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QEV Technologies today lists after a definitive agreement is reached for a business combination with the SPAC SPEAR Investments I
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The listing of QEV Technologies is the ninth Spanish listing on Euronext markets in 2023, and the second Spanish listing on Euronext Amsterdam in 2023
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QEV Technologies is the 27th IPOready (formerly known as TechShare[1]) alumnus to successfully complete a listing on Euronext
Euronext today congratulates QEV Technologies, the European manufacturer of electric vehicles for corporate fleet and public transport clients, on its listing on Euronext Amsterdam (ticker code: QEV).
QEV Technologies is a fast-growing company specialising in electric mobility vehicles with a track record of more than ten years developing and manufacturing electric cars. The company was listed through the legal merger with SPEAR Investments I, a Special Purpose Acquisition Company (SPAC) that was welcomed to Euronext markets on 10 November 2021. SPEAR was the first SPAC listed on Euronext markets that was partially backed by a Spanish sponsor, AZ capital. SPEAR has already provided QEV Technologies with approximately €23 million of capital to support the company’s growth plan.
QEV Technologies was a participant in 2022 to the TechShare programme, now part of IPOready, Euronext’s unique pan-European business educational pre-IPO programme aiming to support European companies considering a listing on Euronext in the coming years. Euronext’s pre-IPO programmes have a proven track record, having already trained over 900 alumni since 2015, including over 50 Spanish companies. In total 27 alumni have listed their company on Euronext markets.
Joan Orús, CEO of QEV Technologies, explained: "The new capital raised and to start trading in a stock exchange such as Euronext Amsterdam will allow us to accelerate the implementation of our pioneering electric project, which not only has huge potential, but is also a model that faces the economic and climate challenges. Today marks a new milestone in our company's path, it is a step forward for the reindustrialisation in Spain, and it highlights our full commitment to a green transition. This operation demonstrates the market's confidence in our business model and the whole project, it will open the door to new investors and will allow us to scale our production capacity to meet the growing demand for electric vehicles".
Jorge Lucaya, co-CEO of SPEAR Investments, commented: "We are delighted to have agreed to a business combination with QEV Technologies. From our new role as minority shareholders of QEV, we will support the company in achieving its goals which will benefit all the stakeholders in this journey to a cleaner economy".
John St. John, co-CEO of SPEAR Investments, said: "The merger with QEV Technologies allows us to provide the company both with liquidity and with our expertise in supporting companies that want to expand and further consolidate their business models. The partnership with QEV Technologies has given SPEAR Investments the opportunity to invest in a company with a significant role in the sustainable mobility industry and with an extraordinary growth potential.”
Caption: Joan Orús, CEO of QEV Technologies, and his team sounded the Gong this morning to celebrate the listing of the company through the legal merger with the Special Purpose Acquisition Company SPEAR Investments I. They were welcomed by René van Vlerken (Head of Listing Euronext Amsterdam) and Susana de Antonio (Head of Listing Euronext Spain).
