1️⃣ First scooter SPAC

Plus, U.S. gov considers tax credit for ebikes, Apple searches for new iCar partner, and Revel introduces ebike subscriptions.

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Instant replay

In case you missed it, analysts Benedict Evans and Horace Dediu sat down recently to discuss the disruptive potential of micromobility and historical frameworks for understanding the seismic changes that are happening in tech, cities, and transportation today.

Check it out below and watch more interviews on our YouTube channel.

SPAC to the reality

Image result for helbiz

Italian-American micromobility startup Helbiz announced it is going public via SPAC, a deal that will make it one of the first companies in the industry to be listed on the Nasdaq (ticker: HLBZ).

What does this mean for Helbiz?

Helbiz, which operates electric scooters, bikes, and mopeds in several European and U.S. cities, will be acquired by GreenVision Acquisition Corp. in a reverse merger worth $408m. The deal is expected to close in Q2.

Digging into that valuation a bit, Helbiz had more than $4m in revenue last year, according to SEC filings. Nearly all of its sales came from rentals, with a small portion derived from advertising on its app and docks.

Helbiz projects it will generate $449m by 2025 by expanding existing verticals and using some of its new capital to launch delivery-only “ghost kitchens,” which it says will be capable of fulfilling orders in just five minutes.

Why does this matter?

Last year more funds were raised by SPAC ($83b) than in the entire previous decade.

Since then, speculation has run rampant as to which micromobility company would utilize this financing tool first.

Notably, neither of the U.S.’s largest providers of shared e-scooters, Lime and Bird, has ruled out a SPAC merger, according to recent reporting. Here’s a quote from Lime CEO Wayne Ting from a recent piece by Cory Weinberg in The Information:

“We’re going to look at all options. If it means raising more money, if it means accessing the SPAC world, we’re certainly going to take a hard look at it,” Ting said, adding that Lime didn’t have any immediate cash needs. “We get calls every week from new SPACs, but we’re only going to do it if it’s the right thing for building a great company.”

Indeed, for cash-strapped scooter startups that saw ridership plummet during lockdown and are hoping for a post-pandemic rebound, the prospect of raising a lot of capital fast, without the difficulty or risk of a traditional IPO, must be tempting.

All of this is to say that, while Helbiz may be the first micromobility operator to land a SPAC deal, it will almost certainly not be the last.

Unagi is looking for someone with extensive experience in consumer electronics distribution to join the team behind the scooter most distinguished on brand and design, as Unagi grows rapidly and expands internationally. You will manage various sales teams, distributors, and retailers—ensuring targets and initiating promotional campaigns.

What you need to know this week

  • A proposed tax credit in Congress could make buying an electric bicycle easier for Americans. The E-BIKE Act, introduced by Reps Blumenauer and Panetta, would provide a consumer tax credit that would cover 30% of the cost of an ebike purchase, up to $1,500. (Rep Blumenauer also proposed a bill to restore and expand bike tax benefits that were eliminated in 2017.)

  • With Hyundai-Kia or Nissan deal off the table, who will build the Apple Car? The iPhone maker still has a long list of potential production partners, including Foxconn, Magna, and Stellantis.

  • In other Apple news, the tech titan plans to release a Waze-like user-generated maps feature in its next update.

  • Electric moped operator Revel is expanding its product lineup to include monthly ebike subscriptions, similar to those offered by Swapfiets and Dance. For $99 a month, subscribers get an ebike manufactured by Wing delivered to their door, plus complimentary maintenance (including flat tires, loose chains, and brake repair) within 24 hours.

  • Tier plans to install battery-charging stations for its rental scooters at 4,500 local stores worldwide in the next 12 months.

  • Piaggo’s net sales were down almost 14% last year, making it one of the rare two-wheeler companies to have not benefited from the coronavirus pandemic.

  • Measuring the environmental impact of electric scooters.

  • Shared, a sit-down scooter company that changed its name to Zoomers and transitioned from on-demand rentals to DTC sales last year, says business is thriving since it pivoted. “The company, which was down to less than $30,000 in the bank at its lowest point, is now cashflow positive and on track to do around $4 million in revenue in 2021 — a nearly 500% increase from 2020.”

  • These secure pods by Oonee can fit up to seven bikes in one car parking spot.

Male seated in a wheelchair using the Voi-branded Klaxon Klick device

Jobs to be done

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