Stockholm-based Candela, a company specialising in hydrofoiling electric boats and ferries, has finalised its Series C funding round, raising an additional $14M (approximately €13.34M) to surpass $40M in total funding for 2024. 

The capital will support scaling production to meet growing demand for its electric watercraft, including the Candela P-12.

The P-12 has been sold to the US and will operate on Lake Tahoe, marking the company’s entry into the American market. With a $15B market for electric ferries, Candela aims to lead the decarbonisation of waterborne transport.

Lars Jörnow, Partner at EQT Ventures, says, “Candela is pioneering the shift to fossil-free transportation on water, just as we’ve seen rapid progress on land. With their cutting-edge hydrofoil technology, the transition to clean, efficient waterborne travel is finally within reach.”

Gustav Hasselskog, Candela’s founder and CEO, adds, “This is the dawn of a zero-emission revival in waterborne transportation. This investment, made during a challenging time for many companies, is a testament to Candela’s technology and its unique ability to solve the pressing issue of decarbonising transport.”

Investors supporting Candela

The round was led by SEB Private Equity, a global Private Equity investor, with participation from existing investors EQT Ventures and KanDela AB.

Anders Jöngard, Investment Director at SEB Private Equity, says, “We are thrilled to partner with the Candela team. We are impressed by Candela’s journey bringing cutting-edge innovation to serial production, including the launch of the world’s first electric hydrofoil ferry.”

“As pioneers in emission-free transportation, Candela is setting new standards. We believe the transition to a fossil-free economy will unlock significant growth opportunities, and we are committed to supporting Candela’s expansion for a more sustainable future.”

Candela’s flagship innovation

Candela has unveiled its electric hydrofoil technology to address the 3 per cent of global greenhouse gas emissions produced by waterborne transport. The innovation offers shorter travel times, frequent departures, enhanced comfort, and lower operating costs for operators transitioning to sustainable electric vessels.

The company recently introduced the Candela P-12, a foiling electric ferry, into Stockholm’s public transport system. The P-12 has halved commute times and showed the potential to reduce reliance on fossil fuels in a city where commuter vessels are a significant source of emissions.

The Candela P-12 electric ferry, capable of reaching 25 knots, is the fastest electric vessel in operation and surpasses Stockholm’s diesel fleet in speed. Its low wake signature allows it to travel at high speed through the city center, efficiently connecting suburbs to the capital.

Candela’s C-Foil is a computer-guided hydrofoil system with underwater wings that lift the hull above the water, reducing energy consumption by 80 per cent compared to traditional high-speed vessels. This enables a combination of high speed and long electric range.

Candela recently produced its 100th electric leisure hydrofoil vessel, solidifying its position in the market for electric waterborne transport, projected to reach $15.32B by 2032. 

The company has secured its first US contract to introduce high-speed electric hydrofoil transport to Lake Tahoe, along with a fleet deal to electrify water transport for Saudi Arabia’s NEOM project. 

Candela has also formed partnerships in Berlin and New Zealand, with additional customers expected soon.

Capital utilisation

Candela will use the funds to scale up production of its P-12 electric ferry at its Stockholm facility. The P-12’s design, optimised for cost-effective road transport, allows for global shipping, and the company is also exploring additional production capabilities to meet growing demand.

Gustav Hasselskog, Candela’s founder and CEO, says, “In every sector, we must move quickly to decarbonise. Our technology offers a strong economic incentive to switch to zero-emission fleets, while unlocking the potential for waterways to ease road congestion. This investment comes at a critical time for the planet.”

Brief about Candela Technology

Founded in 2014 by Gustav Hasselskog, Candela Technology AB claims to be a leader in hydrofoiling electric vessels. The company’s watercraft use hydrofoils to lift the hull above the water, reducing friction and cutting energy consumption by 80 per cent compared to traditional ships. 

This technology enables long-range, battery-powered travel, and offers operators up to 50 per cent lower operational costs.

Candela’s Flight controller system stabilises the vessel by adjusting the hydrofoils, ensuring smooth travel in rough weather with passengers experiencing 90 per cent fewer g-forces. All vessels are fully connected and receive over-the-air updates.

After five years of development, Candela began producing the world’s first electric hydrofoil leisure boat, the Candela C-7, in 2019. This was followed by the Candela C-8 in 2022, which has sold over 150 units.

