OK Group becomes partner and lead investor in electric vehicle startup LIUX

• OK Ventures, the venture capital division of OK Group, joins LIUX as a major shareholder alongside its two founders.
• LIUX has developed an urban electric vehicle, strengthening its position as a benchmark in sustainability.

After a challenging 2023 for startups in the automotive sector due to the bankruptcy of some of the major European electric vehicle projects, OK Group, through its venture capital division OK Ventures, and LIUX have reached an agreement to drive the growth of this Spanish electric mobility startup.

With this agreement, OK Ventures becomes LIUX’s lead investor, representing a key strategic move for its expansion in the mobility industry. This investment represents the first venture of OK Group, a holding company to which OK Mobility also belongs, into the vehicle manufacturing sector, specifically in the light urban vehicle category, a segment that has experienced remarkable growth in recent years and is expected to continue to expand (3 years of growth above 20% per annum and forecast growth of 13% annually until 2032 according to McKinsey).

LIUX, founded in 2021 by Antonio Espinosa de los Monteros and David Sancho, has burst onto the market with an innovative proposal in the mobility sector. It aims to produce electric vehicles while developing technologies to make vehicles more sustainable, such as bio-based composites using flax fibre, recyclable resins and removable modular batteries. These materials are lighter than conventional ones, and their production process generates a significantly lower carbon footprint.

LIUX has created the LIUX GEKO model, an all-electric L7 light urban vehicle. This model has a removable battery and an innovative body made of flax fibre, which reduces its weight and optimises its energy efficiency. It offers a base range of 170 km, extendable to 230 km, and a compact size of 2.7 x 1.5 metres, ideal for parking in urban areas.

This model reduces the carbon footprint by 40-80% versus conventional cars over its lifetime while improving energy efficiency compared to other electric vehicles, exceeding 13 km/kWh.

Othman Ktiri, Founder and Chairman of OK Group, expressed his enthusiasm for the agreement: “Entrepreneurship, mobility, sustainability and ‘Made in Spain’. We had to say yes! LIUX has developed proprietary technology to make vehicles more sustainable, and its strategic vision in the light vehicle segment is making more and more sense. We know the technology and the product they have created, and we are delighted to support and be part of this ambitious and exciting project.” 

Antonio Espinosa, CEO of LIUX, commented: “We are delighted to join a Spanish company leading growth and innovation in the mobility sector at a European level. OK Group, whose focus on mobility, innovation and sustainability aligns perfectly with our own, is a long-term partner that brings us a unique market vision and business development capability”. 

Production of the LIUX GEKO will take place in Spain and is scheduled to start in the second half of 2025.