Clevon received a €700K convertible loan from a real estate company Aaloe

Estonian company Clevon, which manufactures delivery driverless vehicle Clevon1, signed a €700K convertible loan agreement from a real estate company Aaloe.

The interest rate of the loan is 15% per annum, and the repayment deadline is April 30, 2025. Clevon has to pay the interest by the 15th day of each month. The company will use the loan to develop the company's business model and cover current expenses.

Recently, Clevon announced that it would leave the stock exchange First North to raise additional investment. Besides, the board of Clevon AS pooled their shares in Clevon Investors AS, a non-public company. After the merger of Clevon Investors AS and Clevon AS, the loan agreement will be transferred to Clevon Investors AS.

If Clevon raises investment, Aaloe Real Estate will choose whether to convert the loan into shares or demand repayment of the loan on the repayment date. 

Clevon is Cleveron's spin-off, which main business is parcel locker and robotic solutions development. Since April 1, 2022, Clevon has been a separate company. In December 2022 Cleveron Mobility AS changed its business name to Clevon AS. The company was established in Tallinn by Arno Kutt and Sander Sebastian Agur. It is a technology company focused on developing a driverless vehicle CLEVON 1, which helps to deliver goods.

Aaloe was established by co-founder of marketplace Hansapost Urmas Türk.