In 2023, Candela launched its first commercial vessel, the Candela P-12 Shuttle ferry, the fastest and longest-range electric ship in its class, with a top speed of 30 knots and a range of 40 nautical miles. The first unit is set to enter service in Stockholm’s public transport system in 2024.

Candela employs over 200 engineers and technicians. It designs and manufactures its entire tech stack in-house, including the C-POD motor, control systems, and carbon fibre hulle.

The comapny operates two factories in Stockholm producing the C-8 and P-12 vessels, and has sales offices in San Francisco and Cannes, along with leisure boat resellers in 12 countries.

Dutch e-bike manufacturer Stella Fietsen was declared bankrupt on Friday, according to a spokesperson for the Gelderland court.

The announcement comes a few days after the company requested a payment suspension. Stella Fietsen currently has about 440 employees in 48 locations in the Netherlands and Belgium.

In a statement, Frans van Oss, who has been appointed as the curator, says, “Stella’s stores and service points will remain closed for the time being. The curator is aware that there are consumers who have made a down payment or have offered their bicycles for repair. This has the full attention of the receiver and all those directly involved with.”

About a thousand customers have paid for bicycles but haven’t received them yet says the report.  

Stella mentioned that they are trying their best to help these customers.

Consequently, the company will need to work with an administrator who still needs to be appointed.

Ten potential buyers, but!

Van Oss also announced that about ten potential buyers are interested in restarting the company after its bankruptcy declaration.

However, none of the interested buyers wanted to take on those debts, adds Oss.

Stella Fietsen had “ over €10M in debt,” which made bankruptcy unavoidable.

“There are still interested parties for a possible restart. A takeover from the deferment of payment was not realistic and so the request has been made to convert the deferment of payment into bankruptcy. In the coming period, the receiver will enter into discussions with several interested parties to see whether a restart of Stella from bankruptcy is a possibility,” says Van Oss.

Joins VanMoof, Qwic and Doppio

The announcement comes over a year after Amsterdam’s e-bike manufacturer VanMoof declared bankruptcy.

However, the company was later acquired by London-based LAVOIE, a premium e-mobility company backed by McLaren Applied.

Besides VanMoof, other e-bike companies, including Qwic and Doppio, were also declared bankrupt. But the former made a restart after a consortium of investors acquired it. 

Barcelona and New York-based Acai Travel, an AI-driven software platform aiming to transform travel operations, has secured $4M (approximately €3.72M) in seed funding. The round was led by Nauta, with participation from DraperB1 and existing investor One Travel Ventures.

Jordi Viñas, General Partner at Nauta, says, “Covid-19 restrictions caused a huge drop in demand for travel and subsequently led to many trained agents leaving the sector. As demand returned to pre-pandemic levels, companies have struggled with efficiency and profitability.”

“But Acai Travel’s platform, making use of LLM technologies and deep sector expertise, transforms travel operations by enabling companies to reduce handling times, hire untrained agents and build a cheaper, more flexible workforce.”

“We’ve been really impressed by the founding team’s industry experience and are really excited to see the impact they have on the travel industry over the long term.”

Bringing AI advantage to travel operations

Riccardo Vittoria and Henry Chen Weinstein co-founded Acai Travel in 2023, building on their previous success with 30SecondsToFly, a travel tech startup acquired by American Express Global Business Travel.

Vittoria, former head of AI at AMEX GBT, and Weinstein, a seasoned travel tech investor, aim to address the rising complexity in travel operations with Acai Travel. 

Over half of travel management is handled by agents, yet outdated tools, increased system complexity, and an agent shortage due to pandemic-related attrition have left the industry struggling to keep up. 

Acai Travel’s AI-driven platform seeks to streamline operations for airlines, travel agencies, management companies, and hotels, enhancing efficiency and adapting to evolving industry demands.

Riccardo Vittoria, co-founder and CEO of Acai Travel, says, “Acai is using AI to modernise travel operations with fast and easy-to-use tools so agents can focus on what they do best—delivering exceptional travel experiences. It’s an exciting milestone to raise a Seed round from experienced investors who understand the industry challenge and are backing us to solve it.”

What does Acai Travel offer?

Acai Travel’s platform helps travel agencies operate more efficiently despite hiring challenges and rising costs. 

