MOBIUS, the high-power battery company, will use the funds to scale up battery module production to support electric aircraft customers through a subscription model including maintenance and salvage services.
GEM will provide MOBIUS with a Share Subscription Facility of up to $50 million for a 36-month term following a public listing, which will allow MOBIUS to draw down funds by issuing shares of common stock to GEM. MOBIUS will control the timing and maximum amount of drawdowns under this facility and has no minimum drawdown obligation. MOBIUS has issued warrants to GEM, exercisable upon public listing, to purchase up to 3% of the common stock of the company. With certainty of the investment upon listing, MOBIUS has begun to lay the foundation for becoming a public company via SPAC merger or a traditional IPO process.
“This agreement will accelerate the commercialization of our cutting-edge battery module with industry leading performance providing both high energy density and high power. We plan to demonstrate that our battery module can enable the first ever full range flight with full payload of electric vertical take-off and landing aircraft (VTOL), a necessary step for certification and commercial deployment. This demonstration flight will be a critical milestone in our path toward public listing,” stated Mr. Eugene Choi, MOBIUS’ CEO.
This announcement occurs as the company prepares the first module delivery to customers developing hybrid electric conventional take-off and landing (CTOL) aircraft and all electric VTOL aircraft. MOBIUS will focus on achieving aviation certification in 2022 and scale up production in 2023. MOBIUS’ standard product – Husky 2P45e – can power many different types of electric aircrafts: all electric, hybrid electric, VTOL, CTOL, and others. Standardization is the key to establish safe and efficient operation of electric aircrafts as well as cost efficient re-use and recycling of used batteries. MOBIUS is committed to work with suppliers, partners, and customers for standardization of electric propulsion system to create a sustainable circular economy.
