The capital investment company of German bank Kreissparkasse Esslingen-Nürtingen, ES Kapital has become a new shareholder and partner at KEYOU.
The investment, the amount of which was not disclosed, will be used primarily for the development of hydrogen engine components, for the build-up and demonstration of prototype vehicles and also for the operational expansion of the company, KEYOU said in a statement.
“ES Kapital’s goal is to support medium-sized companies and promising start-ups and to provide not only the necessary capital but also a cross-sector network,” explained Ralf Sonnenwald, Managing Director of ES Kapital.
“We see enormous potential in [KEYOU’s] technology and are convinced that KEYOU will play an important role in global clean mobility in the short-term already.”
KEYOU said discussions with other investors are ongoing and hydrogen is at the top of the list for many investors.
“The current funding round will be completed in Q4 2020 and will help us to achieve our ambitious technology development and business goals,” said Thomas Korn, CEO and co-founder of KEYOU.
“The demand from manufacturers for hydrogen engines is at the moment enormously high, and we want surely to take advantage of it.”
“We are even receiving many inquiries from the rail and maritime sectors, so the scalability of our concept is already being validated.”