EV Startup Helbiz Plans to Go Public Through SPAC Deal

By McKenzie Carpenter Monday, February 15, 2021

In recent years, transportation has changed. People still use traditional methods of cars, buses, airplanes, trains for long trips, but for cities, there has been an electric vehicle (EV) movement that has transformed the short distance transportation landscape. Helbiz, an EV micromobility startup company, has joined this specific market; however, the business has been able to differentiate itself from other competitors.

Two people using electric scooters in a park.

What Is Helbiz?

Helbiz is an EV micromobility startup company that aims to change the transportation landscape for urban areas. The business offers electric vehicles like bicycles, mopeds, and scooters for convenient small-trip transportation, while also reducing the carbon footprint. The EV micromobility market is expected to have a compound annual growth rate (CAGR) of 11.95% between 2019 to 2029.

Headquartered in New York City, the business has expanded operations internationally to Italy, Serbia, and Singapore. The micromobility business has the added mission to reduce congestion, noise, and pollution, as well as contribute to faster and cheaper travel. Research suggests that Americans lose 99 hours per year due to traffic congestion. With the assistance of EV from the startup company and other businesses alike, there is potential for this number to decrease over time.

The startup company is currently privately held but announced it has plans to go public soon. That said, the company has raised roughly $31.4 million to date. In addition, the company competes against other EV businesses like Bird, Lime, and Spin, among many others. However, this startup is able to differentiate itself from other businesses because the startup offers a few different electric vehicles all on one platform.

Going Public and Big Plans

Recently, the EV startup company announced it will go public through a special purpose acquisition company, or SPAC deal, through GreenVision Acquisition Corp. As a result, the company will be introduced as a Nasdaq public business — “HLBZ” on the ticker.

Salvatore Palella, founder and CEO of the business, said, “We are excited about this transaction, which will enable us to advance the development of our micro-mobility platform to further strengthen our market leadership globally...Through this transaction, we’re committed to fulfilling our vision in revolutionizing transport by using micro-mobility to become a seamless last mile solution.”

In addition, the combination of the two companies will give them a total estimated equity value of $408 million. Furthermore, the startup company plans to take the business to a larger scale, continue the platform development, and improve advertising efforts. Moreover, the startup will eventually introduce “ghost” kitchens, aiming at a five-minute delivery time using electric vehicles.

Final Conclusions

With the startup announcing it will go public with GreenVision, and the admirable mission of reducing the carbon footprint in urban areas through the use of EVs, it will be interesting to see the impact this business and other micromobility companies make in the transportation industry.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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