Their key tools include AI Helpers, which quickly provides policy details like fare rules or cancellations; GDS Overlay, which translates complex travel system language into plain English; AI Translation, enabling agents to communicate with travellers in different languages; and Intelligent Routing, which directs travellers to the right agent for their needs.

Together, these tools can cut operational costs for large agencies by up to 50 per cent without sacrificing service quality. 

For instance, agencies can use Intelligent Routing and AI Translation to have agents in lower-cost regions serve clients in any language, even if the agents aren’t trained in specific travel systems.

Additionally, Acai Travel not only boosts operational efficiency but also helps travel companies gain valuable insights into traveller behaviour and preferences. By analysing customer feedback and identifying areas for improvement, Acai enables businesses to enhance their services.

This data-driven approach allows travel companies to stay ahead of trends, cut costs, and optimise their operations in ways that were difficult to achieve before AI, giving them a competitive edge.

Capital utilisation

Acai Travel will use the funds to develop its platform further, aiming to double travel agents’ efficiency, optimise call centre operations, and enhance the traveller experience.

Henry Chen Weinstein, co-founder and Executive Chairman of Acai Travel says, “In under four months, we’ve reduced average handling time by 20 per cent for one of our TMC customers on a single account.”

“As we roll out our full suite of products, including enabling non-GDS trained agents to manage complex requests, we can achieve a 70 per cent cost reduction. It’s time to bring travel operations into the 21st century—AI is the key to making that happen.”

Acai Travel has a growing customer base that serves clients across the travel industry, including Kiwi.com, lastminute.com, World Travel Inc, and Goway.

Berlin-based Xavveo, a startup focused on advancing autonomous vehicle sensor technology, announced on Tuesday that it has secured $8.6M (approximately €8M) in a seed funding round.

The round was co-led by Vsquared Ventures and imec.xpand, two funds specialised in deep tech.

The German startup will use the funds to develop its distributed Photonic Radar system, expand the engineering team, and support key partnerships with automakers and technology integrators.

“Autonomous vehicles (AVs) represent one of the most complex engineering challenges of our time,” says Dr. Sven Otte, CEO of Xavveo.

“Once fully deployed, AVs will democratise mobility and significantly reduce carbon emissions. We are thrilled to have Vsquared and imec.xpand, two funds with a lot of expertise in the deep tech sphere, on board.”

Xavveo: Revolutionising autonomous vehicle industry

Led by the founders of Sicoya –Dr. Sven Otte, Dr. Stefan Meister, and a key industry veteran from Intel, Dr. Ulrich Keil, Xavveo focuses on revolutionising the autonomous vehicle and other industries through its proprietary distributed photonic radar system.

By providing superior perception capabilities, the German company aims to enhance the safety, reliability, and efficiency of autonomous driving systems.

The company’s Photonic Radar uses advanced Silicon Photonics technology to place RADAR sensors around the vehicle. This setup delivers a very accurate angular resolution <0.1°.

It can reliably detect obstacles and navigate complex environments in all weather conditions, including fog and heavy rain.

Xavveo is becoming a major player in helping automotive manufacturers improve their technology and competitiveness.

The company’s breakthrough addresses the problems with current autonomous vehicle sensors, like LIDAR and vision sensors.

These limitations restrict autonomous vehicles to certain environments, making them less reliable and safe than human-driven cars.

The investor

Vsquared Ventures backs bold entrepreneurs who are engineering groundbreaking technologies that address some of the world’s most pressing challenges to becoming global leaders.

Investing in deep tech companies, Vsquared Ventures focuses on new space, new computing, energy transition, robotics and manufacturing, new computing and sensing, AI and next-gen software and tech-bio.

The company has built one of Europe’s strongest deep tech portfolios,

including industry disruptors Isar Aerospace, IQM Quantum Computing, Zama.ai, Customcells, Neura Robotics, and The Exploration Company.

“We are thrilled to back Xavveo and their game-changing approach to autonomous driving,” says Michael Jobst, Director Principal at Vsquared Ventures.

“Their distributed photonic radar system is set to become a critical enabler of the future of mobility, and we believe they have the talent and vision to bring this to the forefront of the industry,” adds Jobst.

imec.xpand is the largest independent venture capital fund focused on early-stage semiconductor innovation.

