QEV Technologies to join forces with Formula G as Technical Partner

  • Front-running Spanish outfit will provide technical support

QEV Technologies, front runners in electric mobility, has been formally announced as the technical partner behind the all-new Formula G series.

Already prolific within motorsport, QEV Tech builds and runs the FIA RX2e Championship – the stepping stone category in the all-electric World Rallycross series – as well as running Carlos Sainz Snr.’s ACCIONA | SAINZ XE Team Extreme E squad, as along with working with several Formula E teams and manufacturers. They also took part in the development of the FC1 with a battery-powered SUV platform. It is the most powerful Rallycross vehicle ever built for Nitro RX.

QEV Tech is exclusively focused on electric racing, renowned for its work in EV motorsport development and technology, offering clients its cutting-edge innovations in R&D as well as full vehicle engineering and development.

QEV Tech’s state of the art headquarters, situated at the entrance to the famous Montmelo circuit near Barcelona, have a prototype assembly and production facility for hypercars as well as a racing car production, setup and EV engine dyno.

QEV Tech’s recent expansion has been extremely successful in recent years with the development of solutions for urban mobility through ZEROID the new mobility brand of QEV Tech, which will help change the face of urban transportation in the coming years.

In this exciting partnership with Formula G, QEV Tech will put all its development expertise into play, by leading all the technological project and undertake the development of the powertrain and battery, unquestionably standing as the ideal technological partner.

“Motorsport is our passion,” said CEO Joan Orus. “It provides the ‘halo effect’ for everything we are creating in the factory and gives the company an exciting, vibrant environment for all our technicians.

“I was involved in Formula E from the outset and I have been saying to Alejandro Agag and others within Formula E and Extreme E that we need a junior category for drivers entering the electric journey. I am delighted that we are involved in Formula G and that it creates two categories for drivers to specialise in this field.

“Formula One has Formula Two and Formula Three which is the proving ground for drivers graduating into the top echelon. To be successful in Formula One you need to be quick and have the fastest car. In electric motorsport you need to have a number of more complex skills as well; you need to be able to understand how to conserve energy and use the power intelligently. These are skills which can be learned in the Formula G series.”

“Similarly, the collaboration will give us an opportunity to provide opportunities for young engineers and mechanics in the early stages of their career to learn the skills around electric motorsport.”

Formula G and QEV Tech have an equal passion for the future of mobility and for the education and nurturing of drivers and technicians within this field. The targets are shared over the two organisations and the ambition is to create an academy to train drivers and engineers and technicians in the electric motorsport field.

“Of course, we are delighted to be working with QEV Tech,” said Dilbagh Gill, Founder and Chief Executive Officer – Formula G.

“We share the same aims and goals and we have worked together in Formula E and other projects. QEV Tech is the perfect partner for this championship. I have every confidence in QEV Technologies to deliver two fantastic cars for our two categories.”

Updates regarding development, drivers, teams, and partners will be announced in the coming months. Please visit the Formula G website for more details.

QEV Technologies and SPEAR have successfully signed an agreement to combine their businesses, which is expected to result in the listing of QEV N.V. on Euronext Amsterdam

QEV Technologies
  • QEV Technologies is a fast-growing European manufacturer of electric vehicles for corporate fleet and public transport clients

  • Existing and new investors have committed EUR 23 million to date in the context of the business combination transaction to fund the company’s growth plan, including a ramp up of vehicle production in Barcelona’s free trade zone and as working capital to support the fulfilment of purchase orders from major corporate clients

  • Inveready, a leading early and later-stage venture, private and public equity investor in Spain, and a major existing investor in QEV Technologies, is investing alongside new investors in this transaction

  • QEV Technologies expects to quadruple its revenues in 2023 and is targeting sales of over 16,000 electric vehicles per year by 2027

  • QEV Technologies combines long term expertise in electric mobility with major production facilities in Barcelona’s free trade zone (former Nissan facility with production capacity of 180,000 vehicles per year; tender won in March 2023 together with JV partner), a significant order book, and a strong pipeline of business from major corporates and public transport companies

  • Demand for electric vans, trucks and buses is expected to continue to grow quickly in a supply-constrained environment, in the context of the electrification of corporate fleets and rapid, sustainability-focused regulatory developments across the company’s target markets

