The battle for dominance in the micro mobility market in the US and Europe heated up considerably yesterday as leading player Helbiz announced its intention to merge with GreenVision Acquisition Corp in the second quarter of 2021.
It will create a new entity Helbiz Inc. which will be listed on the Nasdaq Capital Market under the new ticker symbol, “HLBZ.” The company says it will have a value of $408 million,
The arrangement will give the new company a significant war chest which it can use to expand operations as well as potentially buy smaller companies. Its rivals include US companies like Lime and Bolt as well as Europeans Dott, Tier and Voi. Bird, Bolt, Dott, FreeNow, Lime, Tier, Voi and Wind recently formed the Micro-Mobility for Europe (MMfE) coalition that they hope will enable e-scooters “flourish” in European cities and support the rapid transition to zero-emission urban mobility.
Helbiz, which operates in Milan, Turin, Verona, Rome, Madrid and Belgrade, and Washington, DC, Alexandria, Arlington and Miami in the US, is unique at the current time in offering e-scooters, e-bicycles and e-mopeds all from one platform.
Salvatore Palella, Founder and Chief Executive Officer of Helbiz, commented, “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. We believe that the access to capital from this transaction will allow us to turn the page to the next chapter in our company’s journey, which will push technological boundaries and explore services for the future of transportation. Through this transaction, we’re committed to fulfilling our vision in revolutionizing transport by using micro-mobility to become a seamless last mile solution.”
David Fu, Chairman and Chief Executive Officer of GreenVision, stated, “As one of the leaders in the space, Helbiz has distinguished itself as the only company to offer e-scooters, e-bicycles and e-mopeds all on one user-friendly platform and is well positioned to provide a seamless last-mile solution as the expected transition to micro-mobility accelerates. Helbiz has a proven and capital-light business model that combines hardware, software and services with extensive customer relationships. As such, we believe Helbiz will continue to grow its market position as the industry evolves. GreenVision and our investors are excited to partner with the talented Helbiz team to advance their vision.”
“The micro-mobility market for North America and Europe is estimated to grow to $300 – $450 billion by 2030 according to McKinsey & Company’s “Micromobility’s 15,000-mile checkup” Report.
Salvatore Palella also told TechCrunch that the company has plans to enter the food delivery space. It will “ghost kitchens” in Milan and Washington, DC later this year, with the aim of introducing a five-minute delivery time.
