Helbiz Completes Acquisition of MiMoto to Add E-Mopeds to Its Innovative Fleet of Micro-Mobility Vehicles

Rhea-AI Summary

Helbiz has completed the acquisition of MiMoto Smart Mobility S.r.l., marking a significant expansion in its micro-mobility services. This acquisition enables Helbiz to integrate MiMoto's electric moped sharing service into its existing platform, offering users access to e-scooters, e-bicycles, and e-mopeds through a single app. MiMoto operates in four Italian cities and has recorded over one million trips. The move aims to enhance sustainable urban transportation, supporting Helbiz's growth strategy in the micro-mobility sector.

Positive

• Acquisition of MiMoto enhances Helbiz's micro-mobility offerings by adding e-mopeds.
• Integration allows users to access multiple vehicle types via a single app, improving user experience.
• MiMoto's existing fleet has facilitated over one million trips, showcasing strong demand.
• The acquisition is expected to drive growth and sustainability in urban mobility.

Negative

• None.

Helbiz, a leader in micro-mobility and the business combination target of GreenVision Acquisition Corp. (Nasdaq: GRNV), today announced the completion of its acquisition of MiMoto Smart Mobility S.r.l. ("MiMoto"), the first moped sharing platform in Italy. Through this acquisition, Helbiz will expand its fleet of sharing vehicles by integrating MiMoto's electric moped service onto its platform. Users will now be able to access e-scooters, e-bicycles and e-mopeds on one seamless app. The electric moped service is currently available in four Italian cities including Milan, Turin, Genoa and Florence and will expand into other cities in the coming months.

Helbiz completes acquisition of MiMoto to add e-mopeds to its innovative fleet of micro-mobility vehicles (Photo: Business Wire)

"We are very pleased to have completed this transaction," commented Salvatore Palella, founder and CEO of Helbiz. "At a time like this, when sustainable and safe mobility is increasingly important, we want to give Italian citizens more transportation options to best meet their needs. The integration of MiMoto's expertise and solution onto our platform provides us with a new impetus for growth and represents our continued commitment to building a new model of urban mobility."

"Thanks to the acquisition of MiMoto by Helbiz, we have created an urban electric mobility player that will make Italian cities, and soon cities around the world, increasingly sustainable and less congested by traffic," jointly stated MiMoto's three founders Alessandro Vincenti, Gianluca Iorio and Vittorio Muratore. "The three different micro-mobility services on a single platform guarantees an immediate and more varied offering, which will ensure cities are more livable. We are extremely proud to be part of this change."

To date, MiMoto’s fleet has seen over one million trips for a total of over 5 million kilometers in 285K hours. On average, users have traveled 4.5km in 16 minutes, highlighting the popularity and success of these sustainable, practical and efficient vehicles among users.

As part of the transaction, Helbiz was assisted by Ortoli | Rosenstadt and Deloitte Legal for the legal aspects in the USA and Italy, respectively. MiMoto was assisted by Inexo for the M&A activities and by Dentons for the legal aspects.

For additional information, visit www.helbiz.com.

About Helbiz

Helbiz is a global leader in micro-mobility services. Launched in 2016 and headquartered in New York City, the company operates e-scooters, e-bicycles and e-mopeds in over 30 cities around the world including Washington, D.C., Alexandria, Arlington, Atlanta, Jacksonville, Miami, Milan, Richmond and Rome. Helbiz utilizes a customized, proprietary fleet management platform, artificial intelligence and environmental mapping to optimize operations and business sustainability. Helbiz announced on February 8, 2021 it has entered into a merger agreement with GreenVision Acquisition Corp. (Nasdaq: GRNV) ("GreenVision") a SPAC, which, upon closing, will result in Helbiz becoming the first micro-mobility company listed on Nasdaq.

About GreenVision Acquisition Corp.

GreenVision Acquisition Corp. is a newly organized special purpose acquisition company formed under the laws of the State of Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

MIMOTO

MiMoto is the first made in Italy service of 100% electric free-flow scooter sharing active in the cities of Milan, Turin, Florence and Genoa. Born in 2015 from the idea of three young Italian entrepreneurs and started from Milan, MiMoto has in a few years increasingly expanded its fleet revolutionizing the concept of urban mobility in a smart and green key, and making it simple, fun and eco-sustainable to move within the city. It's simple because you just need to use your smartphone to reach the desired destination, reducing costs and travel time. Thanks to the proprietary app, the user can easily locate, book, start and leave the vehicle; all without worrying about their wallet or recharging. It's fun because the eScooters in MiMoto's fleet are light, manageable, easy to drive and allow total freedom of movement, even for two people. It's eco-friendly because, with a 3,000 W electric motor, all the vehicles have zero emissions and respect the environment.

Forward-looking statements

Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s or GreenVision’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (ii) the ability of the Company to meet Nasdaq listing standards following the transaction and in connection with the consummation thereof; (iii) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of the Company or the stockholders of GreenVision or other reasons; (iv) the failure to meet the minimum cash requirements of the Merger Agreement due to GreenVision stockholder redemptions and the failure to obtain replacement financing; (v) the failure to meet projected development and production targets; (vi) costs related to the proposed transaction; (vii) changes in applicable laws or regulations; (viii) the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to pursue a growth strategy and manage growth profitability; (ix) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (x) the effect of the COVID-19 pandemic on the Company and GreenVision and their ability to consummate the transaction; and (xi) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in GreenVision’s periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. GreenVision's SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to GreenVision and Helbiz and speaks only as of the date on which it is made. GreenVision and Helbiz undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Additional Information about the Transaction and Where to Find It

In connection with the proposed business combination, GreenVision will file a proxy statement with the SEC. Additionally, GreenVision will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. Security holders of GreenVision are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release. GreenVision’s stockholders may also obtain a copy of the preliminary or definitive proxy statement, once available as well as other documents filed with the SEC by GreenVision, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: GreenVision Acquisition Corp., One Penn Plaza, 36th Floor, New York, New York 10019.

Participants in Solicitation

GreenVision and its directors and officers may be deemed participants in the solicitation of proxies of GreenVision’s shareholders in connection with the proposed business combination. Helbiz and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of GreenVision’s executive officers and directors in the solicitation by reading GreenVision’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of GreenVision’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

Non-Solicitation

This press release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005432/en/

FAQ

What is the purpose of Helbiz's acquisition of MiMoto?

The acquisition aims to expand Helbiz's micro-mobility services by integrating MiMoto's electric moped sharing platform.

How many cities does MiMoto currently operate in after its acquisition by Helbiz?

MiMoto operates in four Italian cities: Milan, Turin, Genoa, and Florence.

What are the expected impacts of the MiMoto acquisition on Helbiz?

The acquisition is expected to enhance Helbiz's service offerings and support its growth strategy in the micro-mobility sector.

What is the stock symbol for GreenVision Acquisition Corp.?

The stock symbol for GreenVision Acquisition Corp. is GRNV.