Electric Assisted Vehicles (EAV) has completed a funding round led by H+ Partners. Based in Oxfordshire, the company is working to produce enclosed delivery electric bikes and says the funding will help to scale up its operations.
Other details, most notably the investment value, remain undisclosed. In the news, EAV said the funding would allow it to “increase production capacity, deliver customer orders, recruit key staff and scale up its R&D and engineering capabilities to accelerate the development of new models.”
Last we heard of EAV, the company is making its cargo e-bikes in a factory in Upper Heyford, near Oxford. We have also heard of said EAV models over the last few years, yet mostly without technical details apart from the usual pedelec spec. The most recent report confirmed Saietta as the sole drive supplier. The collaboration focused on EAV’s Lightweight Inner-City Solution (LINCS), which incorporates a modular lightweight skateboard platform.
EAV launched a cargo pedelec in 2019, which expanded to include more advanced uses, such as a refrigeration unit in December. In 2020, the company updated their lineup with the ‘2Cubed’ with a larger load volume.
It appears the new funding, led by Hong Kong’s H+ Partners, may now help to bring the solution to (a broader) market.
Nigel Gordon-Stewart, EAV executive chairman, said, “We’re delighted to have worked closely with the team at H+ Partners on this funding round, which allows us to keep pace with the growth and demands of the eCargo market and complete the development of our unique mid-mile urban van solution, LINCS.”
H+ Partners is a venture capital firm that specialises in carbon-free transportation and mobility.
Simon Eckersley, co-founder and partner at H+ Partners, who now joined the EAV Board, said, “The team has done a tremendous job developing class-leading micro-mobility solutions.”
These have also found new clients and have definitely seen commercial trials first reported in July 2020. “The last two and a half years have seen EAV complete successful commercial trials in a number of new business sectors,” said Adam Barmby, founder and CEO of EAV, without going into any specifics.
Keyword: British eCargo bike maker EAV finds new funding