Oregon EV start-up plans listing to launch SRK compact EV
Oregon-based Arcimoto, a start-up EV developer, has filed for an initial public offering (IPO). It hopes to raise up to US$10 million via a listing on the NASDAQ exchange.
The company will offer 833,333 shares priced for between US$11 and US$13.50.
Its first EV offering, the SRK, is marketed as “the world’s first fun utility vehicle.” The tiny three-wheeled EV can be set up with and open or enclosed canopy, has a range of 70 or 130 miles depending on battery size (12 kWh or 20 kWh), and a top speed of 80 mph thanks to dual 25-kW motors. The SRK has a base price of US$11,900.
The SRK would seem to fill the same niche as the Renault Twizy – a super-compact urban EV – but with a bit more range and oomph.
Suitable for carrying up to two passengers, Arcimoto says the vehicle is a quarter of the weight, a third the purchase cost, and ten times as efficient as the average US passenger car, says the company.
“We inherently recognize that it is no longer sustainable for our wallets, our communities or our environment to commute five miles to work alone or drive to the store to pick up a gallon of milk in a three ton, US$50,000 SUV,” says Mark Frohnmayer, CEO and founder. “At Arcimoto, we’re out to rightsize transportation.”
The money will be used to put the SRK into production proper. Currently Arcimoto is building several beta models, but these funds would help it begin serial production in early 2018, although this will also depend on a further US$18 million within 15 months.