Ebusco secures €12 million as output stalls at 19 buses

Ebusco has secured €12 million in fresh equity from five investors — but three delivered buses in Q3 2026 show how far the Dutch electric bus manufacturer still is from a durable recovery. Two strategic investors and three existing shareholders committed to the sum, announced Wednesday, through the issue of 240 million new shares at five cents each. The measure still requires approval by an extraordinary general meeting, which the company intends to convene before the end of 2026.

Rhein Holding and Green Innovation International will provide €8 million of the total. A further €4 million comes from existing shareholders De Engh, CVI Investments (Heights) and Peter Bijvelds Holding. Rhein Holding is a repeat rescuer: it already injected €6 million into Ebusco in August. Payout is planned in six tranches aligned with liquidity needs, with the final €1 million scheduled for February 2027.

What does the money actually fund?

Less than half of the €12 million reaches operations. Part of it will repay a €7.1 million bridging loan agreed in April 2026, maturing on 1 December 2026. The remainder is meant to cover ongoing operating costs and complete existing bus orders — above all the backlog from Rouen. The French metropolitan region has been waiting for 68 units of the Ebusco 3.0, according to Paris-Normandie. To finish that order, Ebusco announced in October a €5.86 million production support package from a subsidiary of Gotion, the Chinese battery manufacturer majority-linked to Volkswagen, a strategic investor in Ebusco since November 2024.

The operational picture remains weak. Ebusco, which has largely outsourced assembly to contract manufacturers in China, delivered just three buses in the third quarter of 2026 and 19 since the start of the year. As of 30 September the order backlog stood at 195 buses — only 77 firm, 118 cancellable. The Ebusco 3.0, which won the Innovation Award at Busworld 2019 in Brussels, is claimed to be among the first e-buses to beat diesel on price, but delivery performance now dominates its customer relationships.

How long will the cash last?

Based on current liquidity planning, Ebusco expects the financing to last until the second quarter of 2027 — assuming all committed funds arrive in full and on time. The company itself notes that weaker cash flow could force it back to investors. In parallel, Ebusco continues to negotiate a working capital facility of around €30 million, first announced in August; its conclusion is not yet guaranteed.

The urgency was visible on Tuesday, when Ebusco disclosed it had deferred October salaries. Negotiations with core shareholders on short-term financing were described as well advanced but longer than expected. The company has not said when the committed funds will arrive or when salaries will be paid.

Restructuring continues

Ebusco has struggled financially and operationally since 2024, with production stoppages, delays and cancellations — including 23 buses cancelled by Potsdam's transport operator in Germany — driving declining revenue and heavy losses. It completed a capital increase in November 2024 and has since abandoned in-house production in favour of contract manufacturing, cutting its workforce significantly. For Q1 2027 it plans a repair offer letting additional shareholders buy shares at the same five-cent price, worth up to €5 million.

Watch next: the extraordinary general meeting before year-end, tranche disbursements, the €30 million facility's fate, and the Rouen delivery schedule.