NEW YORK--(BUSINESS WIRE)--Micromobility.com (NASDAQ: MCOM) a frontrunner in sustainable urban transportation and micro-mobility solutions, is making strides towards a greener future by signing a Letter of Intent (LOI) with Atlas Special Opportunities regarding Hopium (ALHPI.PA). Micromibility.com is negotiating with Atlas Special Opportunities a deal whereby Micromobility could become an important and long-term shareholder of Hopium. By the terms of this letter, Micromobility.com’s investment will accelerate Hopium’s R&D and growth.
Hopium will gain access to the worldwide micromobility market expected to grow at a CAGR of 16.5% between 2023 and 2028, reaching a value of around USD 109.9 bn by 2028 from approximately USD 43.8 bn in 2022.
micromobility.com is considering the purchase of Hopium Convertible Bonds from Atlas Special Opportunities for an amount of approximately USD 3m to become a long-term shareholder in Hopium.
This LOI signifies micromobility.com's commitment and interest in integrating cutting-edge technology into the micro-mobility industry.
A Trailblazing Collaboration
micromobility.com's strategic partnership with Hopium would mark a groundbreaking chapter in micro-mobility innovation. Hopium, a vanguard in hydrogen fuel cell engineering, is renowned for its expertise and innovative prowess. Leveraging the potential of hydrogen fuel cells, Hopium stands at the forefront of sustainable energy production, particularly in designing compact, high-performance fuel cells tailored for the micro-mobility sector.
Hydrogen's Role in Mobility
Hydrogen's role in mobility is no longer a future forecast; it's today's headline. As a cornerstone of the energy metamorphosis, hydrogen is heralded as a clean, adaptive energy substitute, rising as a formidable contender to fossil fuels. Its compatibility with renewable energy sources further amplifies its significance in a green-driven economy. With soaring investments and recent technological leaps, hydrogen is rapidly solidifying its position in the mobility sector.
Hopium’s Vision: Hydrogen - The New Horizon
Under the visionary leadership of CEO Sylvain LAURENT, Hopium has set its sights on a pioneering vision for hydrogen. The company is committed to achieving TRL 6 certification by April 2024, a pivotal step toward expediting the industrialization and sales of its patented hydrogen technology.
Strategic Shift for Enhanced Efficiency
Since Sylvain LAURENT took over as CEO of Hopium in early 2023, the company has strategically realigned its industrial focus. This shift aims to prioritize development efforts on fuel cell technology and has resulted in a governance restructuring designed to optimize costs.
Hydrogen's Potential Unleashed in Micro-Mobility
The micro-mobility sector, spanning electric scooters, bikes, and more, is experiencing rapid expansion. With the non-binding LOI inked on October 11, 2023, micromobility.com has indicated that it is seriously considering adopting hydrogen technology within micro-mobility solutions. This strategic move aims to reduce carbon footprints, foster innovation, and provide eco-friendly micro-mobility alternatives to urban communities worldwide.
‘I believe hydrogen reduces everyone’s reliance on imported fossil fuels, leading to reduced trade deficits for some countries and enhanced energy independence. Also, Hydrogen fuel cells have a far greater energy storage density than lithium. That’s why it makes sense to invest in Hopium.’ (Salvatore Palella, CEO Micromobility.com).
Elevating Sustainable Practices
This potential partnership underscores micromobility.com's steadfast commitment to sustainability and curbing carbon emissions. With a successful closing, the company hopes to utilize the Hopium technology, which could fast track the development and global adoption of sustainable transportation solutions.
Charting the Future of Micro-Mobility
This non-binding LOI could lead to a momentous leap forward in defining the future of micro-mobility. Both entities are devoted to fueling innovation, enhancing eco-conscious transportation choices, and securing a brighter and more sustainable urban mobility landscape.
Confidentiality and Forward Momentum
As negotiations advance, both parties are engaging in constructive discussions. This commitment to mutual cooperation sets the stage for a fruitful partnership.
micromobility.com's collaboration with Hopium holds the potential to leave an indelible mark on the micro-mobility sector by propelling hydrogen technology to the forefront of sustainable transportation solutions.
For further details about micromobility.com and its pioneering micro-mobility initiatives, please visit www.micromobility.com
About micromobility.com Inc
micromobility.com Inc is a pioneering force in the micromobility industry, dedicated to creating sustainable and efficient solutions for urban transportation. With a portfolio of innovative brands such as Helbiz and Wheels, micromobility.com Inc empowers individuals to navigate urban environments conveniently and eco-consciously.
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 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 failure to meet projected development and production targets; (ii) changes in applicable laws or regulations; and (iii) 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 including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Company’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 the Company and speaks only as of the date on which it is made. The Company undertakes 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.
