Technology

Navya will soon run out of money and refinance itself with an Emirati fund.

In search of fresh cash as they transition to the industrialization phase, Navya turned to an investment company based in Dubai. On 21 July 2022, the Lyon-based autonomous shuttle specialist announced a funding agreement totaling €36 million with the Negma group.

From 15 to 4 million euros in cash

This funding takes the form of bonds convertible into new shares (OCA) backed by share warrants (BSA). The first tranche of 2.5 million euros is immediately allocated. This financial contribution is to support Navya’s technology development plan and help it accelerate its commercial development. The industrialization phase requires sufficient liquidity. However, as of December 31, 2021, Navya had €15.7 million in cash, which fell to €7.1 million on March 31, 2022 and €4.5 million on June 30. This new financing should allow it to meet its maturity dates within 12 months.

“Our financial partnership with Negma Group will enable us to accelerate Navya’s growth and drive growth in high-demand markets,” said Sophie Desormières, CEO of Navya, in a press release. its technology roadmap and will be able to benefit from a large-scale local deployment system in strategic territories such as the countries of the Middle East.”

200 autonomous shuttles sold

A nugget from Lyon completed its IPO on the Euronext market in the summer of 2018. Following this IPO, Navya changed its strategy: no longer wanting to control the entire value chain, from vehicle development to vehicle deployment, Navya now focused on commercializing its technology. In total, the company has sold more than 200 autonomous shuttles in 25 countries. In parallel with Charlatte, the teams are developing an autonomous baggage tractor for transporting goods, and with Bluebus they are working on an autonomous bus.

Navya recently announced a service contract with Muses Europe to assemble 300 electric vehicles to help develop a future autonomous version. The partnership will also help the company optimize its production capacity and is in line with its new strategy to bring its technology to other vehicles.

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