Heramba Successfully Completes Acquisition of Kiepe Electric, A Global Leader in Sustainable Urban Transportation

Kiepe Electric is a global leader in the electrification of road and rail urban transportation applications, including designing, manufacturing and implementing power electronics products, electric drives and vehicle controls hardware for rail vehicles and electric buses. There is also intelligent software for fleet management and energy management. The company's software provides a holistic end-to-end dashboard from the charging systems to the end-vehicle. Kiepe Electric is also a specialist in vehicle charging solutions and is a leading supplier of In-Motion Charging solutions for buses. In 2022, Kiepe Electric introduced its proprietary High Power Charging platform, which facilitates vehicle fast charging and energy management for battery-electric buses.

Dr. Hans-Jörg Grundmann, Managing Director of Heramba said: “Kiepe Electric is an innovative provider of electrical solutions that is driving decarbonization of urban public transport. In addition to a strong core business and financial position, we are very impressed by the know-how and passion of Kiepe Electric employees. They are customer-centric, highly innovative, and consistently deliver world-class quality in production, modernization, and service. Our goal is to become a key enabler of the electrification of public transport networks in Europe and North America. With more than 550 employees in six countries, we believe Kiepe Electric is one of the most innovative companies in its industry and can provide excellent support to customers throughout the product lifecycle. We are happy to have such a highly qualified team.”

Alexander Ketterl, Managing Director of Kiepe Electric said: “Heramba has demonstrated strong conviction in our innovative products, commitment of our employees and partnership mindset to continue to scale and grow our business. The megatrend of e-mobility opens great market opportunities. With Heramba as a new owner of Kiepe Electric and Knorr-Bremse as a strategic partner, we will shape our product and service portfolio for the future. Based on the strong core business of electrical systems for buses and trains for public transportation, we are now expanding the sales of our innovative vehicle charging solutions for cities and regions. In the medium term, we also plan to successfully work with other customer groups with our innovative mobility solutions. We would like to thank the management and staff of Knorr-Bremse for their cooperation. In addition, we look forward to future joint projects, which we will continue to implement in partnership with Knorr-Bremse to deliver the best customer solutions. Together, we believe Kiepe Electric will be a leading player in the growth of the global e-mobility market.”

With the transaction, Heramba will take over all business activities and all employees of Kiepe Electric GmbH, including the national companies. As a strategic partner, Knorr-Bremse will continue to hold 15% equity in the new company. Heramba, with its business focus on clean energy and transportation, specifically looked for promising companies in the e-mobility segment. In October 2023, Heramba entered into a business combination agreement with Project Energy Reimagined Acquisition Corp. (“PERAC”). Following consummation of the proposed business combination (the “Business Combination”), the combined company’s securities are expected to be listed on Nasdaq Stock Market.

Building on proven Business Success

Kiepe Electric has a strong order backlog with major projects as a consortium partner for trams and light rail systems in Gothenburg, Dortmund, Cologne, and Leipzig, among others. Kiepe Electric also has active bus projects such as the double-articulated e-buses from Île-de-France Mobilités, Paris, and IMC e-buses in Milan. Heramba intends to continue the successful business processes of Kiepe Electric to ensure continuity of customer and supplier relationships, successful delivery of projects and fulfillment of contracts and contractual obligations. Kiepe Electric’s management team and employees will remain with the company.

About Kiepe Electric

Kiepe Electric is a global provider of systems and components for the electrification of trains and buses, primarily for urban public transport. In 2022, a dedicated business segment for innovative charging systems was created. The company, with six international locations in Europe and North America, generated sales of approximately 120 million euros in 2022. More than 550 employees develop efficient and ecologically sustainable concepts for the mobility transition in public transport. Recent innovation highlights include the new modular HPC platform for 12-, 18- and 24-meter e-buses and high-power charging infrastructure solutions for e-buses up to 800 kW inclusive battery storage systems.

About Heramba

Heramba GmbH, founded in January 2023 and headquartered in Berlin, Germany and Atlanta, United States, is a special-purpose company focused on investing in companies with technologies and capabilities that can accelerate the decarbonization of commercial transportation. Heramba is led by Dr. Hans-Jörg Grundmann (Managing Director), who has dedicated his career to innovating and improving commercial transportation, including in his role as CEO of Siemens Mobility and his other leadership roles with industry leaders Siemens and AEG.

Piper Sandler is serving as financial advisor to Heramba, and Latham & Watkins LLP and Smith, Gambrell & Russell, LLP are serving as legal counsel to Heramba.