Helbiz to Go Public via SPAC, Expands into Ghost Kitchens

Helbiz to Go Public via SPAC Merger, Expanding into Food Delivery

Helbiz, a micromobility company with operations spanning Europe and the United States, is set to become a publicly traded entity. This will be achieved through a merger with a special purpose acquisition company (SPAC).

Merger Details and Timeline

Helbiz intends to merge with GreenVision Acquisition Corp. (Nasdaq: GRNV) during the second quarter of 2021. The resulting company, to be named Helbiz Inc., will trade on the Nasdaq Capital Market under the ticker symbol “HLBZ.”

The transaction involves a $30 million Private Investment in Public Equity (PIPE) backed by institutional investors. Approximately $80 million in net proceeds will be allocated to bolster Helbiz’s micromobility and advertising divisions, which currently serve 2.7 million users.

Valuation and Leadership

The combined entity is projected to have a valuation of $408 million. Salvatore Palella will continue to lead Helbiz as CEO, alongside the existing management team.

According to Palella, “This transaction demonstrates our dedication to transforming transportation through micromobility, establishing a streamlined last-mile solution.”

Expansion into Ghost Kitchens

The company also plans to venture into the food delivery sector. Helbiz intends to launch “ghost kitchens” in Milan and Washington, DC later in 2021. The goal is to offer delivery services with a five-minute turnaround time.

Helbiz’s Competitive Advantages

Helbiz distinguishes itself from competitors like Lime and Bird by providing a single platform for e-scooters, e-bicycles, and e-mopeds.

A key feature of Helbiz’s approach is its integrated geofencing technology. This system is designed to appeal to city officials by preventing scooters from being left haphazardly. Furthermore, the company utilizes swappable batteries for simplified device charging.

Users can benefit from a subscription service that grants unlimited 30-minute trips on e-bikes and e-scooters each month.

Current Operational Locations

Currently, Helbiz operates fleets of e-scooters and e-bicycles in several European cities, including Milan, Turin, Verona, Rome, Madrid, and Belgrade. Within the U.S., the company is active in Washington, DC, Alexandria, Arlington, and Miami.

GreenVision’s Perspective

David Fu, chairman and CEO of GreenVision, stated: “Helbiz has set itself apart as the sole provider of e-scooters, e-bicycles, and e-mopeds on a single, intuitive platform.”

He added, “Helbiz possesses a demonstrated, capital-efficient business model that integrates hardware, software, and services, alongside robust customer relationships.”