QEV Technologies, a fast-growing company that specialises in electric light commercial vehicles for corporate fleets and electric buses for public transport companies, and SPEAR Investments I, a Special Purpose Acquisition Company (SPAC) launched by AZ Capital and STJ Advisors focused on becoming a valuable partner to a fast-growing European business, have successfully signed an agreement to combine their businesses which is expected to result in the listing of  QEV N.V. on Euronext Amsterdam.
QEV Technologies will maintain its fiscal residence, headquarters and operations in Barcelona (Spain), following its recent successful tender with its JV partner for a former Nissan facility in the “D-Hub” (Decarbonization Hub) in Barcelona, Spain, a cutting-edge project in electric mobility strategically located in Barcelona’s free trade zone that seeks to position Spain and Europe as a benchmark in sustainable automation, with an expected production capacity of 180,000 vehicles per year.
The implied enterprise valuation for the transaction is EUR 209 million and the transaction already has EUR 23 million of capital to support the company’s business plan, which foresees a four-fold increase in revenues by 2023 and aims to sell over 16,000 electric vehicles per year by 2027. QEV Technologies’ pipeline of business includes both purchase orders and advanced negotiations to become a supplier of last mile electric vehicles with its ZEROID brand for large national and international companies, as well as for the supply of electric buses.
Joan Orús, CEO at QEV Technologies explains: “The market for electric light commercial vehicles and buses is accelerating at a rapid pace, as companies seek to electrify their fleets and to deliver their products and services in a sustainable way. QEV Tech has developed its expertise in electric mobility over a 10-year period and is now reaching an inflexion point as the electrification of global supply chains and transport networks has created a supply-constrained environment that we are seeking to serve with our experience in electric mobility and our highly competitive production capabilities.”.
Jorge Lucaya, co-CEO of SPEAR Investments, commented: “QEV Technologies is the ideal business combination candidate. It combines technology expertise in electric mobility, with cost-competitive production capabilities and concrete orders. At SPEAR we see the market opportunity that QEV is serving as very attractive – the high utilisation of fleet vehicles makes the transition to light commercial vehicles compelling for fleets from a commercial perspective, and is less brand-driven than consumer decisions in terms of electric vehicles. In addition, the large purchase orders of fleets allow customisations of those vehicles according to customer needs which also supports this transition.”.
John St. John, co-CEO of SPEAR Investments, commented: “SPEAR has delivered on its objective of offering a route to capital markets for a fast-growing private company that has proven much, but still has significant growth potential ahead of it, and combining it with capital and expertise to support that growth. We see QEV as having an exciting long term future ahead of it and are looking forward to supporting it in achieving its goals over the long term.”.
The capital provided by this transaction will allow QEV Technologies to continue to increase investment and accelerate the deployment of funds corresponding to, among other initiatives, the Strategic Project for the Recovery and Economic Transformation of the Electric and Connected Vehicle (PERTE_VEC) authorized by the European Commission and the Spanish Government. The cash inflow is comprised of a combination of non-redemption agreements with SPEAR’s existing shareholders, the entry of new private investors through a PIPE (Private Investment in Public Equity) transaction, new investment from the company’s existing investor, Inveready, and a backstop commitment from SPEAR’s promote investors. The committed capital is expected to be further increased before closing of the proposed business combination.
Under the terms of the proposed agreement, 100% of QEV Technologies’ existing shareholders are expected to remain invested in the company through the exchange of their shares for shares in the combined entity.
Amongst these, Inveready and GAEA Inversion, the private equity vertical of the fund management firm, currently the largest investors in the company, will significantly increase their investment in QEV Technologies, which was initially made in 2021.
The transaction is subject to the approval of the business combination by SPEAR’s shareholders at an EGM, which will take place on September 27th, 2023, after which QEV Technologies is expected to become a Euronext listed company. For more information please see SPEAR Investment’s Shareholder Circular published on its website at https://www.spearinvestments.com/.

El D-Hub, liderado por QEV Technologies y Btech, desembarca en Zona Franca para iniciar la reindustralización con un proyecto puntero en electromovilidad

El D-Hub, liderado por QEV Technologies
  • El D-Hub llega a un acuerdo con sindicatos para crear una mesa de trabajo que acelere la contratación del mayor número de extrabajadores de Nissan durante 2023 y 2024.

  • La producción de las marcas ZEROID, vehículos 100% eléctricos de última milla, y EBRO, serán las dos líneas principales de negocio de la fábrica del Hub.

  • El Hub se instalará en Zona Franca con potentes acuerdos comerciales ya cerrados y prevé alcanzar la fabricación de 60.000 unidades antes del 2026.

QEV Technologies y Btech, al frente del Hub de Descarbonización, firman hoy, junto a su socio Goodman, la ratificación del contrato de licitación y reciben las llaves de los terrenos de Zona Franca en Barcelona. Con una inversión prevista de 300 millones durante los tres primeros años de actividad, QEV Tech y Btech pondrán en marcha un proyecto de electromovilidad puntero en el país con la Hub Factory como epicentro de la producción de vehículos 100% sostenibles. El Hub gestionará más de 260.000 metros en Zona Franca y 70.000 en Montcada i Reixac.