It supports ambitious deep-tech startups by using the expertise and resources of imec, a well-known research centre in semiconductor and nanotechnology, to help them grow.

Jonathan Fajardo Cortes, Principal at imec.xpand, adds, “Xavveo’s technology represents a monumental leap forward for autonomous vehicle perception, and we’re excited to support them as they scale this innovation. The combination of an exceptional team and groundbreaking technology is precisely what we look for in our investments.”

Munich-based Rebike Mobility, an online retailer specialising in e-bikes, announced on Thursday that it has raised €13M in a funding round led by Decathlon Pulse, the VC arm of global sports retailer, Decathlon.

Sophie O’Kelly de Gallagh, DECATHLON PULSE Circular Economy and Sustainability Investment Director says, “Our alliance with REBIKE represents a beacon of innovation in the cycling industry, showcasing the immense potential of circularity. By combining our global reach with REBIKE’s expertise in the e-bike industry, we’re driving positive impact in the sports ecosystem and setting new standards for sustainable mobility.” 

Existing investors, including Circularity Capital, Tengelmann Ventures, Parkshore, and Vorwerk Ventures, also participated in the round again.

Thomas Bernik, REBIKE CEO and co-founder, says, “By addressing consumer affordability and driving the trend of reuse, refurbished e-bikes are poised to become a standard in the bicycle sector. We’re excited to take this next step with DECATHLON PULSE, leveraging their global expertise and international perspective to accelerate our operations across new markets.”

Besides funding, Decathlon aims to support the company through its global reach, omnichannel sales expertise, and international infrastructure.

The company will use the funds to facilitate the scaling of the sale of refurbished e-bikes in Europe.

Franck Vigo, DECATHLON PULSE CEO, says, “We are delighted to pursue DECATHLON PULSE’s growth trajectory with such a renowned partner as REBIKE. This investment not only aligns perfectly with our strategy of accelerating sustainability but also positions us at the forefront of the circular economy in cycling. Together, we’re not just tapping into the growing second-life market – we’re reshaping it, proving that sustainability and business growth can go hand in hand.”

Rebike Mobility: Cross-brand platform for premium e-bikes

Founded by Thomas Bernik and Sven Erger in 2018, Rebike Mobility is an e-commerce company for e-bikes and operates Europe’s largest and most modern e-bike refurbishment centre.

The company sells refurbished e-bikes from well-known brand manufacturers via the online platform rebike.com.

The German company also partners with second-hand sites like Decathlon and eBay, offers a bike leasing program with BusinessBike, and has stores in Munich and Frankfurt am Main.

The product portfolio exclusively includes e-bikes and S-Pedelecs from leading brand manufacturers such as Merida, Husqvarna Bicycles, R RAYMON, Flyer, KTM and ORBEA.

Circularity Capital is a specialist private equity firm investing in European growth SMEs operating in the circular economy.

Andrew Shannon, Partner at Circularity Capital, says, “We’re delighted to welcome Decathlon PULSE as a fellow investor in REBIKE and excited to thereby benefit from Decathlon’s increasing investment in the e-bike market. Our joint investment further undermine REBIKE’s impressive growth and position as the premium refurbishment and retail expert in Europe’s largest e-Bike market.”

Ghent-based MobilityPlus, a company in the European electric vehicle (EV) charging market, has raised €40M in funding.

The investment came from Suma Capital through its Climate Impact Fund III, which invests in energy transition projects in Europe. Existing investor Concentra has also increased its investment.

The funds will help MobilityPlus expand its services in Belgium and France by providing complete charging solutions for businesses and real estate clients. This will assist companies in shifting to electric mobility, achieving their carbon reduction goals, and improving the charging experience while saving costs.

One-stop shop for smart charging solutions

Founded in 2016, MobilityPlus provides business-to-business (B2B) charging solutions for electric vehicles (EVs). The company has an all-in-one app for EV drivers and a platform that helps businesses track charging data and energy use. 

With over 15,000 charging points in Belgium and France and access to 550,000 charging stations across Europe, MobilityPlus also offers 24/7 support. 

The company has also introduced a Charging-as-a-Service model that allows businesses to install charging infrastructure without upfront costs, providing a flexible service for employees and customers. This model requires significant investment, making partnerships with infrastructure funds like Suma’s Climate Impact Fund III important for their growth.

