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Germany’s StreetScooter Engineering (StSE), a manufacturer of electric light commercial vehicles (eLCVs), has been acquired by Odin Automotive, an automotive holding company, following the close of a transaction with Deutsche Post DHL Group (DPDHL). Odin Automotive is led by CEO and Chairman, Stefan Krause, who is the original CEO and founder of EV company Canoo.
The acquisition gives Odin the rights to StSE’s existing IP, production lines, and subsidiaries in both Switzerland and Japan.
StreetScooter Engineering is the largest producer of eLCVs in Germany.
The transaction also secures the future of StSE’s ongoing battery management system development and manufacturing capabilities.
Odin Automotive has also secured an additional minimum order of 3,500 StSE vehicles from DPDHL to continue electrifying its postal delivery fleet.
The acquisition marks Odin’s first public announcement out of several transactions expected to be completed over the coming year.
Founded in 2010 and acquired by DPDHL in 2014, StreetScooter has deployed a fleet of more than 17,500 delivery vehicles in Europe and in Japan.
Stefan Krause says: “The acquisition of StreetScooter from Deutsche Post marks a huge milestone for us—besides acquiring a proven and established OEM in the EV space, we are gaining over a decade of experience in electric fleet management that is unparalleled in the industry. This acquisition provides us with a huge head start over the rest of the sector on our mission to deliver a proven, holistic electrification solution for fleets.”
Odin Automotive is backed by several institutional and private global investment partners, including a major Chinese OEM, a partner for contract manufacturing in North America, and Sparta Capital Management, a London-based investment firm.
Odin will focus on continuing DPDHL’s expansion of StreetScooter‘s innovative electric vehicle offerings for universal driver comfort, maximum range and reliability, and extending the product lineup to cover a greater variety of use cases.
In addition, the company plans to grow StSE’s untapped potential in international markets, including countries in Europe, North America, and Asia.
Odin anticipates completing other mobility acquisitions which will greatly expand the company’s product line and addressable markets for electrified last-mile delivery and beyond.