El D-Hub ha alcanzado un acuerdo con sindicatos para la creación de una mesa de trabajo con el objetivo de buscar fórmulas para impulsar y aumentar las contrataciones en 2023 y 2024, y asegurar así la recolocación de la antigua plantilla de Nissan en el menor tiempo posible.

QEV Technologies y Btech agradecen el apoyo recibido por parte de Generalitat, Gobierno, y sindicatos, y pone en valor el compromiso y la colaboración de las tres partes durante todo el proceso de licitación.

Hoy es un día histórico para nosotros, para Barcelona, pero también para el sector de la automoción en Catalunya y España. Hoy comienza en Zona Franca un nuevo proyecto de país, un proyecto que apuesta en firme por la movilidad sostenible. El D-Hub creará empleo local, generará valor para la industria y trabajará duro para actuar de dinamizador de la industria. Tenemos el reto de escribir un nuevo futuro en el sector del automóvil y transformar la movilidad de forma sostenible. Y partimos con una muy buena base: tenemos el conocimiento, la tecnología y la capacidad, la demanda del mercado, además de una plantilla con mucha experiencia y bagaje.«, afirma Joan Orús, CEO de QEV Technologies.

Rafael Ruiz, CEO de Btech comenta “Para nosotros hoy es un hito que marca el inicio de la recuperación industrial en Zona Franca, enfocada en la nueva economía, y en la que trabajaremos para acelerar la transición energética en el ámbito de la movilidad. Este proyecto es también clave para la recuperación de puestos de trabajo en el sector industrial del automóvil”.

Hub Factory: dos marcas y más de 60.000 vehículos eléctricos

El D-Hub se compromete a acelerar la marcha para iniciar la producción en Zona Franca a inicios del 2024, y prevé alcanzar las 60.000 unidades antes del 2026. Con la entrega de llaves, QEV Technologies, Btech y Goodman son responsables desde hoy de la seguridad, el mantenimiento y la gestión de los terrenos, y los tres socios están cerrando los últimos detalles para su desembarco. Durante este año, centrarán los esfuerzos en la adecuación y el acondicionamiento de la fábrica.

La Hub Factory arrancará a principios de 2024 con dos proyectos tractores: la producción de una flota de vehículos 100% eléctricos ZEROID, marca comercial de QEV Technologies, y el relanzamiento de la marca EBRO con la conversión de la Pickup Navara y la Minivan NV-200.

QEV Technologies centralizará su producción de modelos de cero emisiones en la Hub Factory, donde fabricará tres modelos diferentes de furgonetas eléctricas, camiones de reparto y plataformas eléctricas y de hidrógeno para autobuses y camiones pesados. La compañía mantendrá también sus instalaciones en Montmeló, que seguirá albergando sus oficinas centrales y algunas líneas de desarrollo y producción. Por su parte, Btech apuesta por el relanzamiento de dos modelos de la mítica marca EBRO.

QEV Technologies y su marca ZEROID escalarán su producción en la Hub Factory. La compañía ha cerrado recientemente un acuerdo con el Grupo Bimbo, para Méjico, con un encargo de 1.500 furgonetas eléctricas. Los vehículos, diseñados para el reparto de mercancía, están actualmente en producción, y su fabricación continuará en la Hub Factory cuando esté en marcha. Con este encargo, y otros ya cerrados, QEV Tech emprende el proceso de reindustralización con una facturación asegurada de más de 100 millones de euros en 2023.

La buena acogida que nuestra marca ZEROID tiene en el mercado confirma el potencial de los modelos eléctricos y punteros que estamos diseñando y produciendo en QEV Technologies. Los acuerdos cerrados para la producción de vehículos 100% eléctricos que traemos a Zona Franca son solo la punta del iceberg de este proyecto de electromovilidad, que cuenta con una gran capacidad de crecimiento tanto en el mercado nacional como internacional.”, afirma Joan Orús.

Segunda fase: aumento de la producción

En una segunda fase, y como línea de negocio adicional, el Hub estudia combinar la producción de modelos eléctricos propios con la implantación de una línea de fabricación bajo licencia (Contract Manufacturing). El objetivo es multiplicar el volumen de producción industrial, generar más empleo y negocio, y convertir Zona Franca en un ecosistema de innovación en electromovilidad. Compañías referentes en movilidad ya han mostrado su interés por contratar este nuevo modelo de servicio, y el D-Hub está actualmente en conversaciones con varias empresas para afianzar este nuevo modelo de negocio.