Suma Capital, a strategic partner

Suma Capital, founded in 2007, is an independent asset manager that leads in green transition investments. The firm focuses on sustainability through three programs: Venture Capital, Growth Capital, and Sustainable Infrastructures.

This investment in MobilityPlus comes from SC Climate Impact Fund III, which is managed by Suma Capital. This fund is an Article 9 fund that finances projects aimed at transitioning to a low-carbon economy and is supported by the European Union through the InvestEU fund.

Suma’s investment will help MobilityPlus expand its charging portfolio in the B2B and electric vehicle (EV) fleet markets.

Ruperto Unzué and Jérôme Petitjean, Partners at Suma Capital, say, “The company has an impressive track record of innovative charging solutions, sustainable growth and a solid customer base. We are excited to support their further expansion to decarbonise transport and mobility.”

“Our investment will consolidate the company’s business development and finance Charging-as-a-Service projects for customers. Our goal is to foster economic growth with a positive impact on both the environment and society, and MobilityPlus fits perfectly with that vision.”

Jean-Francois Cheyns, founder and co-CEO of MobilityPlus, adds, “This capital injection is essential to further expand our technological lead and improve our smart charging solutions. 

We continue to focus on improving the user experience through the development of innovative technologies and advanced energy management systems. This allows companies to reduce their charging costs while complying with increasingly stringent regulations, strengthening our position in the B2B market and increasing our impact on sustainable mobility.”

Expansion in France

MobilityPlus plans to set new standards in the electric vehicle (EV) charging sector. The company will grow in Belgium as well as focus on expanding its activities in France, targeting the B2B market and real estate customers to provide fully integrated charging solutions.

Kris Pensaert, co-CEO of MobilityPlus, says, “In a rapidly evolving market, standing still is not an option – and organic growth alone will not be enough. Our customers want to focus on their core business and rely on MobilityPlus for a seamless, worry-free charging experience.”

“They are looking for more than just charging solutions; they need a partner that provides comprehensive support, from engineering, infrastructure and real-time data insights to intelligent energy management. That’s why we transformed our offering into the all-in-one MobilityPlus eXperience. This platform encompasses the EV Driver and EV Charging experiences, delivering intelligent charging control, cost savings and complete peace of mind.”

“With Suma Capital as our strategic partner, we are ready to accelerate this transformation, allowing our customers to focus on what they do best, while we take care of the rest.”

Electric scooters have become a popular mode of modern urban mobility, offering a convenient and eco-friendly way to commute through city streets.

In the Netherlands, the market is flooded with numerous low-quality knock-offs and unsafe E-steps sold as legitimate e-scooters.

While e-scooters offer convenience, the influx of cheap, low-quality models, particularly from unregulated sources, has posed safety concerns.

As a result, the RDW, the Dutch Vehicle Authority, has established stringent regulations, making it challenging for manufacturers to enter the Dutch market without meeting the set of high standards.

The RDW’s strict approach is driven by a clear goal — to ensure that only responsible manufacturers introduce safe vehicles onto Dutch roads.

Journey to legalisation

For a vehicle of this category to gain legal status in the Netherlands, it must pass through two critical evaluations:

• Technical inspection: Does the vehicle physically meet all legal requirements?
• Manufacturing processes: Does the documentation that guarantees high quality and compliant production meet the expected standards set by the RDW?

These are designed to ensure that only the safest and most reliable e-scooters make it to the roads.

And here’s where Amsterdam-based SELANA, an e-mobility startup, comes and addresses the issue.

Meet SELANA: The Tesla and Apple of E-steps

Founded by Chingiskhan Kazakhstan and Max Schalow, SELANA is at the forefront of E-mobility innovation, producing and selling micromobility vehicles to B2B clients worldwide.

After five years of R&D, the Dutch company has created the first legal E-step in the The Netherlands.

The company claims that significant investments and design improvements have made SELANA’s first product the safest E-step in the world, complying with the strictest legislation.

As part of our New Kid on the Block series, Silicon Canals interviewed Chingiskhan Kazakhstan, CEO and co-founder of SELANA.

In this edition, Chingiskhan provided us with insights into SELANA’s mission and vision, challenges, and much more.

