Riversimple, a Wales-based hydrogen-electric car company, has launched an equity crowdfunding campaign on Seedrs, seeking £1 million in funding. The new funding round comes less than a year after the company utilized the ShareIn service to launch its self-running crowdfunding campaign, which raised £1.14 million.
Founded in 2013, Riversimple designed a new car, the Rasa, which the company states, emits nothing but a tiny amount of water and will do the equivalent of c250mpg. Charging takes only three minutes and the range is 300 miles.
“We’re building a fundamentally new form of business system that aligns our interests with our customers’ and the environment’s. There’s no trade off between profit and purpose.”
The company also noted that the Seedrs round is an opportunity to have a stake in a car manufacturer designed from a clean slate to be sustainable – financially, socially, and environmentally.
“We are developing hydrogen cars and the business model to bring them to market at an affordable price. We may be the only car manufacturer who hopes never to sell a car, designing all our vehicles to offer to customers on an all-inclusive service basis.”
Riversimple currently has a grant of €2 million from the EU towards a 12-month test of 20 Rasa cars in Monmouthshire. The company then shared its first crowdfunding round in early 2017 funded important development of software and telemetry as well as hardware. It is now crowdfunding to raise funds to match the grant and build the first 10 Beta cars.
Since its launch, the Seedrs campaign has successfully secured more than 900,000 from nearly 275 investors. It is set to close later this spring.
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