Electric Assisted Vehicles (EAV) has completed a new funding round to help scale up its operations.
The Oxfordshire-based startup, which produces electrically assisted enclosed delivery bikes, hasn’t disclosed how much funding it has received in its latest round but is promising a fairly serious expansion of its business.
Production capacity, for example, is expected to increase allowing the company to fulfil more customer orders. The imaginatively named company is also set to “recruit key staff” and scale up its research and development and engineering capabilities to accelerate the development of new models.
“The last two and a half years have seen EAV complete successful commercial trials in a number of new business sectors, from logistics to facilities maintenance and even waste management,” says Adam Barmby, founder and CEO of EAV.
“Our experiences and subsequent vehicle orders have proved beyond doubt the efficiency and capabilities of micro-mobility solutions for urban commercial and passenger transport. We have also got to know our customers better and are developing new products to meet their specific needs. 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.”
The funding was led by Hong Kong’s H+ Partners, a venture capitalist firm that specialises in carbon-free transportation and mobility.
“We are very excited to join EAV on their journey to disrupt the last-mile and mid-mile vehicle markets,” says Simon Eckersley, co-founder and partner at H+ Partners.
“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. I am delighted to have joined EAV’s board of directors and look forward to working closely with the fantastic team Adam has assembled.”
EAV’s range of vehicles are fully configurable, allowing businesses to fine-tune their vehicles to fit their requirements. Large storage boxes and even refrigeration units are available, while the mix of bicycle and electric motors keep everything light and efficient.
