Struggling Dutch firm Ebusco restructures loans, signs €39M energy deal as CEO and ad interim CFO exit

Netherlands-based Ebusco, a motor vehicle manufacturing company, has announced that it has reached an agreement to restructure loans that were due in mid-August 2025.

Additionally, the company has signed a contract for Ebusco Energy and has scheduled an Extraordinary General Meeting to take place on August 18, 2025.

The announcement comes two months after the company shifted away from in-house manufacturing to an outsourced model under the Original Equipment Design (OED) approach.

Besides changes in its production strategy, the Dutch company went through considerable changes in the management team, the start of a comprehensive turnaround plan, and organisational restructuring.

Ebusco has reached an agreement with Heights Capital Management and Kabuto Technology Co., Ltd. to take over outstanding bank loans from ING Bank N.V. and Rabobank U.A., totalling €12.8M.

Subject to certain conditions and shareholder approval, Heights and Kabuto may choose to convert these loans into shares in Ebusco on or after 19 August 2025, at a price of the lower of €0.40 or a 10% discount to the 5-day VWAP before 19 August.

Michel van Maanen (COO and Member of the Board) and Peter Bijvelds (Member of the Board): “The agreement on the restructuring of our debt and the signing of a major Ebusco Energy contract mark a key step in strengthening both our financial position and strategic direction. 

These developments reflect the confidence of our stakeholders in Ebusco, and we are very appreciative of their support for the company. The restructuring of the loans will allow us to fully focus on executing our Turnaround Plan, the strengthening of our liquidity position, the delivery of goods to our clients and completing our transition from OEM to OED.”

February 2025 loan conversion

In February 2025,  Ebusco and Ebusco B.V. entered into three loan agreements:

• €10M with Green Innovation
• €2M with De Engh
• €10M with Heights

These loans, and an additional €2.4M in interest, will be fully converted into shares on 19 August 2025, pending EGM approval.

The conversion price will be the lower of €0.50 or the closing share price five business days before 19 August.

These steps aim to drastically reduce debt and improve liquidity ahead of key delivery milestones.

Heights convertible Bond

Recently, Heights converted part of its 2023 Convertible Bond, receiving 10.77 million shares (approximately 10.36 per cent of total shares).

After this, the remaining balance on the bond is €15.4M, convertible at €0.75. After all conversions, this would be the only term debt remaining, if no new debt is raised.

€39M energy storage contract

Ebusco Energy has signed a €39M contract with a European customer to supply 600 MWh worth of energy storage systems (ESS), including battery packs and equipment.

Under the contract, which contains standard market and arm’s length conditions, Ebusco will deliver various ESS Battery packs and other ESS products to this client.

Additional financial support

To meet near-term liquidity needs, the Dutch company is also finalising a working capital facility of up to €9M and a €2M payment deferral agreement with its Chinese partners.

Together with this same partner(s), Ebusco will continue to explore long-term strategic and financial support, aimed at structurally restoring Ebusco’s financial condition.

Furthermore, the company continues to explore alternative means to strengthen its working capital, which may include a contractual arrangement with a Chinese contract manufacturer, which would include this contract manufacturer purchasing certain inventories that are now held by Ebusco, specifically for the Ebusco 3.0 buses.

Christian Schreyer steps down as CEO

Following the recent departure of Christian Schreyer as CEO, Michel van Maanen (COO) and Peter Bijvelds (Founder) will share the CEO duties.

Christian Schreyer stepped down from this role last month, citing personal health reasons. 

Mark de Haas, the interim CFO, has decided to step down after successfully restructuring the company’s loans. He will pass his responsibilities to Roel Nagelmaeker, the Business Controller, who was also involved in the loan process.