Oct 11, 2024

Voi issues EUR 50 million through the company’s first-ever bond issuance Fri, Oct 11, 2024 08:42 CET Swedish-founded leading micromobility operator Voi has completed its first-ever bond issuance,  successfully placing EUR 50 million of senior secured bonds under a total framework of EUR 125 million. The net proceeds from the bond issue will be applied towards Voi’s ambitions to scale our current 110 000 e-scooter and e-bike fleets, refinance existing debt, and for general corporate purposes of the group. Swedish-founded leading micromobility operator Voi Technology AB (publ) (the “Company”) announced today that the company has, following a book building process to qualified investors, successfully placed EUR 50 million of senior secured bonds under a total framework of EUR 125 million (the “Bonds” of the “Bond Issue”). The Bonds carry a four-year tenor and a floating rate interest of 3 months Euribor plus 6.75% per annum. The net proceeds from the Bond Issue will be applied towards Voi’s ambitions to scale its current 110 000 e-scooter and e-bike fleets, refinance existing debt, and for general corporate purposes of the group. The offering received strong demand from large and reputable Nordic and international institutional investors and the Bond Issue was significantly oversubscribed, highlighting the strong investor confidence in Voi’s expansion strategy, current and future financial profile as well as the overall future of the micromobility industry. Strong performance in 2024 positions Voi for continued growth The bond issuance follows a year of strong performance for Voi, both on profitability targets and cost reduction. Organisational changes made in February 2024 improved the cost structure to the point that Voi’s central cost base is now nearly 50% lower than mid-2022, while 2024 is expected to be another record year for rides, revenues and profitability. Mathias Hermansson, CFO and Deputy CEO at Voi, said: “The successful bond issuance reflects a strong vote of confidence from professional investors in Voi’s ongoing initiatives and strategic direction, as well as robust support for the company’s continued expansion.” Investing in next-generation vehicles for stronger unit economics Despite central costs having decreased by nearly 50% since mid-2022, Voi has also managed to rapidly improve its vehicle gross profit margin enabled by increased cost efficiency per ride across all categories. These improvements are partly made possible by data-driven automation in our operations as well as through investments in new vehicles launched in 2024 - Voi’s 7th generation e-scooter and 3rd generation e-bike. Both vehicles have enabled significant  improvements in both rider experience and unit economics. The proceeds from Voi’s bond issuance will mainly be used to scale Voi’s fleet with the next generation e-scooters and e-bikes in 2025. Voi expects that the next generation will generate even further improvements in energy consumption, durability and unit economics. Fredrik Hjelm, co-founder and CEO at Voi, said: “This is a big day for the industry. We are proving that we can turn this into a profitable business model at scale and, by accessing capital that has previously been unavailable to micromobility operators, we have made a giant leap forward for the industry in general and Voi in particular. The hard work and difficult decisions we have made are paying off. Looking forward, our focus will continue to be on scaling our fleet in both new and existing markets, and continuing to support cities in reaching their climate and traffic targets. Voi’s mission remains the same, we want to change how people get around for good and move cities away from the car-biased culture of the 20th century.” The Company will apply for admission to trading of the Bonds on the corporate bond list of Nasdaq Stockholm. Carnegie Investment Bank and Pareto Securities acted as joint bookrunners and Gernandt & Danielsson Advokatbyrå KB acted as legal counsel in the transaction. For further information, please contact: Sofie Cederberg, Communications Manager About Voi Founded in 2018, Voi is a Swedish micromobility company offering e-scooter and e-bike sharing in partnership with towns, cities and local communities. We believe e-scooters and e-bikes can play a central role in changing how people move in our towns and cities in the future. We want to ensure that the micromobility transformation happens the right way - through real innovative technology, open and transparent dialogue with towns, cities and governments and by adapting our products to local needs. Voi’s holistic Environmental Action Plan tackles emissions and promotes renewable energy use and circularity along its supply chain. Voi operates over 110 000 vehicles in over 100 towns and cities across 12 countries. It is headquartered in Stockholm and employs around 1,000 people. To date, Voi boasts more than eight million riders and has served more than 280 million rides