EAV is a complete Urban Specific Transport company, encompassing design, development and manufacturing
Business overview
| Location | Upper Heyford, United Kingdom |
|---|---|
| Social media | |
| Website | eav.solutions/ |
| Sectors | Automotive & Transport Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 11639420 |
| Incorporation date | 24 Oct 2018 |
Business highlights
- EAV has more than 200 vehicles on the road in the UK, EU & RoW
- Partnership with auto OEM provides volume capacity and quality
- TAM in 2030 of £10b (eCargo) & £648b (light commercial vehicles)
- EAV is the first urban specific transport company
Key features
Learn more about convertible campaigns.
Idea
Introduction
EAV is an innovative, market leading, urban specific OEM focused on operating within the inner ring roads of cities and towns. We have created an eco-system of vehicles that are specifically designed for stand-alone use, or as part of the EAV eco-system.
We solve major pain points for companies moving anything in or out of urban environments. Today, we do this via our main product, the EAV2Cubed, a battery-assisted eCargo bike for last-mile applications. Engineered down from a traditional light commercial van, this microvan combines generous cargo space, stability (due to its 4-wheel design), operational range and weather protection, all at an attractive price point.
We have gained significant traction with blue-chip customers including Amazon, Fedex, Evri and Veolia, and have expanded from the UK market overseas. We are also working with a leading global auto OEM to increase production efficiencies and expect to outsource final assembly of the EAV2Cubed from Q4 2023.
Substantial accomplishments to date
Since launching in 2018, EAV has:
- delivered more than 200 bikes to customers across the UK, EU, US, Middle East and Australia
- developed a portfolio of new products based on the current eCargo chassis, creating new market opportunities for the future, which includes a taxi and personal transport version
- gained significant traction with blue-chip customers including Amazon, Fedex, Evri and Veolia
- entered into a partnership with a leading auto OEM for final assembly, which provides production scale together with the highest quality standards
- currently developing a new L7 category vehicle in collaboration with Saietta PLC (a UK listed company). Based on a modular EV skateboard platform, it will provide a new mid-mile solution for towns and cities. The rear ‘cargo’ section is user-interchangeable, allowing LiNCS to be used in multiple operational roles during the day. We have agreed pilot programmes with a large UK utility company, one of Europe’s leading waste management companies, and one of the UK’s highest profile local councils
- Identified and in discussion with leading investors (VC and Institutional Investors) regarding a larger Series A round aimed at £7.5 million
Monetisation strategy
Our current EAV2Cubed eCargo bikes can be purchased by customers, either as cash purchases or financed by banks and specialty lenders. Our customers are typically businesses, and range from blue chip companies to sole traders.
In the future, we plan to provide "EAV As A Service", a subscription model for our customers, enabling them to pay a single monthly payment for a solution that includes the bike, insurance and preventative maintenance.
In addition, EAV plans to build an international distribution network and has already started discussions with potential partners in Europe and the Middle East.
New products based on our eCargo chassis, which are currently under development, will also be offered to our customers and include:
- EAVme: a personal mobility solution that opens a new B2C market for EAV
- EAVgo: a taxi version capable of carrying 2 people or a wheelchair passenger
Use of proceeds
We intend to execute a Series A round by the end of Q1 2023, and aim to raise a total of £7.5 million. For this larger round, we have already started investor outreach and have had meetings with a number of investors, including PE and VC Funds, Family Offices and High Net Worth individuals.
As part of this raise, and to encourage early investment, we plan to bring in funds at a 20% discount to the final valuation of the round, together with EIS relief for eligible investors. This discount will be available to the Seedrs investors who participate in this campaign.
The funds from this ASA round is expected to give us at least 9 months runway, and take the Company to a Series A round early next year.
We plan to invest the funds from the Series A round in the following activities:
- rapidly scale production of the current eCargo platform
- launch our partnership with the leading global auto OEM
- develop new vehicles, including the EAVme (personal mobility) and EAVgo (taxi) and the L7 platform
- recruit key talent to the management, R&D, sales and marketing teams
- start development of international distribution channels and EAVlabs in Europe for final assembly of vehicles
Key Information
Convertible Key Terms
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising bona fide equity investment of at least £2,000,000 from one transaction or a series of transactions, in exchange for the company issuing equity shares;
- A Change of Control of the company where more than 50% of the voting rights attaching to the shares of the Company are sold; or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
On the occurrence of a Trigger Event, your investment will convert at the lower of:
- A 20% discount to the valuation set by a Trigger Event; or
- A valuation cap of £30,000,000.
Longstop Date is 6 months from the date of the advance subscription agreement. If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:
- The lowest price of any shares issued after the date of this Agreement; and
- A price per share of £11.7394 based on a pre-money company valuation of £18,105,266 on a fully diluted basis.
The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
Material Debt
The company has an outstanding HSBC Bounce Back Loan of £35,801.00 at an interest rate of 2.5% for 5 years from June 2020. The loan was interest free for the first 12 months and repayments started in July 2021.
The funds raised from this investment round will not be used to repay this loan.
Funding Round
The funds from this campaign are expected to give the Company at least 9 months runway based on their current sales profile.
This ASA round is intended to be a bridging round to a Series A round expected to take place by the end of Q1 2023. The Company is aiming to raise £7,500,000 in total for the Series A round, at which point the ASA is expected to convert.
Please refer to the Use of Proceeds section of the Campaign for an outline of how the Company intends to use the funds from the ASA and Series A rounds.
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