Knorr-Bremse sells Kiepe Electric to Heramba

Munich, February 6, 2024 – Knorr-Bremse has sold Kiepe Electric, based in Düsseldorf, to Heramba. In doing this, Knorr-Bremse is optimizing its portfolio and consistently aligning its business activities with core competencies and performance. The transaction closed in late January 2024.

Dr. Nicolas Lange, member of the Knorr-Bremse AG Executive Board and responsible for the Rail Vehicle Systems division: “With its focus on electric vehicle equipment, Kiepe Electric has proved to be a dynamic, efficient business unit. Overall, however, only a small amount of synergy could be achieved between Kiepe Electric and the Rail Vehicle Systems division, which is why we made the decision to separate from Kiepe Electric. This process has now reached a successful and final conclusion following the sale. We thank all the Kiepe employees for their fantastic dedication and wish them all the best for their future under the new owner.”

Frank Markus Weber, Chief Financial Officer of Knorr-Bremse AG, added: “The ongoing review of our business portfolio’s performance and its fit with our strategy is going successfully. With the sale of Kiepe Electric, we have now reached another important milestone, and Kiepe Electric will be able to focus clearly on its own strengths and business”.

The transaction consists of the acquisition of all Kiepe Electric business activities and all employees by Heramba GmbH, based in Berlin. In October 2023, Heramba entered into a business combination agreement with Project Energy Reimagined Acquisition Corporation (PERAC). Following consummation of the business combination, the combined company’s securities are expected to be listed on The Nasdaq Stock Market LLC.

The sale of Kiepe Electric is an important step for Knorr-Bremse in its BOOST program. On the whole, Knorr-Bremse is seeking to grow sustainably and profitably over the next few years by applying a range of strategic initiatives and measures. Knorr-Bremse will continue to hold a 15 percent interest in Kiepe Electric’s capital.

Kiepe Electric is a global leader in the electrification of road and rail urban transportation applications, including designing, manufacturing and implementing power electronics products, electric drives and vehicle controls hardware for rail vehicles and electric buses. There is also intelligent software for fleet management and energy management. The company's software provides a holistic end-to-end dashboard from the charging systems to the end-vehicle. Kiepe Electric is also a specialist in vehicle charging solutions and is a leading supplier of In-Motion Charging solutions for buses. In 2022, Kiepe Electric introduced its proprietary High Power Charging platform, which facilitates vehicle fast charging and energy management for battery-electric buses. Kiepe Electric employs more than 550 people at six international locations in Europe and North America, developing efficient and ecologically sustainable concepts for the mobility transition in public transport.

Captions: Knorr-Bremse is optimizing its portfolio with the sale of Kiepe Electric and is continuing to consistently align its business with its core competencies and performance. | © Knorr-Bremse

Knorr-Bremse (ISIN: DE000KBX1006, ticker symbol: KBX) is the global market leader for braking systems and a leading provider of other systems for rail and commercial vehicles. Knorr-Bremse’s products make a decisive contribution to improving safety and energy efficiency on rail tracks and roads around the world. Some 32,600 employees at over 100 sites in more than 30 countries use their competence and motivation to satisfy customers worldwide with products and services. In 2022, Knorr-Bremse’s two divisions together generated global revenues of EUR 7.1 billion. For more than 115 years, the company has been the industry innovator, driving developments in mobility and transportation technologies with an edge in connected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companies and profits from the key global megatrends: Urbanization, Sustainability, Digitalization and Mobility.

About Heramba

Heramba GmbH, founded in January 2023 and headquartered in Berlin, Germany and Atlanta, United States, is a special-purpose company focused on investing in companies with technologies and capabilities that can accelerate the decarbonization of commercial
transportation. Heramba is led by Dr. Hans-Jörg Grundmann (Managing Director), who has dedicated his career to innovating and improving commercial transportation, including in his role as CEO of Siemens Mobility and his other leadership roles with industry leaders Siemens and AEG.

Media contacts:

Anika Wild | Spokesperson Corporate Communications | Knorr-Bremse AG

T +49 89 3547 2470; E anika.wild@knorr-bremse.com

Julian Ebert | Spokesperson Rail Mobility | Knorr-Bremse AG 

T +49 (0)89 3547 1497; E julian.ebert@knorr-bremse.com

Contact Investor Relations:

Andreas Spitzauer | Head of Investor Relations | T +49 (0)89 3547 182 310; E andreas.spitzauer@knorr-bremse.com