Ebusco secures €6M lifeline from Rhein Holding as liquidity crisis deepens

During its half-year results presentation last Friday, Ebusco announced it was negotiating a short-term liquidity solution with one of its existing shareholders – which has now been confirmed to be Rhein Holding B.V. It has committed to investing a total of six million euros in equity in Ebusco, split into two tranches of three million euros each. The first tranche is expected to be disbursed in the coming days, with the second due before the end of August.

In return for the investment, Ebusco will issue 31,725,049 new ordinary shares at a price of €0.189125 per share, representing a discount of approximately 15 per cent on the closing price of €0.2225 on 14 August. Rhein Holding currently holds around 5.1 per cent of Ebusco, and following the completion of the capital increase, its stake is expected to rise to approximately 16.6 per cent. This will also grant Rhein Holding the right to nominate a member to the Ebusco supervisory board, though the appointment must still be confirmed by shareholders at a general meeting. The shares are subject to a 90-day lock-up period.

The six million euros comes at a critical time for Ebusco. While the Dutch electric bus manufacturer managed to significantly reduce its losses in the first half of the year and achieve a positive gross margin for the first time since 2022, its financial situation remains precarious. Liquid funds decreased from €7.4 million to just €2.1 million; net losses stood at €24.9 million, while equity was at minus €14.8 million. The operational impact of this is clear: in the first half of the year, Ebusco delivered only 16 buses, compared to 47 in the same period last year. Some outstanding deliveries have already been postponed to the first quarter of 2027.

Liquidity remains tight

The capital increase now agreed is therefore only part of a larger financing solution. In parallel, Ebusco continues to work on a letter of credit facility worth around €30 million with an Asian partner, secured by a guarantee from Chinese battery manufacturer and Ebusco shareholder Gotion. However, final documentation remains pending.

Regardless of these short-term financing measures, the restructuring process continues. Ebusco has largely completed its transformation from a traditional vehicle manufacturer to an Original Equipment Designer (OED). Assembly is increasingly being outsourced to contract manufacturers in Asia, while the company focuses on development, final assembly, and customer service. At the same time, Ebusco continues to seek a strategic solution for its bus business. Options include the sale of a controlling stake or the formation of a joint venture. However, no binding agreement has been reached thus far.

ebusco.com