Electric Truck Maker ATLIS Races Towards $5 Million End Of Month Crowdfunding Finish
Atlis Motor Vehicles(ATLIS) is closing in on a $5 million Regulation CF crowdfunding target after launching just three weeks ago and securing $2 million within 24 hours.
The Arizona-based company had already attracted over $16 million in previous crowdfunding, towards developing its own electric vehicle battery cells and packs to power 300, 400, or 500-mile range versions of the ATLIS XP vehicle platform and XT pickup truck, to debut in 2022.
ATLIS also plans to commercially launch the next generation AMV battery cell in Q4 2021.
ATLIS XT pickup
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The latest raise, conducted by the Rialto Markets crowdfunding platform and transfer agent KoreConX, ends September 30th and ATLIS President Annie Pratt said:
“The fast pace of our latest raise highlights the faith our investors have in our products, the 30 patents we hold, and the development path we have mapped out.
Annie Pratt
“It also reinforces the confidence we placed in Rialto Markets and KoreConX to handle the new Reg CF round, which will enable ATLIS to scale battery development and move towards vehicle production.”
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Rialto Markets’ CEO Shari Noonan responded: “It must be a record and a real vote of confidence from investors to see a company and its products secure 40% of a raise in the first 24 hours, and power on to nearly $3 million shortly afterward, making it the second fastest crowdfunding raise on the market at that time. We are proud to represent ATLIS and play a part in that.”
Shari Noonan
ATLIS – now valued at $385 million – is focused on three business units: Energy, XP platform, and XT pickup truck.
The Energy pillar includes battery production and the ecosystem necessary to recharge, while the XP platform is the base for the XT truck, and enables ATLIS to produce other vehicle configurations, such as emergency vehicles, delivery vans, or box trucks.
The XP “skateboard” architecture features a drive module that is scalable up to a 10,000-pound capacity per axle without requiring hardware upgrades. Each module contains brake, drive, suspension, and steering systems all using drive-by-wire technology.
