BIL Funds Ujet Market Launch

Ujet is the world’s first high-tech electric scooter with smart connectivity, clean technology and a sleek design. Ujet launch is facilitated by funding from BIL via InnovFin Loan programme. The startup’s Chief Financial Officer, Ashot Ter Avanesian, tells us all about it.
Where did the idea come from?

Ujet is the brainchild of a team of material scientists, tech experts, engineers, and designers who were set the task to reimagine urban mobility and create the most advanced unit of its class. We deliberately picked of team of experts mostly outside the automotive sector, to go beyond existing perceptions. The solutions had to be personal, practical, and adaptable.

How did Ujet materialize?

Idea started in the OCSiAl labs, looking at applications of nano-augmented materials. The scooter came out top and Ujet is a spinoff company of OCSiAl. Ujet has been developed in Germany and is now been manufactured in Luxembourg.

“InnovFin is a great initiative and combined with BIL’s open attitude to innovation, Ujet is a perfect match!”

What are some of Ujet’s most attractive features?

First, the cutting-edge tech. Ujet riders can securely control their electric scooter directly through a dedicated iOS or Android app. It allows users to lock and unlock the scooter, track its location, and share it with friends and family and much more. Ujet scooters have more than 30 sensors and a dedicated onboard computer, allowing them to be permanently connected to their user’s smartphone and the cloud. Also, it is easy to use as you can neatly fold it in 5 seconds and remove its portable battery to plug it to a charging station. You can select your Ujet among 6 beautiful colours and you can also chose the seat height (low or high, according to your height) the design (Diamond or Curved) or the size of the battery.

What phase of production are you currently at?

The product development phase started in 2015 and one year ago our factory was grand opened. Ujet is now being launched gradually in different cities across Europe starting from end of this year when it will be available in Paris at Le Bon Marche grand magasin. We are currently ramping up production and are planning to produce 30,000 units a year. In 2019, we will be ready to have our product across twenty big cities that are more than ready for a solution to urban congestion and pollution.

“150km. The distance Ujet (with large battery) can go, taking 6 hours to charge fully (3 hours with fast charger), priced from 9890 EUR including VAT (Luxembourg market price).”

How does BIL support Ujet?

We are pleased to have secured an InnovFin loan from BIL to facilitate the vital phase of our market launch. BIL’s collaboration with Paul Wurth InCub as en external technical expert was instrumental in making the credit request process efficient, and the overall loan application went smoothly. We are a fast-growing team of 60, and the loan is also helping with recruitment, our ongoing R&D, and growing working capital needs. InnovFin is a great initiative and combined with BIL’s open attitude to innovation, Ujet is a perfect match!

InnovFin Guarantee
Thanks to the InnovFin programme of the European Investment Fund (EIF), BIL is able to help fund innovative companies by sharing risk. This way, we play a part in bringing new and innovative ideas to life, which is crucial for European competitiveness and helps boost the real economy. Unlike venture capital, this support gives start-ups the freedom to make their own decisions and control their growth, which fosters creativity and flexibility.
“BIL supports the development of the Luxembourg economy by encouraging innovation and bolstering the entrepreneurial ecosystem. In particular, the special partnerships we have established allow us to offer services tailored to our clients. Ujet is a perfect example of successful turnkey support in collaboration with the EIF and Paul Wurth InCub.” – Bernard Eresch, Corporate Advisor at BIL.

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