Overfunding: RiverSimple Returns to Seedrs & Quickly Surpasses 200,000 Funding Target

Less than a year after raising £839,958 through its previous Seedrs funding round, Wales-based hydrogen-electric car company Riversimple has returned to the equity crowdfunding platform and already surpassed its initial £200,000 funding target.

As previously reported, Riversimple has designed a new car called the Rasa, which emits nothing but a tiny amount of water and will do the equivalent of a c250mpg. The company’s car charging only takes three minutes and the range is 300 miles. Riversimple revealed more details about the car by stating:

“Our entry vehicle, the Rasa, is a zero emission electric car, powered by hydrogen rather than batteries. Our first production run is well underway with Rasas destined for a 12 month trial with the public. We plan to follow the Rasa promptly with a light commercial van, and a 5 seat family vehicle as the network of filling stations matures. Rather than selling our vehicles, Riversimple will provide them as a service, with a single monthly fee which covers the car, the maintenance, insurance and all fuel.”

Riversimple noted that its first production run is well underway with Rasas destined for a 12 month trial with the public.

“We plan to follow the Rasa promptly with a light commercial van, and a 5 seat family vehicle as the network of filling stations matures.”

Speaking about its crowdfunding success so far, Riversimple stated:

“Through 2 successful crowd rounds in 2017 and 2018 we have raised over £2M. Money raised has funded important software and hardware developments and supported vehicle builds. We have also installed a hydrogen filling station in the centre of Abergavenny, Monmouthshire.”

In regards to what the funds from this Seedrs round will be used for, Riversimple added:

“Proceeds from this crowd raise will be used to support the 20 car production run and to forge ahead with the operations and marketing of The Clean Mobility Trial. We have a shortlist of customers waiting to participate in this trial, both households and organisations.”