pepper motion raises € 30 million Series‑A with Lennertz & Co. as lead investor
Hamburg — A private equity fund initiated by Hamburg-based family office Lennertz & Co. is taking a minority stake in the innovation leader for electrification technology in the commercial vehicle sector. pepper motion GmbH is the world’s first digital OEM in the automotive industry for series-ready conversion and retrofitting (retrofitting) of trucks and buses.
The engineering company from Denkendorf, Germany, successfully closed a Series A financing round in the amount of almost EUR 30 million at the end of March 2022. Lennertz & Co. was the lead investor with around 40% of the capital increase. Other investors include the Würth Group.
“At pepper, as an entrepreneurial and owner-managed family office, we were convinced by both the unique technology in the production-ready retrofitting of trucks and buses and the shareholders’ engineering expertise in the automotive sector, built up over 20 years,” says Philipp Lennertz (photo), managing partner of Lennertz & Co. “In this context, technology and service make a significant contribution to achieving global climate targets. Accordingly, we see high growth potential for pepper, not only in the domestic and European markets, but also globally in a market that will grow by leaps and bounds in a very short time.”
Capital for series production and further markets
In addition to the further development of the company’s proprietary technologies, the capital raised is intended in particular to support the ramp-up of series production with strategic partners and the phase of market entry in other European countries that has already begun. For pepper motion, Germany, France, Italy, Austria and Poland in particular are among the key markets in Europe.
Potential customers include large existing fleet owners, such as transportation or trucking companies, for whom it is difficult to meet the emissions targets required for their fleets by 2030. A major advantage for pepper motion is that the company’s multi-award-winning retrofitting concept is currently considered unbeatable on the market in terms of sustainability and total cost of ownership.
“The proof of concept has long been provided with our vehicles and etrofit electrification kits. We lead the international retrofitting industry as a trendsetter and set the standards for German engineering, innovation and quality that fleet operators in the public transport and transport/logistics sectors can rely on,” says Andreas Hager, Managing Director at pepper motion.
About Lennertz & Co.
As an entrepreneurial and owner-managed family office, Lennertz & Co. is exclusively focused on the success of its clients’ investments. The investment recommendations are in line with the personal preference of the clients. They benefit from the independence of Lennertz & Co. and the exclusivity of the investment opportunities.
Lennertz & Co. also has a large number of authorization certificates from the German Federal Financial Supervisory Authority (BaFin) and is thus subject to numerous qualitative and quantitative requirements of both BaFin and the Deutsche Bundesbank.
Lennertz & Co. shares its clients’ demand for fast, profound and secure decisions. In order to thoroughly examine the emerging opportunities in the venture and growth capital, private equity and blockchain segments for its clients, Lennertz & Co. has a competent team at its disposal that can look back on decades of experience. In addition, the advisory board consists of renowned industry, venture capital and private equity experts such as Prof. Dr. Heinrich von Pierer, Prof. Dr. Klaus Wucherer, Stefan Theis, Daniel Thung, Daniel Milleg and Florian Heinemann.
About pepper motion
The German, privately financed company with headquarters in Denkendorf and offices in Garching near Munich, Paderborn and Vienna (Austria) employs more than 100 people. As the first digital OEM in the world (without its own warehousing and manufacturing), pepper offers innovative solutions for the electrification (retrofitting) of used and new commercial vehicles such as trucks in distribution transport, buses in local public transport (LPT) and municipal vehicles.
With its holistic approach extending to telematics, charging infrastructure, fleet management and autonomous driving, the company designs quickly implementable and cost-effective solution packages for the sustainable mobility transformation and a “second life” for existing commercial vehicles.