The autonomous vehicle developer Clevon will continue under the leadership of a U.S. company and operate under the indiGO brand. A majority stake in the company is now held by the fast-growing U.S. tech company indiGO Technologies, which develops lightweight electric vehicles for delivery and ride-sharing services. The transaction was executed via a share swap, through which 96.04% of the shares in Clevon AS, previously owned by Clevon Investors AS, were acquired. Further details of the transaction remain confidential. Key backers of the new owner include logistics giant FedEx and the world’s largest electronics manufacturer, Foxconn.
After over a year of uncertainty about the company’s future, a resolution has been reached. The autonomous systems developed in Estonia—originally powering Clevon’s delivery robots—will now find new application in electric vehicles being developed in the U.S. The expertise and technical capabilities of the Estonian R&D team will remain a key part of evolving the technology.
“Despite challenges with raising venture capital, we’ve reached a solution that allows our team to continue and our state-of the-art technology to move forward,” said Clevon CEO Sander Sebastian Agur. “This will now happen under a new name, in an international environment, and on a larger scale — led by strong partners.”
There’s also clarity now regarding minority shareholders. As part of the changes, a voluntary buyout offer is planned for Clevon AS minority shareholders, giving everyone the opportunity to sell their shares following the next financing round. The specific terms and timeline of the offer will be announced separately during the year.
“We’ve avoided giving partial answers and chose to share information only once everything was final,” said Agur. “The merger is now complete, the company name has changed, and a new supervisory board has been appointed.”
To date, indiGO Technologies has raised over $150 million from investors, including FedEx and Foxconn. Integrating Clevon’s software provides a strong technological foundation to scale its market position in the U.S. and internationally. Preparations for the next funding round are underway, with the goal of bringing new purpose-built all-electric vehicles to production and market starting in 2025.