Fresh on the heels of a $12 Million public offering that closed in January, Arcimoto has announced an additional $6 Million in funding by means of a real estate loan on their Eugene, Oregon factory.
A press release from February 22nd states, "A portion of the net proceeds from the offering were used to repay the convertible note with 3i. The remaining funding will be used for working capital and general corporate purposes."
The company seems to be getting back on their feet after production of the FUV and related vehicles was halted due to financial concerns last month. Just last week Arcimoto announced that production of the FUV and Deliverator were resuming and product improvements had been made.
Jesse Fittipaldi, Arcimoto Interim CEO said, “We announced this week the start of 2023 production with new steering features and improvements on the FUV and Deliverator. This additional funding paired with our efforts in reducing vehicle costs and increasing sales gives the team practical confidence as we continue to focus on the growth of FUV and Deliverator programs."
While these latest announcements don't guarantee anything for Arcimoto in the long term, the new funding has given the company a much-needed lifeline, allowing it to resume production of the FUV and continue its mission to provide sustainable transportation options.
The FUV is a three-wheeled electric vehicle designed for daily commuting and short trips around town. It has a range of up to 102 miles per charge and can reach a top speed of 75 mph. The FUV is also highly efficient, with a cost per mile of less than 10 cents.
Arcimoto's resumption of production is great news for the company's employees, customers, and investors. It also represents a significant step forward for the electric vehicle industry, as the FUV is a unique and innovative vehicle that fills a gap in the market for sustainable, affordable transportation.
Source: Arcimoto Press Release