Next.e.GO Mobile SE, a producer of urban battery electric vehicles and unique production technology, announced the successful closing of a $75 million fixed interest rate debt financing from Western Asset, one of the world’s leading fixed-income asset management institutions. The net proceeds of the financing will be used to help e.GO continue executing on its business strategy, with a particular focus on production of the e.wave X model as well as its global growth leveraging its proprietary MicroFactory.

“We are pleased to partner with Western Asset, one of the world’s leading fixed-income managers that has been providing customized financial solutions on behalf of their clients for over 50 years,” said Ali Vezvaei, Chairman of the Board of e.GO. “As we focus on bringing convenience, practicality and affordability to everyday urban mobility, this financing gives us the opportunity to continue towards our planned production and grow our MicroFactory footprint.”

“This successful debt financing is a testament to e.GO’s robust technology foundation as an innovative producer of electric vehicles. We are truly excited about our partnership with e.GO and looking forward to its continued growth upon closing of the envisioned de-SPAC transaction,” said Isabelle Freidheim, Chairman of the Athena SPAC.

e.GO has developed and introduced a new innovative vehicle manufacturing solution that enables the company to produce its urban vehicles faster and with less capital investment compared to traditional vehicle manufacturing methods. These disruptive production facilities, called MicroFactories, have unique features such as higher economic flexibility and optimized energy footprint, while creating employment opportunities and enabling decentralized global growth. e.GO’s product platform leverages its wide range of innovation and knowhow, including materials selection, battery solution and the smart skateboard.

There are already more than 1,300 e.GO vehicles on the road to date.