The two Estonian firms have signed an investment and share-swap agreement that makes Kõu Mobility Group the new majority shareholder of Ample with 51% holdings.
Kõu told Zag Daily that it has now set an ambitious target to reach one billion euros in revenue by 2031.
Kristjan Maruste, CEO of Kõu Mobility Group, said: “Having Ampler join us at Kõu Mobility Group takes us not only one step closer to becoming a true Estonian micromobility powerhouse, but also accelerates the speed at which we aim to fulfil our joint mission: to empower emissionless transport around the world.”
There are now four business units under the group – shared service provider Tuul, e-scooter manufacturer Äike, IoT platform Comodule and e-bike producer and seller Ampler.
All four business units will continue operations independently and manage their own product portfolio and services with their respective teams and budgets.
Kõu plans to multiply the impact it has on clean mobility on a global scale, with the merger opening doors to numerous commercial conversations.
As both Kõu and Ampler are vertically integrated and manufacture in their own factories in Estonia, this will also mean the group will have stronger leverage in areas of supply chain and production. It said that running product development and manufacturing in-house ensures product quality and sustainability, and allows for quick responses to the needs of riders. Zag recently interviewed Tuul’s Head of Operations to understand what operational benefits this brings.
As of 2023, Kõu employs more than 300 people and has empowered nearly one million vehicles worldwide.