To build a strategic partnership to address the North East Asia market, NAVYA signed a memorandum of understanding with ESMO.
Commitment by ESMO to subscribe to bonds repayable in cash or into new or existing shares (ORNANE) for a total consideration of€20 million
NAVYA, a company in autonomous driving systems, signed a Memorandum of Understanding with ESMO to build a strategic partnership to address the North East Asia market including South Korea, Japan and China. Concurrently with this agreement, NAVYA agreed on a private placement, in the form of bonds repayable in cash and/or new/existing shares (the “Bonds”) to be fully subscribed by ESMO, for a total consideration of €20 million. Upon conversion of the Bonds, ESMO would become the second largest shareholder of NAVYA, holding approximately 20% of NAVYA share capital.
The proceeds raised through the issuance of the Bonds will be used to develop the research and development activity for existing autonomous driving systems imbedded in shuttle and cab prototypes. They will also contribute to the Company’s deployment of commercial and marketing resources in France and abroad, particularly in South Korea, a high-potential market on which NAVYA will benefit from the support of ESMO.
Concurrently with this financial agreement, NAVYA and ESMO signed a Memorandum of Understanding for:
· the operational support and distribution of NAVYA products in exclusivity for South Korea and in some Asian countries namely Japan and China,
· the joint development of R&D activities, and
· an industrial partnership to optimize production costs.
Etienne Hermite, CEO of NAVYA, says: “We are pleased with this private placement, and would like to warmly thank our new partner for its trust and long-term commitment that confirms the added value of our mobility solutions on a high-potential market. This financing will enable us to sustain NAVYA’sfuture deployment for our activities overseas, and notably on the Korean market. We are veryenthusiastic about this new partnership, which is perfectly in line with our teams’ culture of sharing expertise and know-how”.
Jeong Hun KIM, CEO of ESMO, comments: “We are delighted to be accompanying the international development of NAVYA, a reference player in the field of autonomous mobility. We have been familiar with NAVYA and the quality of its technology for some years now, and firmly believe that its autonomous vehicles have decisive advantages that will allow it to become a major player on its market”.
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