Birth of SELANA

Explaining the inspiration behind establishing SELANA, Kazakhstan says, “Back in 2019, during the second year of our university, we saw shared E-steps starting to become popular in the US, so we thought of starting it in the Netherlands since nobody did that because it was completely illegal.”

“We love E-steps and believe that they can replace car trips with a convenient alternative and that they are truly the future of urban mobility. Many companies tried to make a legal E-step but either went bankrupt or stopped the process altogether. We believed we could do it in a year, but it took us 5 years and €1.5M in the end,” he adds.

Bringing SELENA ALPHA into the market

The Dutch company has developed its first product, SELENA ALPHA, which is expected to be the first and only legal e-scooter by the end of 2024.

“There are too many random Chinese knock-offs and unsafe illegal toys sold everywhere, and no real “Apple of E-steps” out there,” says Kazakhstan.

The company claims that SELANA Alpha, developed after five years of R&D, is scheduled for a Q4 2024 launch and is in the final stages of RDW approval. With this, the Dutch company aims to offer a safe, sustainable, and convenient alternative to cars in cities.

“This is the Tesla and Apple of E-steps. High quality, safe, and a perfect alternative to cars. Our solution is the future of urban mobility,” he adds.

The company is expected to start production of its E-steps this year-end, with deliveries in early 2025.

SELANA Alpha specs and speciality

SELANA’s E-scooter comes with its legal status and advanced features:

• Speed: Maximum 25 km/h, adhering to legal limits
• Safety Features: Front and rear brakes, turning lights, and 10-inch air tyres
• Smart Technology: NFC keycard unlocking and tracking capabilities

“We, as manufacturers, are listed alongside car manufacturers like Toyota and Tesla, so maintaining top-notch quality control is essential even as a startup. That’s why our product includes extra safety features and certified parts. Besides many physical extra features, like turning lights, air tyres, and suspension, it will be an overall higher quality of vehicles,” he states.

According to the company, SELANA Alpha complies with the Special Moped Regulation and has all the necessary certificates to comply with the regulations set by the RDW.

An alternative to illegal E-steps and VanMoof S5

Priced at €1,900, the SELANA positions Alpha as an alternative to illegal E-steps and higher-priced competitors like the VanMoof S5 at €3,298. 

Explaining this strategy, he says “Illegal E-steps are so cheap since it doesn’t cost much to make due to low-quality and no certified components and no product control. Additionally, riders are uninsured and may face a €400 fine when using them on public roads.”

“As for other alternatives like E-bikes and mopeds, we are still more affordable while providing a similar (if not more comfortable) experience. It’s all based on people’s preferences. However, there is a reason why E-steps are mostly used in other countries. There is no driving license and helmets on E-steps as well,” he adds.  

According to Chingiskhan, there is a significant demand for legal reforms in the Netherlands regarding the implementation of E-step. 

“We tested it with any age, gender, and background, and with 0 experience, they tried it and loved it right away. This can increase inclusivity on the roads and provide a great convenient alternative to cars,” he adds. “I think E-steps will be on par with E-bikes, regarding usage on the Dutch market.”

Future plans

In terms of future plans, SELANA aims to expand by growing its partner dealer and service network.

“We learned from the market for the past years, and know that we shouldn’t be doing everything ourselves. We are currently in contact with many parties across the Netherlands to set up a perfect network for customers to have peace of mind,” he says.

Besides Alpha, the company is working on a smaller and more affordable foldable version — Delta.

“We are also looking into different variations of an E-step, like cargo, but also other mobility options like e-microcars,” concludes Chingiskhan.

The company has already launched an exclusive pre-order campaign with a refundable €100 deposit.

Through this pre-order campaign, customers can secure their place on the waitlist for the Alpha.

The Dutch company anticipates strong market reception, projecting sales of 10,000 units in 2025.

Beverwijk-based Optima Cycles, a Dutch E-bike and electric cargo bike manufacturer, has announced the acquisition of Utrecht-based Dolly Bikes, a direct-to-consumer cargo bike brand.

This is Optima Cycles’ first strategic acquisition after Bolster Investment Partners’ investment in 2021. Mobis Corporate Finance served as the M&A advisor to Dolly Bikes.

Aim of the acquisition

This strategic move enhances Optima Cycles’ presence in the electric cargo bike market, offering new growth opportunities.

