Clean motion receives Breakthrough order from NEOM.
Clean motion today (27/9 2023) announced an order worth 328 500 EUR to supply vehicles to NEOM for deliveries on the luxury island, Sindalah, in Saudi Arabia. The orders will according to the company be delivered during October of 2023. The order is part of the frame work agreement signed in may valued at initially 1,7 million EUR.
ESGFIRE views this order as a crucial step for the company in order to achieve profitability in the near future. According to the company they achieved a positive result before depreciations for the months of May and June of 2023. Clean motion appears to view Saudi Arabia as a crucial first go to market and ESGFIRE expects more orders to follow in Europe as soon as the company receives type approval. The type approval was unfortunately delayed due to an unexpected fire accident in July at the test facility of IDIADA, the company has taken necessary measures to make sure this does not happen again.
Worth mentioning is also that Clean Motion have secured short term financing with a loan facility worth 200 000 EUR which according to the company should be enough to cover expenses until they reach positive cashflow.
Another very positive event in the past months is also that the company has been approved for an EU project within Horizon Europe, the company's funding in this budget is reportedly worth 2 million EUR. According to the company this will give them the ability to increase their product offering, streamline component supply chain, rationalize the existing product EVIG and lastly develop a 4-wheel model with the project name "4ever". The project is set to begin in January of 2024.
Lastly we think its worth highlighting that Clean motion has a new CEO as of 4/9 2023 in Sofia Haby, former CEO and founder Göran Folkesson will assume a position as working chairman of the board.
We remain positive of our portfolio position in Clean Motion.
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