Micro-Mobility Leader, Helbiz, Signs Letter of Intent to Acquire Skip’s Operations to Expand to the West Coast

Skip’s sharing operations will continue to operate as its own brand as a subsidiary of Helbiz

This acquisition follows the successful launch of Helbiz fleets in Miami, Washington, D.C., Alexandria, Arlington, Atlanta, Richmond, Jacksonville and over 30 cities around the world

SAN FRANCISCO--(BUSINESS WIRE)--Helbiz, a global leader in micro-mobility, today announced plans to acquire the sharing operations of Skip. Through this acquisition, Helbiz will expand Skip's brand, technology, operations team and shared scooter fleet from its number one position in Washington, D.C. to other cities across the US and worldwide as part of Helbiz's global expansion strategy. Helbiz will continue Skip's focus on technology development for safety and sustainability in shared micro-mobility as well as a long-term partnership with cities to promote transportation equity.

“Through the acquisition of Skip, we can continue to scale and grow our US presence to offer last mile transportation options to local communities across the country. We are committed to working closely with the Skip team to build and develop unparalleled features and products that not only benefit our riders but exceeds expectations in safety and sustainability measures,” said Salvatore Palella, founder and CEO of Helbiz. “As the first to market in Italy and a micro-mobility leader throughout Europe, it’s imperative for us to expand our operations in the United States where we’re based. We’ll continue to be dedicated to bringing our innovative transportation solutions across this country.”

Through its years of experience operating in Italy and in Europe, Helbiz has acquired significant experience in operating in cities and suburbs alike, overcoming the extensive and unique challenges that each market brings such as tight streets, traffic issues, parking limitations, safety concerns, cobblestone streets and more. Helbiz will maintain Skip’s operations and maintenance workforce in Washington, D.C. to give continuity to the service. The company will continue to provide D.C. residents and visitors access to the highest quality and most reliable shared micro-mobility vehicles and services.

Skip expanded the nation’s first permitted shared scooter fleet in Washington, D.C. to become the city’s largest at 2,500 vehicles. In Washington, D.C. in addition to other cities in the near future, Skip will continue its industry-leading work expanding equitable access for underserved neighborhoods and essential workers. Meanwhile, its custom S3 scooter, engineered over the past two years, has a perfect safety record after a year of operational testing, a measured 5x reduction in environmental waste and the first fully integrated battery swap system.

“I am thrilled for Skip’s amazing team to continue its important work in Washington, D.C. to make safe, sustainable and transparent micro-mobility the standard for all cities. The Helbiz team will be great partners as they scale up in the US and globally, and I’m excited to support the combined team as they drive the micro-mobility industry forward,” said Sanjay Dastoor, co-founder and CEO of Skip.

Helbiz’s mission is to build products and technology that can easily be integrated into legacy infrastructures to support the emergence of clean, sustainable and modern communities. The company is committed to partnering with cities and municipalities around the world to offer e-scooters, e-bikes and e-mopeds that are designed to complement and enhance existing transportation systems and get customers to their destinations.

ABOUT HELBIZ

Helbiz is a global leader in micro-mobility services. Launched in 2016 and headquartered in New York City, the company operates e-scooters, e-bicycles and e-mopeds in over 30 cities around the world including Washington, D.C., Alexandria, Arlington, Atlanta, Miami, Richmond, Jacksonville, Milan and Rome. Helbiz utilizes a customized, proprietary fleet management platform, artificial intelligence and environmental mapping to optimize operations and business sustainability.

Additional Quotes:

Stefano Ciravegna, Head of Strategy and M&A, Helbiz “The transaction with Skip comes at a time when the micro-mobility sector is expected to make a strong post-pandemic recovery. Helbiz’s medium to long term strategy is to grow both organically and through consolidation. With this acquisition, we see a big opportunity to expand our presence in the US market, given the synergies and scale-efficiency improvements that the combined businesses will bring.”

Giulio Profumo, CFO, Helbiz: “Capital efficiency is at the heart of Helbiz’s scaling plans. The focus on strong operations and sustainability has differentiated the company from other players with more capital burn. The move to swappable batteries and expertise in tech-led operations have been key to the improvement of unit economics. In August, Helbiz achieved its first-ever monthly profit in Europe, achieving a double-digit EBITDA margin after months of disruption due to the coronavirus pandemic. Profitability is imperative as it gives Helbiz the confidence to continue to invest and scale the operational model to achieve profitability at the group level in 2021.”