Dolly Bikes, known for its lightweight cargo bikes and customer-centric approach, enables Optima Cycles to expand its audience and strengthen its position in the e-cargo bike market, which is driven by increasing consumer demand and technological advancements.

The acquisition allows Optima to expand its audience and sales channels, aligning with its vision for sustainable mobility solutions.

Michiel Dreef, CEO of Optima Cycles, says, “We are very excited about the acquisition of Dolly Bikes. Their expertise and proven concept are an ideal complement to our portfolio. Together, we offer our customers an even wider range of innovative and sustainable mobility solutions while continuing to expand our leadership in the market.”

Daan Buddingh of Dolly Bikes, adds, “Dolly Cargo Bikes have won the hearts of many families with their distinctive cargo bikes and excellent service. We look forward to taking Dolly Bikes even further under the wings of Optima Cycles.”

Sustainable e-mobility solutions

Optima Cycles specialises in designing, producing, and distributing high-quality e-bikes, e-cargo bikes, and children’s balance bikes. The company focuses on designs to promote sustainable transportation by encouraging people to use bikes instead of cars. 

Optima Cycles manages the entire production process in-house, from design to assembly, ensuring high-quality control and agility. It does that from its factory in Beverwijk and a sister company, MM Bicycles, in Taiwan.

Brands like Dutch ID, Urban Arrow, and Lovens produce e-bikes by hand.

Stockholm-based Voi Technology, a micro-mobility company, announced that it raised €50M by selling bonds as part of a plan to raise €125M in total.

The bonds have a four-year term with interest based on Euribor (Euro Interbank Offered Rate) plus 6.75 per cent. The oversubscribed bond offering had demand from known Nordic and international investors.

The funds will be used to expand Voi’s fleet of 110,000 e-scooters and e-bikes, refinance existing debt, and support general corporate activities.

The bond issuance comes after a “strong performance” year for Voi, meeting profitability targets and reducing costs. Organisational changes made in February 2024 have cut the company’s central costs by nearly 50 per cent since mid-2022. 

Voi expects 2024 to be another record year for rides, revenue, and profits.

Mathias Hermansson, CFO and Deputy CEO at Voi, says, “The successful bond issuance reflects a strong vote of confidence from professional investors in Voi’s ongoing initiatives and strategic direction, as well as robust support for the company’s continued expansion.”

Investing in next-generation vehicles

Voi claims to have reduced its central costs by nearly 50 per cent since mid-2022 and improved its vehicle profit margins by increasing cost efficiency for each ride.

This has been achieved through data-driven automation and investments in new vehicles, including Voi’s 7th-generation e-scooter and 3rd-generation e-bike, which enhance rider experience and economics.

The funds from Voi’s bond issuance will primarily be used to expand its fleet with these new vehicles in 2025, which are expected further to improve energy use, durability, and profitability.

Fredrik Hjelm, co-founder and CEO at Voi, says, “This is a big day for the industry. We are proving that we can turn this into a profitable business model at scale and, by accessing capital that has previously been unavailable to micromobility operators, we have made a giant leap forward for the industry in general and Voi in particular.”

“The hard work and difficult decisions we have made are paying off. Looking forward, our focus will continue to be on scaling our fleet in both new and existing markets and continuing to support cities in reaching their climate and traffic targets.”

“Voi’s mission remains the same, we want to change how people get around for good and move cities away from the car-biased culture of the 20th century,” adds Hjelm.

The company will apply to have the Bonds traded on the corporate bond list of Nasdaq Stockholm.

Brief about Voi Technology

Founded in 2018 by Adam Jafer, Douglas Stark, Fredrik Hjelm, and Keith Richman, Voi Technology focuses on sustainable transportation and urban development through hardware and software solutions. 

The company offers shared electric vehicles, such as e-scooters and e-bikes, which help reduce air and noise pollution while easing traffic congestion in European cities.

For riders, Voi provides vehicle access via the Voi app, allowing users to locate nearby e-scooters or e-bikes, unlock them by scanning a QR code, and navigate through the city.

The company also collaborates with city officials and organisations to address local transportation needs. It operates the largest number of scooters in licensed programs across Europe.

Additionally, Voi enhances public transport systems by extending their reach without requiring significant infrastructure investments. Its framework uses standard APIs to integrate with public transport and Mobility as a Service (MaaS) applications.

