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BT has put in £10,000 of his Director's pay since the litigation started. It's not a ringing endorsement. I'd maybe sit up and take notice if he put in half a million quid, or gave up Director drawings until commercialisation. That won't ever happen.
Gigs - you sure do make a lot of noise for someone who found his natural skill-set in knife and fork arranging.
He knows it won't do any good in the market. Maybe there would be a brief rally but it would be drowned in sales. A voluntary decision by Directors to relinquish all their drawings - without clawback - unless and until the company wins contract orders worth several £m pa would align Directors with investors. Until then, there is now way to know Directors have not sold out.
Tornadotony
The money in the bank is only a useful asset if the business is going somewhere useful, in the short term, and that comes back to what BT says is around the corner. I don't believe there will be a "near term" contract. That's the sort of language which I've seen used countless times on penny punt stocks with nothing good ever coming of it.
A buyer is taking on a cash burn situation as one has to deal with TUPE regulatory requirements - the business comes with its staff. I don't see why a bidder would come forward now when it can wait to pick up the company at a song, by dragging out the efforts to commercialise.
The cash is most valuable as buffer for paying Directors, but that's not the sort of business I want to be involved in as an investor. At this moment it is highly speculative, in a way it never was when the embedded litigation value was still to be proven. The decision to settle for $150m was a misstep unless they pull a rabbit out of the hat pretty soon. That's why I have sold.
"For clarity company guidance for the first, likely small organic contracts is currently for H2 CY23. BT reiterated this is in the AGM Q&A."
Hi Gigs
Is that that the same guidance we really should have ignored for the purposes of the litigation result?
Asking for a friend.
"Zypp will utilize the funds across its operations as it looks to expand its fleet from 10,000 to 200,000 (2 Lakhs) electric scooters and widen its footprint to 30 Indian cities by December 2025."
This is what Saietta said in its Admission document (June '21):
"The Directors also believe there is another important trend to drive the rapid mass market adoption of electric two-wheel vehicles, being the switch to making batteries swappable for L Category vehicles. Leasing batteries instead of buying them when purchasing a two-wheel vehicle takes the high battery cost out of the vehicles retail price, making the EV (without batteries) cost less than the ICE vehicle, because the EV is a simpler vehicle with significantly fewer parts. The Directors believe that switching to a battery leasing model could potentially also make the refuelling operating cost for the EV less than for ICE. In addition, there is the added time benefit of swapping a depleted battery for a fully charged battery. This model is already working in practice and is demonstrated by Gogoro in Taiwan."
Commenting on the fund infusion, Horace Luke, Founder & CEO, Gogoro said, & Zypp Electric has taken a key leadership position in the sustainable transformation of India’s fleet and last mile delivery industry but the opportunity is immense and with this new funding it will be able to expand its capabilities and market impact.
In November 2022, Gogoro and Zypp announced a strategic B2B partnership to accelerate the transition to electric fleets and last mile deliveries in India. Under the pilot project, Zypp and Gogoro are deploying 100 battery-swapping-enabled electric scooters in Delhi-NCR and 6 battery-swapping stations at Zypp hubs.
https://www.autocarpro.in/news/ubers-net-zero-emission-goal-includes-all-modes-of-transportation--114072
Zypp Electric, leading EV-as-a-service platform on Wednesday announced it is raising series B funding of $25Mn led by Gogoro, a battery swapping expert.
The funding round also witnessed participation from new and existing investors like Goodyear Ventures, 9 Unicorns, WFC, Venture, Catalysts, LetsVenture, IAN, Ivy Growth and Grip.
The round is a mix of equity and debt funding, with the $20Mn equity round and $5Mn debt for fleet expansion from global impact fund IIX along with a large national bank participating the same, said the company in a statement.
With the fresh funding, Zypp has now raised $37.5Mn ($30Mn in equity and $7.5Mn in debt or asset leasing) in total, claimed the company.
Zypp will utilize the funds across its operations as it looks to expand its fleet from 10,000 to 200,000 (2 Lakhs) electric scooters and widen its footprint to 30Indian cities by December 2025.
