- QEV Technologies, a pioneering European manufacturer of electric vehicles for corporate fleets and public transport, has merged with SPEAR Investments I, a special purpose acquisition company (SPAC) formed by AZ Capital and STJ Advisors and focused on becoming a valuable partner for a high-growth European company.
- SPEAR Investments I has raised EUR 23.1 million in capital to finance its growth plan, which aims to increase the production of electric vehicles in Barcelona’s Zona Franca.
- Inveready, a leading early and later-stage venture, private and public equity investor in Spain, and a major existing investor in QEV Technologies, has invested alongside new investors in this transaction.
- QEV Technologies combines long term expertise in electric mobility with major production facilities in Barcelona’s free trade zone (former Nissan facility with production capacity of 180,000 vehicles per year; tender won in March 2023 together with JV partner), a significant order book, and a strong pipeline of business from major corporate and public transport companies.
- QEV Technologies expects to close 2023 quadrupling its revenues and plans to produce more than 16,000 electric vehicles per year from 2027.
- The initial reference quoted share price will be 10 euros per share.
- Capitium’s Joes Leopold is a promotor and CFO of SPEAR Investments
Capitium 