Elio Motors closed its crowdfunding offer on StartEngine this past Monday. The company had revealed last month that it was nearing $16 million in funding. The equity crowdfunding campaign, under Regulation A+, had sought to raise $25 million. While short of that goal, Elio has surpassed its $12.6 million hurdle deemed necessary to fund engineering and prototyping for the E-Series prototype.
Today, Elio has posted an update on its blog stating
“So far, 2016 is off to a fast start. In addition to reaching the 50,000-reservation mark, Elio Motors recently closed its Regulation A+ stock offering, raising over $17 million. As we’ve shared, financing is our biggest challenge and the money we raised is a nice boost to our effort to get to production.”
The statement continued to explain use of new funds;
“Those funds are currently being put to use in building the E-Series, which will help us with finalizing our engineering in such areas as durability, aerodynamics, and safety. We’re excited to build these vehicles and, oddly enough, just as excited to tear them apart. It’s a huge step in our development and a big part of our mission to get to production.”
Elio is predicting that vehicles will be moving off the assembly line towards the end of this year.
The Rock River Times reports that Elio is also in the queue to receive a $185 million loan from the government;
“…reports are that they are awaiting approval of a $185 million loan from the Department of Energy Advanced Technology Vehicles, while the Italian company Comau is helping with refurbishment of the plant equipment and sale.”
Elio recently posted an FAQ on its site to answer regular questions from investors and potential buyers.
Elio expects to list its shares on OTC Markets soon thus providing an avenue for an exit by new shareholders.
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