Voi envisions cities designed for people, free from noise and pollution, and aims to improve urban living by making sustainable transportation options more accessible, ultimately contributing to climate change efforts.

Heerenveen, The Netherlands-based Accell Group, which produces and sells bicycles, as well as their parts and accessories, announced that it is taking a significant step to improve its financial position.

It includes reducing its corporate debt by reaching an agreement with most of its financial stakeholders.

According to the company, the implementation of the recapitalisation is expected by early Q1 2025.

Implementation will either be by way of a contractual process or, if required, a court process to approve the transaction in the UK and/or the Netherlands, for which relevant and requisite stakeholder consents have already been obtained.

The transaction will cut Accell’s debt by about €600M, or around 40 per cent of the total debt, from about €1.4B to about €800B in the operating group.

The transaction also provides about €235M in extra cash funding to the business.

The group’s restructured debt will be due in 2030.

This transaction will give Accell a more stable financial structure, a stronger cash position, and the ability to invest in the business’s future.

Tjeerd Jegen, CEO, says, “The agreement confirms our key stakeholders’ confidence in the business which supports the optimistic long-term outlook of the biking market and the role Accell can play in capitalising on this. Over the past year, we have taken focused actions to bring down cost levels and increase efficiency. These actions have already strongly improved our competitive position. To accelerate our business strategy, and weather the continued challenging market circumstances, we also needed to adjust our financial structure.”  

“Upon successful implementation of the recapitalisation, we will have a revised, fit-for purpose capital structure and increased liquidity, allowing us to further implement and accelerate the One Accell strategy. This strategy will make us more efficient and put us in a better position, while it will also make us more agile, and provide us with the flexibility we need to stay at the forefront of developments. We can now fully focus on the future, as we continue to innovate and look forward to launching new models of our unique and iconic brands, together with our suppliers and dealers,” says Jegen.  

What happened?

The announcement comes over a couple of years after Kohlberg Kravis Roberts & Co. (KKR & Co) a New York-based global investment firm, acquired 96.9 per cent of the shares of Accell Group for €1.56B.

However, the acquisition has led to significant financial turmoil, resulting in a protest by domestic institutional investors against KKR, according to the report.

KKR has requested a substantial reduction in the capital for the sell-down part of the acquisition financing due to Accell Group’s declining financial performance, with revenue dropping from €1.43B in 2022 to €1.3B last year.

Furthermore, the company’s EBITDA plummeted by over 90 per cent, from €140M to just €12M.

A group of lenders, including Shinhan Investment Corp., Shinhan Bank, Korea Investment & Securities, and DB Insurance, are expected to convey their objection to KKR regarding the proposed capital reduction on the sell-down portion.

Accell Group’s financial struggles arise from decreased bicycle demand and excess inventory due to the COVID-19 pandemic.

Strengthen financial position

In the past 12 months, Accell has made focused efforts to improve its market position.

The company has integrated its businesses and optimised its manufacturing footprint to increase productivity. They have also started a savings program to enhance competitiveness.

At the same time, the Dutch company continues to decrease stock levels and expects the bike inventory to be back to normalised levels by the end of the year. The inventory of parts and accessories is already back at normalised level.

Accell is working towards ensuring its brands benefit from long-term positive trends. Their brands are performing well, showing solid volume growth and outperforming the market and key competition in the Dutch market.

Recently, the company launched new models — Koga EF3, the electronic version of the iconic Koga F3, a high-quality hand-built bike, and the Sinus FS, the full suspension version of the Winora city bike.

From 2025 onwards, there are plans to further expand the production of new models across all our brands.

Accel Group: Produces and sells bicycles

Accell Group produces and sells bicycles, bicycle parts, and accessories. 

Accell Group’s portfolio includes Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, and Carqon. Its P&A brand is XLC. is its brand for bicycle parts and accessories.

The company also manufactures e-bikes. 

Gijsbert de Zoeten, CFO says, “I am pleased that we can announce this agreement today, leading to a materially deleveraged Accell Group. We are grateful for the constructive approach that our shareholders, debtholders, and banks have shown in reaching this agreement. With their support, we will have a sustainable capital structure for Accell in the future. This shows the confidence all parties have in our business and strategy.”