including sharing economy.
Technology has made sharing economy easy and accessible, and the industry is growing rapidly.
-We see this trend as a sign that younger people in particular do not feel a need of owning a car as they instead consider transport a service that may be bought when the need arises and where you only pay for the time spent, CEO Torben Andersen elaborates.
GreenMobility has experienced great interest for the green solution and is continuously adding new cities to the rollout plan.
*Source: McKinsey & Company "Urban Mobility at a tipping point" (2015)
GreenMobility A/S operates Your City Car, which is an eco-friendly, easy-to-use and flexible mobility service for modern urbanites. Today Your City Car is available in the hometown Copenhagen with about 400 electric Renault ZOEs. GreenMobility believes that Your City Car has a future in other cities that demand green and easy transportation and aims to expand the operation to other cities around Europe. Each city car is easily located by the Your City Car app, which also serves as a key to unlock the cars. GreenMobility's shares are admitted to trading on Nasdaq First North Copenhagen.
For more information:
Torben Andersen, CEO
Tel. +45 3111 1620
ta@greenmobility.com
Michelle Barosin, Communication & Investor Relations
Tel. +45 4275 4165
mb@greenmobility.com
Important notice
This announcement does not constitute a prospectus. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities issued by GreenMobility A/S ("GreenMobility" or the "Company") in any jurisdiction in which it would be unlawful, and the announcement and the information herein shall not be distributed or published in any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States absent registration or to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. In any member state of the European Economic Area ("EEA Member State"), other than Denmark, that has implemented Directive 2003/71/EC as amended (together with any applicable implementing measures in any member State, the "Prospectus Directive"), this communication is only addressed to and is only directed at investors in that EEA Member State who fulfil the criteria for exemption from the obligation to publish an offering memorandum, including qualified investors, within the meaning of the Prospectus Directive as implemented in each such EEA Member State.
Matters discussed in this announcement may constitute forward-looking statements that are not historical facts. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors that are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations ex-pressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.