Electric Assisted Vehicles Limited (EAV) has announced it has completed a funding round that will allow it to scale its operations.
The Oxford-based micro-mobility start-up has teamed up with H+ Partners, an investor in companies that help accelerate decarbonisation.
Although EAV has not disclosed how much funding it has received, the company has said the money will be used to increase production capacity, deliver customer orders, recruit key staff, and scale up its R&D and engineering capabilities to accelerate the development of new models.
Over the last two and a half years, EAV has successfully completed trials in a number of new business sectors, including logistics, facilities maintenance and waste management.
“Our experiences and subsequent vehicle orders have proved beyond doubt the efficiency and capabilities of micro-mobility solutions for urban commercial and passenger transport,” said Adam Barmby, EAV’s founder and chief executive.
“This latest round of funding will boost our engineering and production capability and bring new EAV products to market much faster, allowing us to take advantage of the rapid and necessary changes in urban transportation.”
Simon Eckersley, co-founder and partner at H+ Partners, added: “We are very excited to join EAV on their journey to disrupt the last-mile and mid-mile vehicle markets. The team has done a tremendous job developing class-leading micro-mobility solutions. We look forward to supporting them as EAV enters new market segments, creates jobs, and provides real-world solutions to tackle emissions in towns and cities around the world.”
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