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Friday, June 21, 2024

France’s Kevin Velocity indicators entry settlement with SNCF Réseau

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French rail start-up Kevin Velocity has signed its first Observe Entry Framework Settlement (TAFA) with the nation’s rail infrastructure supervisor SNCF Réseau, securing its entry to 3 strains from Paris for its “ilisto” providers set to start in 2028. 

The corporate, which is hoping to supply low-cost high-speed providers connecting rural areas with main cities, will start with three providers between Paris and Lille, Strasbourg and Lyon and is the primary to benefit from a TAFA within the French high-speed rail market. 

Man Saidenberg, associate and CFO of Kevin Velocity, stated: “The French high-speed rail market is the most important in Europe, each by way of passengers and revenues. 

“Its pure macroeconomic development is accelerating below the modal shift from automobile to rail engineered by French authorities pursuant to their 2030 carbon emissions targets. With our fleet of 20 trains, we are going to fulfill this new demand for inexpensive, 300 km/h commuting service round Paris.” 

Kevin Velocity’s settlement with SNCF Réseau, signed for an preliminary 10-year interval, additionally means it has dedicated to its buy of 20 trainsets from Alstom, that are scheduled to start trials on the community from 2026. 

A map of France showing Kevin Speed's planned service routes from Paris to Lille, Lyon, and Strasbourg
Kevin Velocity is planning to start providers in 2028. Credit score: Kevin Velocity/ilisto

Moreover, the start-up stated it is going to construct three upkeep workshops midway alongside every line it is going to serve, creating 450 jobs within the course of. 

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The settlement additionally marks the start of a brand new spherical of financing for the corporate, which is seeking to elevate €1.2bn in debt and fairness, with Nomura, Santander CIB and long-term associate EY mandated. 

Jérôme Calvet, CEO of Nomura in France and monetary advisor to Kevin Velocity, stated: “We’re delighted that we’ve been mandated to lift debt and fairness capital supporting the Kevin Velocity venture. 

“The framework settlement with SNCF Réseau offers the required ensures to safe long-term financing to help a ground-breaking venture boasting strong market potential, a powerful marketing strategy, in addition to the experience of the Kevin Velocity crew.” 

Kevin Velocity isn’t the one start-up hoping to make an affect on the French high-speed community, with one other open-access supplier referred to as Le Practice additionally meaning to launch providers in 2025 after a number of funding rounds.


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