Block ip Trap

SOL Global’s Green and Clean Subsidiary House of Lithium Invests an Additional US $5 Million Into Reby Inc.

16 Nov 2021

SOL Global Investments Corp. (the “Company” or “SOL Global”) (CSE: SOL) (OTCQ: SOLCF) (Frankfurt: 9SB) and House of Lithium Ltd. (“House of Lithium”) are pleased to announce that House of Lithium has made a cash investment in the amount of US$5 million (the “Investment”) in Reby Inc. (“Reby”).

House of Lithium made the Investment through the purchase of a convertible promissory note (the “Convertible Note”) issued by Reby on October 14, 2021. The Convertible Note is due and payable in full on the 12-month anniversary of its issue and provides for an interest rate of 1% per year. The principal and unpaid accrued interest of the Convertible Note will be converted (the “Conversion”) into Reby’s most senior preferred stock (“Reby Securities”) on the closing of a bona fide preferred equity financing of Reby (an “Equity Financing”), or earlier at the election of House of Lithium. The Reby Securities to be issued upon the Conversion shall be at a conversion price that would result in House of Lithium holding, together with its existing position in Reby, an aggregate of 16.67% of Reby’s fully diluted capital.

According to a new market research report published by Sheer Analytics and Insights, “Europe Mobility as a Service (MAAS) Market was US$14.3 Billion in 2020, and it is expected to reach US$413.2 Billion by 2031”. It is expected to grow at commendable compound annual growth rate (CAGR) of 35.7% between 2021-2031.1

“Reby is different from the other micro mobility companies that we have looked at,” said Andy DeFrancesco, House of Lithium Founder and CEO. “Reby is already profitable and its founder and Chairman, Pep Gomez, is a repeat tech superstar, and he’s only 28 years old. Previously (at age 18), Pep founded and was the Chairman and CEO of Fever (http://www.feverup.com), the world’s leading event discovery platform. At Fever, Pep raised over $75M from investors like Accel Partners, Fidelity, Rakuten and 14W Ventures. At Reby, Pep has focused on strong tier 2 markets across Europe, partnering with local governments and institutions to modernize their local transportation ecosystem. Reby has attracted investment from Neo (which was among the first money in Uber, Airbnb and Facebook), Fuel Capital (Convoy), EXOR Seeds (Agnelli Family Holding), 14W Ventures (Wallapop, Spotify), as well as an early Tesla investor and board member, Simon Rothman.

“We are very excited to strengthen our partnership with House of Lithium, and we both share a similar vision about the future of electric vehicles,” said Pep Gomez, Reby founder and Chairman. “The European micro-mobility market is in the midst of a transformation, as municipalities are beginning to reward companies that invest heavily in R&D to ensure a smooth, safe coexistence with its citizens. Reby has been focusing on building a profitable firm since day one. I am personally a huge fan of building businesses in markets overlooked by the VC community, as that’s where the opportunity lies.”

Reby | https://http://www.reby.co/