Ebusco has obtained a 5.1 million EUR working capital bridge loan aimed at maintaining its current bus delivery schedule.
The arrangement brings together funding from CVI Investments Inc., managed by Heights Capital Management, as well as contributions from De Engh B.V., Peter Bijvelds Holding Erp B.V., and N-Works B.V., the personal holding company of interim CFO Roel Nagelmaeker. All four lenders are existing shareholders.
The company has been managing liquidity pressures for several months. On 3 November 2025, Ebusco reported that it was continuing efforts to address both financial and operational challenges. These efforts include a 9 million EUR working capital facility provided by one of its Chinese partners and a framework agreement with a Chinese contract manufacturer. Under that agreement, inventories for the Ebusco 3.0 model are intended to be purchased and financed locally. Around 4 million EUR of the working capital facility remains unused.
Ebusco stated that implementation of these measures has taken longer than expected but that discussions with its Chinese partners are progressing constructively. The newly secured bridge loan is intended to prevent delays to bus deliveries and to minimise the risk of contractual penalties linked to late fulfilment.
According to the company, the loan proceeds will support timely delivery of vehicles, enabling the gradual conversion of working capital into cash. Ebusco has reiterated its fourth-quarter guidance to deliver at least the same number of buses as in the third quarter of 2025, when 39 units were delivered.
The loan agreement includes standard terms for this type of financing and is scheduled to mature on 1 May 2026. Repayment is expected to come from revenue generated through ongoing deliveries. Any amount outstanding at maturity, including interest and unpaid fees, will be converted into Ebusco shares at a price set at a 15 percent discount to the five-day volume-weighted average price preceding the maturity date.
Ebusco plans to issue a short business update before its Annual General Meeting, scheduled for 16 December 2025. This update is expected to include selected financial information as of 30 September 2025.
