GoZero, the bus manufacturer formerly known as TrueGreen, will consider more capital raisings and corporate partnerships as well as a potential float as it tries to drum up interest from debt and equity investors in its expansion plans.
New managing director Stephen Cartwright, who was NSW’s trade commissioner in London until he resigned in June, told The Australian Financial Review that he was talking to investors about the mix of debt and equity needed to buy more buses and expand GoZero’s manufacturing capabilities.
GoZero wants to make more electric buses for state governments.
“To some extent that will determine how much capital we need to raise in this round,” Mr Cartwright said. “But suffice to say that I want to make some more acquisitions in the charter space so we build a larger fleet.”
GoZero is in talks with several charter bus owners over potential acquisitions.
Its financial adviser, MA Moelis Australia, is trying to raise $100 million from investors, and GoZero is hoping to have sorted out the financing by Christmas.
The amount of equity raised will, however, depend on how much debt funding the company can get to support its current growth plans, Mr Cartwright said.
“We will assess the need for more [capital] as we grow, so an IPO could be one option for us in the medium term, but equally we could seek to raise more via another private placement or enter into a strategic investment arrangement with a complimentary corporate partner,” he said.
Previous plans for a float in late 2021 were put on hold due to shaky equity markets, fewer-than-expected manufacturing contacts from state governments and a restructuring of the company.
Mr Cartwright is currently executive chairman as well as managing director, but
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