Fagor Ederlan acquires a major stake in the share capital of Comarth Engineering, leading manufacturer of electric goods vehicles nationwide

Commitment for electromobility

This joint venture is the result of the Ederlan group’s strategy and commitment to generate new activities within the Electromobility business, one of the cooperative’s current strategic focuses. Ederlan, as an expert industrial company within the automotive industry, is the partner that Comarth needed in order to continue its expansion and business development, with the goal of becoming one of Europe's leading producers of electric goods vehicles. Comarth Engineering is already currently the nation’s leading manufacturer of electric goods vehicles. With a production plant in Murcia, it specializes in mail delivery, urban and public works vehicles. With a commercial presence in Spain, France and Norway, it is a benchmark for clients such as Correos, the French La Poste and the Norwegian Norgen Posten, among others. Comarth Engineering is majority owned by the French venture capital company Demeter Partners, specializing in the Cleantech sector.

Ederlan, which specializes in automotive components and subsystems, with 16 production plants worldwide and more than 3,700 professionals, is a leader in the automotive sector. Recognized as a global supplier, working directly with major automobile manufacturers, technologically advanced and innovative, it will provide Comarth with its capacity for innovation and industrial know-how. Comarth already boasts a wide range of models, to which will be added a family of light goods lorries and an innovative single-seater vehicle specially developed for delivery work.

Although the production of current models will remain at the Comarth Engineering facilities in Beniaján (Murcia), which also houses the R+D for the brand, this business agreement includes the development of a new production plant in the Basque Country for the manufacture of the new Comarth Engineering product range. Commencement of the industrial activity is planned for early
2014 and is expected to generate around 70 jobs over the medium term.

About Fagor Ederlan

The Ederlan Group is a leading provider in the Automotive sector, specialising in Chassis and Powertrain components, and offering the market comprehensive solutions in all product lines. The major vehicle manufacturers and Tier-1 suppliers are customers of Fagor Ederlan, enabling it to share, understand and accomplish the most important challenges within the market, providing a custom-made response to the demands of each customer and market area. Its unquestionable dedication to service has led to the group's international growth, making Ederlan a global supplier with more than 16 plants and partnerships in key regions worldwide (Europe, Mercosur, Asia and Nafta). With over 3,700 professionals, as a cooperative within the MONDRAGON corporation, its rationale and the driving force behind its activity is the generation of employment.

About Comarth Engineering

It is a technology company, manufacturer of high reliability electric vehicles and worldwide distribution. Its range of electric vehicles allows the needs of business customers and those seeking leisure or tourism applications to be met. COMARTH vehicles are assembled at its plant in Murcia and are approved under INTA in accordance with current European directives. Comarth Engineering has focused on the development of a full range of electric vehicles tailored to meet over 90% of current demand.

The current dozen models within its range vehicle portfolio have related homologation in three categories:

L6: maximum weight without batteries 350 kg., Moped license, speed limited to 45 km/h.

L7: maximum weight without batteries 550 kg,, Class B driving license, no speed limitation.

N1: Up to 3,500 kg maximum weight, Class B driving license, no speed limitation.

About Demeter Partners

Demeter Partners is a French venture capital firm with offices in Paris, Madrid and Berlin, focused on making investments in companies from the environment and renewable energy sector. It currently manages €360 million euros in three funds dedicated to expansion capital, buy-outs and venture capital. In addition to this, it is setting up an infrastructure fund with the idea of covering all the equity needs of companies within these sectors. Its investment portfolio consists of about 35 companies, mainly located in France, Spain and Germany. In the case of Spain, Demeter has invested more than €30 million euros in 6 companies including RPI, Contenur and Comarth being the most recent.