SPARK TECHNOLOGIES secures EUR 30 million capital commitment from GEM


SPARK Technologies announced that it has signed an agreement with GEM Global Yield LLC SCS, a Luxembourg-based private, alternative investment group, for a EUR 30 million capital commitment.


Under the agreement, GEM commits to providing SPARK with a share subscription facility of up to EUR 30 million for a 36-month term following public listing of SPARK Technologies shares. SPARK will remain in control of the timing and, within certain limits, the maximum amount of each individual drawdown under this facility and has no minimum drawdown obligation.

In connection with the share subscription facility, on public listing, SPARK will issue warrants to GEM to purchase, for a period of three years after a public listing of SPARK's common stock, up to 4% of the total equity interests of SPARK as of such public listing date at an exercise price equal to the Share Price at the time of SPARK's public listing. The exercise of these warrants will act as another funding exercise for SPARK.

Subject to the listing occurring, the proceeds from this financing will be used towards entry of new EU markets, massive scale-up of SPARK's customer base and fleet size, and further advancement of the proprietary software systems.

“The agreement with GEM helps secure funding to continue our doubling annual growth as we expand our electric car fleet and enter new cities. With certainty of capital upon listing on a major European public stock exchange, SPARK is now well-positioned as the company is about to scale up its development.” added Nerijus Dagilis, CEO and Chairman of SPARK Technologies.

The Latest News, Brought To You By
SPARK TECHNOLOGIES secures EUR 30 million capital commitment from GEM
Modified on Friday 7th January 2022
Find all articles related to:
SPARK TECHNOLOGIES secures EUR 30 million capital commitment from GEM
TaaS Technology Magazine
Mina Launch Essential Guide To Support Businesses In Their Transition To EV
Nissan To Build Two All-new, All-electric Models At Mississippi Assembly Plant
Hertz Expands Global EV Commitment With New UFODRIVE Partnership
Juice Technology AG Lands In The British Isles
Volta Trucks Confirms €230 Million Of Series C Funding
Hyundai Motor To Integrate Green Energy Into Charge MyHyundai Service
Eurocell Building A European Gigafactory
Polestar 5 To Be Faster, Lighter And More Dynamic Thanks To Brand-new UK-developed Bonded Aluminium Platform
Winds Of Change: What Does A Pandemic, HS2 And GBR Mean For The UK Rail Network?
Wallbox To Be An EV Charging Partner Of Polaris In The U.S. And Canada
CUPRA Celebrates Its Fourth Anniversary With An Ambitious Vision For 2022
The First Fully Electric BMW XDrive System In The BMW IX And The BMW I4 M50
Porsche Acquires Stake In Fazua And Plans Joint Ventures With Ponooc
New Mercedes-Benz Wallbox Charges Electric Vehicles Connected And Intelligently
Electric Assisted Vehicles Completes Funding Round To Scale Up Production
Tritium Announces Partnership With Wise EV
Fisker Opens Reservations For Its Second Product, The PEAR
Hyundai Announces Battery Enhancements And Specification Changes For IONIQ 5
SES Expands In South Korea To Facilitate Commercialization Of Li-Metal Batteries
First Teaser For The Future Renault Concept-car
EQT Infrastructure To Acquire InstaVolt, One Of The Leading Rapid Electric Vehicle Charging Network Operators In The UK
Faraday Future Announces Partnership With Myoung Shin For FF 81 Production
Autonomous Movers Set For US Launch In 2024
Snow Lake Lithium To Develop World’s First All-electric Lithium Mine
Search the news archive

To close this popup you can press escape or click the close icon.
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.

Please subscribe me to:


You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
Live Event