US electric truck maker Atlis Motor Vehicles has closed a heavily oversubscribed six-week $5 million crowdfunding raise. The new capital injection adds to over $16 million of crowdfunding raised by the Arizona-based company, towards developing its own electric vehicle battery cells and packs.
Impressively, the crowdfunding campaign managed to attract 4,123 new investors, who pooled together the previously-mentioned $5 million. The funding will flow to develop new cells packs, which will then power 300, 400, or 500-mile range versions of the ATLIS XP vehicle platform and XT pickup truck, which will debut in 2022.
“The fast pace and major oversubscription of our most recent raise speaks volumes towards the attractiveness of our cutting-edge products, patent applications, and development path we have mapped out and shared with our followers,” said Atlis President Annie Pratt, adding: “It also reinforces the confidence we placed in partnering with Rialto Markets to raise this funding so rapidly, enabling ATLIS to now quickly scale battery development and move towards vehicle production.”
In addition to the new funding, Atlis recently revealed the functional prototype of their XT pickup. The company already references the “300, 400 or 500-mile battery that will recharge in less than 15 minutes” and refers to the XP platform offering a strong base for customization. “From service body to flatbed upfits, it can be configured to meet the specific needs of fleet owners, small businesses, and tradespeople, allowing them to bring everything needed to the field,” the company writes.
“We are out to change the work truck market. The goal is to create an electric pickup with the performance characteristics of a ¾-ton diesel that can quickly be recharged,” said Mark Hanchett, ATLIS founder and CEO. “We’ve focused on the design features our target market cares most about – maximizing functionality, storage, capability, and passenger comfort to create the best possible ownership experience.”
Source: Press release via email, prnewswire.com (prototype)
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