With the funding, Zypp will work on further improving its driver experience, expanding its EV hub infrastructure with Gogoro battery swapping, building sharp IOT & AI enabled EV Fleet management technology, and growing its operations team by hiring across technology and top-level positions. Overall funding will be spent mainly in team and technology and rest in growth and expansion across multiple markets & use cases.
Speaking about the fundraise, Akash Gupta, Co-founder & CEO, Zypp Electric said, the company closing Series B in the current funding environment marks a validation of its team’s hard work. We’re excited to partner with Gogoro as its partner of growth as our Tech EV ecosystem becomes complete with their amazing battery swapping & EV offerings for the Indian market. This funding round bolsters our confidence, team & technology efforts to expand at scale across many cities of India and then the world. Also, this is good for the entire EV industry where large pools of global capital have now started pouring in.
Zypp Electric is on its Mission Zero Emission in the last-mile delivery area by enabling major e-commerce, food, grocery delivery, and ride-sharing giants to go electric.
In 5 years of its inception, Zypp has become the go-to largest EV partner for enabling EV-as-a-Service in the last mile.
It now has 10,000 Zypp-affiliated gig workers via its EV Full Stack Tech Enabled Fleet Management solution. It has completed 15 million deliveries on electric vehicles for its large pool of top eCommerce partners while saving around 33Mn KG Co2 till now. BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Dunzo, Uber, Rapido, Jio Mart, PharmEasy, 1MG, Delhivery, Bluedart and many more, are a few key partners of Zypp, claimed the company.
Commenting on the fund infusion, Horace Luke, Founder & CEO, Gogoro said, & Zypp Electric has taken a key leadership position in the sustainable transformation of India’s fleet and
Darth -
An incoming fluffy RNS or two will be the short term tactic. It is what every CEO on AIM uses to raise expectations and keep pie-eyed investors happy but the longer term problem for companies doing this is that impatience sets in when nothing is delivered. BTW I do of course realise that Nanoco is not on AIM, but right now it feels like it. The big plus in Nanoco's favour is the money which keeps it alive but I would not expect any of it to end up as dividend, or not much. It will be needed to keep the business afloat and current management will hope to retain enough investor support to be the ones sailing the boat. My prediction is that nothing comes of anything and sooner or later the doubts here will magnify. I've seen it so many times with other jam tomorrow stocks I would not expect anything else. I put N in that category now as it has shown its IP is not as valuable as everyone hoped it would be. Lifestyle business.
BT wil discover he made a major error by revealing that the company had beaten its onw low-end expectations by three times. Pulled the rug from under his own feet with that one! But this is what happens when a person is scrabbling for a way out after backing themselves into a corner.
Don't expect to be treated as a credible poster if you cannot answer what you claim to be simple and obvious.
The right thing to do would be to admit that you got lucky on a hunch. We all had the same hunch. I chose to stick with the only company guidance I knew and it has cost me. Silly me.
Nope, that's not an answer. As you can't answer please can someone do it for you. Where can I find any reference to what the company has guided other than BT's pantomime performance at the investor Q&A? This misdirection is a point of seriousness - playing around with other people's livelihoods just to secure one's own.
" The gross settlement value should be expected to be towards the lower end of the range of expectations for a successful jury trial outcome as previously guided by the Company"
"You misled yourself and you're cross with yourself really. If you want to blame anyone, blame the likes of Feeks, Hawi and Sammy88, although you didn't have to listen to them."
Gigs - now you are pointing the finger of blame at people who chose to take BT's words at face value. Ironic.
HH I wouldn't put it quite in those terms. £70m or whatever is a lot of money and it guarantees Director's pay and a shot at hooking future development / production contracts (IMO no better than a moonshot at this stage).
At any stage they could have told us that would be regarded a transformational sum. But didn't.
All the while the company was setting unrealistic expectations in full.knowledge it was satisfied to settle for much less. That is an incontrovertible fact. BT was the chief fluffer, the same job as Edelman did before him.
Mattyboy. The company is cash rich. That's nice but it's no better than a cash shell IMO. Sensor development is way off commercialisation. One certainly cannot trust management to tell it like it is.
Gigawit - you haven't understood a thing. I predicted you would claim to be right if the award was low. Answer my earlier question and I might be prepared to give you some credit:
What company guidance?