Devon-based EMotive, creator of the world’s first zero-emission all-terrain six-wheel commercial electric vehicle, has surpassed its £180,000 Crowdcube campaign funding target in just four days.
The cash will be used to take the vehicle, billed as an eco rival to the Mercedes Benz Unimog, to the next stage of its development, ready for demonstration and mass production under licence.
More than 270 individuals, including investors from 15 different countries have invested in the pioneering tech behind the firm's pioneering six-wheel prototype, Scarab.
Dan Regan, Managing Director of EMotive, said: “Hitting our Crowdcube target in under a week is an incredible achievement and milestone for us. It’s testament to the hard work from the team here in Cullompton and to all the investors that have recognised our market-leading position, our advanced technology, and the advantages of our manufacturing under license approach.
“Having invested nearly £2million in R&D to date, we’re ahead of the curve, and we’re now on the cusp of finalising a ‘ready-to-go’ solution that manufacturers can swiftly adopt and modify to meet the specific needs of their markets and customers.
Mr Regan said that the Crowdcube funding page will remain open for further investment over the next couple of weeks.
It is hoped the six-wheeler E-ATV platform will move into mass-production as soon as Q2 in 2023.
The lead up will include a recruitment drive over the next 12 months to expand the team.
EMotive’s goal is to create an affordable and accessible eco-solution for off-road industries, where its Scarab vehicle platform can be utilised across a range of applications, making it exceptionally diverse and open to a global market worth over USD 5.48 billion.
Ranging from fire rescue all-terrain vehicles (ATVs) to farm, forestry and adventure tourism trucks, EMotive’s disruptive E-ATV platform, addresses a huge gap that currently exists for 6-12 tonne ATVs; in a market where the Government’s Transport Decarbonisation Plan means that the sale of new internal combustion engine (ICE) vehicles weighing from 3.5 to 26 tonnes, will end in 2035.
Consequently, manufacturers will either have to invest millions of pounds on R&D in their own non-fossil fuel alternatives, or choose an available solution to adopt, which is where EMotive’s licensable, electric-ATV platform steps in.
By licencing its technology to manufacturers, EMotive plans to swiftly move from prototype into production.
Earning a royalty on each unit produced, the model provides a reliable low-risk income, which has been successfully used by EMotive’s Founder Bruce Palmer with his previous business, Elemental Digest Systems.
Mr Palmer said: “It’s fantastic to know that everyday investors are embracing and investing in our technology internationally. That’s important to us, as we’re targeting a global market.
“We’ve already received expressions of licensing interest from manufacturers in both Iceland and the Middle East, and we hope that others, including Mercedes Benz, maker of the market leading Unimog, will be interested in talking to us about licencing our platform.”
EMotive’s team draws on experience from Supacat, Flybe and Formula 1, and has been involved in the development of technology for Caterpillar, Lotus, Ministry of Defence and McLaren Automotive. Its Founder, Bruce Palmer, has built and commercialised multi-million global business including Forthglade Pet Foods, and Elemental Digest Systems, which itself successfully raised £1.5m through Crowdcube. EMotive only needs a small slice of the global market to move rapidly into profit under its production licensing model.
Crowdcube Investors in EMotive will receive shares and will be able to drive the vehicle on a Land Rover Experience course to see it being put through its paces. They’ll also have the chance to see the latest EMotive technical developments, which will be unveiled at its Research and Development facility in Cullompton, Devon.
Have you seen our BusinessLive South West Linkedin page? Follow us for daily updates
