LOS ANGELES, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Eli Electric Vehicles, an emerging EV startup building the next generation of affordable, efficient, and sustainable micro-electric vehicles for cities and communities, today announced the launch of the company’s equity crowdfunding campaign, which went live on September 13, 2021. The Company also provided several important updates on key milestones as it readies final design, production ramp and EU distribution plans.
Eli Electric Vehicles believes that personal transportation should be friendlier, more engaging, less intrusive and more agile than today’s typical cars, which are designed for highways instead of urban streets. Eli’s micro-EV focuses on attributes that make daily short trips convenient and fun and, at scale, can drastically reduce emission and congestion in cities and communities, making them suitable for an urban environment. The company’s flagship vehicle, Eli ZERO, is among the most energy-efficient, versatile, and affordable electric vehicles designed for modern cities.
“We’re extremely proud to be able to share the progress our team has made over the past two years in all the key areas needed for production readiness,” said Marcus Li, CEO and Founder at Eli Electric Vehicles. “We have now completed our development of Eli ZERO and brought it to limited production, and the incremental funding we raise via our September 13 equity crowdfunding campaign will be invaluable as we move to increase production and the roll-out of our EU distribution channel. I would like to thank our team, our investors, our thousands of crowdfunding supporters, and our manufacturing and distribution partners for helping bring Eli Electric to the point where we are on the cusp of physically delivering vehicles to those who have supported us every step of the way.”
Reimagined, Redesigned and Ready for the Road:
Since the debut reveal of Eli ZERO’s initial prototype, Eli Electric has devoted thousands of man-hours to retooling and fine-tuning the vehicle’s final design. During that time, various technological advances and engineering improvements have also been incorporated into the final production design, including upgraded 72V system architecture (up from 48V), new power steering and braking, backup camera, Dual-beam LED headlight, and re-designed aluminum chassis, to name a few. The upgrade was part of an effort to pivot to the EU market launch before U.S. availabilities. Eli ZERO was redesigned to be street legal in Europe and was homologated in late 2020. Final production specifications were approved, and the Eli ZERO moved to production-ready status in 2021.
StartEngine Crowdfunding Campaign:
On September 13, Eli Electric launched its second equity crowdfunding campaign on StartEngine. Eli Electric Vehicles’ previous crowdfunding raise closed on July 30, 2021, raising nearly $1.4M from over 1,500 investors. Raising capital from a community of crowdfunding investors sets the startup apart as a new kind of EV brand. Crowdfunding allows early supporters who share the company’s vision to join its exciting journey, and become its advocates. Proceeds from the new round will be used to help fund Eli ZERO’s increased production, distribution buildout and other general operational expenses. To date, the company has raised more than $7 million.
StartEngine is the largest equity crowdfunding platform in the U.S. and the first mover in the industry. It has helped more than 500 companies raise over $400M from a community of over 500,000 prospective investors.
To invest and learn more about Eli Electric Vehicles’ equity offering: https://www.startengine.com/eli
Eli ZERO Enters Initial Production:
Eli Electric is excited to announce that the company has initiated small batch production through established manufacturing partners who are currently producing the first orders of Eli ZERO. In the coming weeks, Eli will begin shipping the first orders of Eli ZERO to its European distributors.
European Distribution Channel Readies for Launch:
The company also announced it has signed distribution agreements with distributors in the E.U. as it readies its European market rollout. Notable among these agreements is a far-reaching partnership with KSR Group, one of the continent’s largest micromobility distributors with a broad footprint that covers over 10 European countries.
The micromobility market is projected to reach $300B market by 2030 in the U.S., and Europe, and interests in the Eli ZERO vehicles have continued to increase from both consumers and businesses. At the completion of Eli’s latest crowdfunding round, the Company had garnered over 1,500 individual supporters and investors. Eli Electric has also received interest and sales requests from an array of micromobility prospects including ridesharing operators, dealers, campuses, real-estate developers, and more.
“Our goal is to revolutionize urban trips, connect cities and communities in a new way that reduces congestion and pollution.,” says Marcus Li, Founder and CEO. “We are at a consequential moment in history-- as urban density rapidly increase along with unprecedented climate challenge, we are facing an urgent need to reimagine urban transport. We need to build vehicles that fit cities instead of the other way around. Our equity raise will help us expand our efforts to bring a different type of transportation experience that empowers communities, and promote a habitual shift in urban mobility from highway dependency, towards sustainability and efficiency.”
About Eli Electric Vehicles
Eli reimagines personal vehicles by creating advanced, efficient and affordable micro-EVs for daily short trips. Eli ZERO is the next generation personal vehicle focused on simplicity, elegance and efficiency. Eli ZERO is empowering riders to reconnect with their neighborhood and cities, and ultimately reduce congestion, inefficiency and pollution caused by oversized highway cars. Headquartered in California and Beijing, Eli Electric Vehicles aims to be the leader in electric transportation for short-range and high frequency trips.
For more information, please visit www.eli.world and follow the company on Twitter, Facebook and Instagram. To learn more about Eli’s vision, please visit https://www.eli.world/vision
Media Contacts
Allison Matthews
allison@skyya.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/47535b64-e9fb-4833-88af-65f9675365b9
