Atlis Motor Vehicles (ATLIS) has closed a heavily oversubscribed six-week $5 million crowdfunding raise.
The Regulation CF campaign was one of the fastest crowdfunding campaigns of 2021 so far, attracting 4,123 new investors.
The new capital injection adds to over $16 million of crowdfunding raised by the Arizona-based company, towards developing its own electric vehicle battery cells and packs to power 300, 400, or 500-mile range versions of the ATLIS XP vehicle platform and XT pickup truck, to debut in 2022.
The latest raise was conducted by the Rialto Markets crowdfunding platform and ATLIS President Annie Pratt said:
“The fast pace and major oversubscription of our most recent raise speaks volumes towards the attractiveness of our cutting-edge products, patent applications, and development path we have mapped out and shared with our followers.”
“It also reinforces the confidence we placed in partnering with Rialto Markets to raise this funding so rapidly, enabling ATLIS to now quickly scale battery development and move towards vehicle production.”
Rialto Markets’ CEO Shari Noonan responded: “This was impressive – one of the fastest $5 million Reg CF raises of 2021.
“To add so many new investors and hefty oversubscription at the finish was sensational, and Rialto Markets is very proud to represent ATLIS and play our part in the company’s future.”
ATLIS – now valued at $385 million – is focused on three business units: Energy, XP platform, and XT pickup truck.
The Energy pillar includes battery production and the ecosystem necessary to recharge, while the XP platform is the base for the XT truck, and enables ATLIS to produce other vehicle configurations, such as emergency vehicles, delivery vans, or box trucks.
The XT truck has been developed to meet the size, refueling, towing, and payload capabilities of conventional diesel-powered pickup trucks used in the agriculture, construction, service, and utility industries.