Overfunding: Hydrogen-Electric Car Brand Riversimple Quickly Secures £1 Million Funding Target on Seedrs

Less than two weeks after launching its equity crowdfunding campaign on Seedrs, Wales-based hydrogen-electric car company, Riversimple, has successfully secured its initial £1 million from more than 400 investors.

As previously reported, 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 launch of the Seedrs 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. Riversimple noted 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 notably has a grant of €2 million from the EU towards a 12-month test of 20 Rasa cars in Monmouthshire.  The company noted funds from the Seedrs round will go towards matching the grant and build the first 10 Beta cars. It is set to close later this spring.

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