Global bank Barclays has become the latest investor to back ELM Mobility, a joint venture between Prodrive Advanced Technology and Asheimer Design in the development of its Evolv L7e category vehicle.
Launched at UK Cenex Expo in September 2024, ELM Mobility’s e-vehicle is a compact quadricycle that can match the cubic load capacity of mid-size vans while being 50% lighter, meeting market demand for high-capacity, efficient last-mile delivery vehicles.
Barclay’s investment will support the next phase of Evolv’s development, maturing the design prior to certification and production starting in 2028, for which ELM Mobility has an initial target to produce 10,000 vehicles per year.
In this development phase, ELM Mobility will create 10 vehicles for engineering sign-off and client testing – and is calling on logistics companies to come forward to take part in the trials.
Initial client testing will use the demonstrator vehicle that has already been produced with sessions being booked for 2024 and early 2025. ELM Mobility is interested in engaging with a range of potential customers but is particularly interested in logistic companies and fleet managers that are operating primarily in inner cities.
Iain Roche, CEO, ELM Mobility said, “Last-mile delivery is a major concern for logistics companies, particularly in our busy city centers. At ELM Mobility we wanted to create an iconic solution with the Evolv demonstrator that will enable cities to improve air quality and congestion, and support logistics companies’ needs to provide cost effective and zero-emission delivery solutions.”
Commenting on its investment, Steven Poulter, head of principal structuring and investments at Barclays, said, “While other small, last-mile vehicles exist, Evolv is addressing a gap in the market for a light-weight e-vehicle that can carry a Euro pallet, the most widely used exchange pallet globally. Unmatched for capacity and efficiency, and backed by two leaders in the auto industry, ELM Mobility will have a strong offering for a growing, last-mile and low-carbon delivery market.”
More on ELM Mobility here: https://www.elmmobility.com/
https://couriernews.co.uk/blog/barclays-backs-elm-mobilitys-delivery-e-vehicle/