Tuesday, April 23, 2024
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ENERGICA REWIRED

US private equity firm Ideanomics, a specialist in disruptive technology investments, seems to be staging a majority buy-out of Modena-based Italian electric superbike manufacturer Energica. BDN financial editor Roger Willis reports.

According to Ideanomics, which already had a 20% stake in Energica, its holding will increase to approximately 70% of the business. The founding Cevolini family’s CRP group, which makes high-end automotive components, is to retain 29%. Presumably, this transaction means Energica delisting from the Borsa Italiana in Milan and various other European stock exchanges, where shares from an initial public offer are still traded.

Energica almost doubled sales in 2020, and shipped its largest orders to date in the first half of 2021, expanding in European, US and Asian markets. And the brand continues to supply a control electric motorcycle fleet to Dorna’s MotoE World Cup race series, held at selected MotoGP rounds.

Commenting on an apparently agreed deal, Ideanomics executive chairman Shane McMahon said: “The two-wheeler electric market is poised for significant growth and we couldn’t be more excited about the synergies between Ideanomics and Energica, that will allow us to be a prime player. This will not only expand our market reach but also add significant weight to mechanical expertise and technology innovation in the two-wheeler space.”

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