Stark Future Secures 20 Million Euros Working Capital Facility from Banco Santander to Propel the Stark VARG´s Production Expansion
Wednesday 28 June, 2023Barcelona, Spain - Stark Future, a leading innovator in the field of Performance Electric Motorcycles and Technology, is pleased to announce the signing of a 20 million euros loan agreement with Banco Santander. This strategic financing marks an additional milestone for Stark Future and will serve as essential working capital, empowering Stark Future to scale up further and to faster achieve its ambitious production quantity targets for the globally acclaimed Stark VARG electric motocross bike.
The loan agreement reinforces Stark Future's vision and underscores its commitment to supporting sustainable and forward-thinking initiatives. The funding will be utilized to scale up production capabilities, streamline manufacturing processes, and enhance research and development efforts related to the Stark VARG.
Santander is a leading commercial bank, which supports corporate and institutional clients offering tailored services and value-added wholesale products. Santander is also a global leader in renewables financing, which makes the bank an ideal partner for Stark Future's expansion plans in Electric mobility.
Ignacio Yllera Alfaro, executive director Growth Debt at Santander, said: “We are honored to be part of this journey, as it represents a step closer to our green finance targets. Stark Future is bringing sustainability to the motorcycle industry and the fully electric, high-performance motorcycle Stark VARG will take the sport to the next level."
Stark Future's decision to partner with Santander stems from their extensive experience in providing financial services to innovative and forward-thinking companies, along with their deep understanding of the evolving electric vehicle market. By leveraging the resources and expertise of Santander, Stark Future aims to solidify its position as a frontrunner in sustainable transportation and expedite the adoption of Premium Electric Motorcycles on a global scale.
"We are thrilled to announce our partnership with Banco Santander, a prestigious global financial institution, to address our working capital requirements," stated Anton Wass, CEO of Stark Future. "Santander's exceptional financial expertise and immaculate reputation in the industry make them the ideal collaborator as we strive to fulfill the increasing demand for our groundbreaking Stark VARG electric motocross bike. This loan agreement will provide us with the necessary resources to expand our production capacity and successfully achieve our global expansion goals."
The loan agreement between Stark Future and Santander is a testament to the confidence and support Santander has placed in Stark Future's groundbreaking achievements in the electric vehicle market. With this significant financial backing, Stark Future aims to further revolutionize the off-road industry, catering to riders' desires for unparalleled performance, versatility, and sustainability.
About Banco Santander
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions, and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal, and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2023, Banco Santander had €1.2 trillion in total funds, 161 million customers, 9,000 branches, and 210,000 employees.
For Santander media inquiries, please contact:
Santander Corporate Communications
comunicacion@gruposantander.com
Tel. +34 91 2895211
---
About Stark Future
Stark Future is a multinational company, established in 2019 with Swedish roots but located on the fringes of Barcelona. Making the most of Catalunya’s reputation as one of Europe’s automotive industry's ‘hotspots’, Stark Future was able to construct a dedicated, passionate, and knowledgeable team from the best of both the motorcycle and power electronics industries. They rapidly started work on the first model of an ambitious catalog of next-generation electric motorcycles. The Stark VARG is the result. The highly advanced technology has been dutifully evolved at the firm’s factory, where robotic assembly lines are producing the Stark VARG and forthcoming models to order. The Stark VARG itself is a strong definition of the company’s values. Stark Future wants to challenge the norm to improve things, search for the limit, adapt and set clear, smart, and inspiring goals, and deliver outstanding results.
About the Stark VARG
The Stark VARG, is the most powerful motocross bike on the planet and the performance leader within its category. Was built to prove that electric technology is superior to gas, and inspire riders to switch to a sustainable alternative through a superior product. Stark challenges the industry with its patent-pending technology and design features. With its cutting-edge technology, sleek design, and eco-friendly features, the Stark VARG offers a compelling solution to address the challenges of CO2 and plastic pollution.
For media inquiries, please contact:
Benjamin Cobb
Communication and PR Manager
--Ends--
Distributed by https://pressat.co.uk/