GreenMobility - Entering Germany through M&A + partnership
GreenMobility acquires small competitor Twist Mobility Entering multiple German cities in parallel is likely Next milestone is raising capital for expansion plans Entering Germany with acquisition and partnership Yesterday, GreenMobility announced that it acquired German Twist Mobility GmbH from EnBW (Germany’s third largest energy company) and Bridgemaker for an undisclosed amount with limited information on Twist, besides that it operates 12 shares EV’s across 5 cities and has operated for 1.5 years. We see that they also use Renault Zoe’s on their website. Twist services smaller cities (below 0.5m people), where municipalities pay a fixed monthly fee and allows local citizens to use it without payment. GreenMobility expects to increase the fleet size by 40-50 in 2021 and 100 in 2022.
In addition, they will collaboration with EnBW to promote and see the electric carsharing service to local municipalities – where initial talks were already underway prior to the acquisition. The acquisition does not impact GreenMobility’s 2021 outlook of DKK 70-80m in revenue and DKK -100 to -110m in EBT. Ambitious goal of 10k EV’s in 25 cities by 2025 As anticipated, GreenMobility announces its entry into the German market prior to Q2.
The company focuses on reducing its negative cash flow impact when entering new market by engaging in marketing collaborations, which this is a good example of. GreenMobility targets 10k EV’s in 2025 across 25 cities, an average of ~400 EV’s per city. The entrance into the German market remains short of this average, however the company has communicated that it expects to announce further expansions in Germany simultaneously with this entrance.
In our model, we assume that GreenMobility currently operates ~1,200 EV’s, which we currently estimate to be 2,200 at YE-2021, which includes 100 in Austria, 75 more in Gent, 200 in the re-launch of Oslo, 100 in Brussels, 60 in Germany and 500 in two new cities. This is to be on track with their tar....