Turkish micro and shared mobility provider BinBin wants to take over bankrupt electric bike manufacturer VanMoof. The company announced it has submitted a non-binding offer and is now working on a binding offer. Since declaring bankruptcy, VanMoof’s trustees have been investigating the feasibility of a relaunch and have engaged in discussions with multiple parties.
VanMoof was granted a deferment of payment on July 12 and declared bankrupt about a week later. The company faced difficulties due to the investments needed for bicycle parts specially designed for their bicycles. The firm also grappled with costs that exceeded expectations for warranty-covered repairs, and a significant amount of capital was directed toward international growth.
BinBin sees great potential in VanMoof for a relaunch. “With a sleek, simple design and an integrated battery in the frame, the bikes have become commonplace on the streets of Amsterdam,” the Turkish company stated. BinBin, a subsidiary of 1000 Yatirimlar Holding, hopes to finalize the deal with VanMoof in the upcoming weeks. The financial specifics of the offer were not disclosed.
BinBin operates more than 25,000 shared scooters in various Eastern European countries and is the largest provider of electric shared transport in Turkey. Earlier this year, the company acquired Go Sharing. This green shared scooter and bike rental company operated in over ten municipalities, including Almere, Groningen, and Tilburg. By early February, these green vehicles had vanished from the streets. However, BinBin’s acquisition allowed operations to resume.
Last week, press agency Reuters cited an insider claiming that Lavoie, the electric scooter brand owned by the McLaren Group, also wants to take over VanMoof. McLaren, known for its involvement in Formula One, aims to grow as a premium global brand of e-mobility devices.
VanMoof has sold roughly 200,000 bicycles worldwide, with 20 retail outlets in different major cities. The company’s bicycles are still sold in its outlets in the United States, the United Kingdom, France, Japan, Ireland, Austria, and Denmark.