In October 2023, three companies announced a complex transatlantic deal: Berlin-based Heramba Electric and Californian investment vehicle, Project Energy Reimagined Acquisition Corp (Perac), were to merge to complete the acquisition of Kiepe Electric, a German manufacturer of electric powertrains – components used in public transport vehicles. Kiepe, which had over 500 employees and €110 million in revenue at the time, was put up for sale by its owner, the multi-billion-euro German industrial transport conglomerate Knorr-Bremse.  Heramba and Perac, meanwhile, had both been established a short time earlier specifically to go on the hunt for acquisitions. The German investor defined itself…

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