Bulgarian Company to Produce 300,000 e-Bikes Annually

Jerusalem, 26 October, 2022 (TPS) -- SOFIA,25.10.2022 (BTA)
The Bulgarian company e-Velox received a certificate issued under the Investment Promotion Act for an electric bicycle project, the Innovation and Growth Ministry said in a press release here on Tuesday. The certificate was presented to the company by caretaker Innovation and Growth Minister Alexander Pulev.

The company plans to build a new electric bicycle factory in the Kuklen zone, part of Trakia Economic Zone near Plovdiv (South Central Bulgaria). The investment envisaged under the project is BGN 28,277,000. The company said that a total of BGN 50 million will be invested in the factory, which will have a capacity to produce some 300,000 e-bikes per year, creating 330 new jobs.

Minister Pulev said that four more investment projects in Plovdiv and the region are in the process of certification by the InvestBulgaria Agency, with a total value of BGN 42.5 million and the potential to create 224 new jobs. “The investments are in manufacturing and the companies are from Turkiye, Sweden, the Netherlands and Austria,” he stressed.

Since the beginning of 2022, the InvestBulgaria Agency has issued positive opinions and the Ministry of Innovation and Growth has certified 6 projects in Plovdiv and the region with a total value of more than BGN 229 million, which will create more than 1500 new jobs. Five of the projects are in manufacturing and the sixth one is in warehousing and logistics.

Currently, 48 investment projects in Bulgaria worth nearly BGN 2 billion are in the process of certification by the InvestBulgaria Agency, and they are expected to create over 3 600 new jobs in the next 2 to 3 years. The projects are primarily in the manufacturing and warehousing industries.