Local Motors secures US$1 billion in financing for Olli customers

Thinking Highways
By Thinking Highways January 4, 2018 13:02

Local Motors secures US$1 billion in financing for Olli customers


Local Motors has teamed up with industry-leading professionals, Florida-based Elite Transportation Services (ETS), a subsidiary of Elite Parking Services, and Texas-based Xcelerate, securing both third party operational support and vehicle financing for their autonomous shuttle, Olli.

Customers who have existing relationships with transit companies will have the ability to finance just the vehicle with Xcelerate for up to 84 months and continue to work with their existing operations and monitoring partners.

ETS has agreed to provide an all-inclusive Olli operational solution which includes routine maintenance, warranty service, insurance, monitoring, management, operations and more. For these customers who engage ETS’s services, ETS is also offering up to US$1 billion in financing.

In addition to funding from ETS, Xcelerate has agreed to provide up to US$20 million in Olli Vehicle financing.

Local Motors is a ground mobility company focused on shaping the future for the better. Founded in 2007 with a belief in open collaboration and co-creation, Local Motors began low volume vehicle manufacturing of open-source designs using multiple micro-factories. Since inception, Local Motors has debuted the World’s first co-created vehicle, the World’s first 3D-printed car and the World’s first self-driving, cognitive, electric vehicle, Olli.

Elite Parking Services of America specializes in parking and transportation management services for municipalities, downtown urban markets, airports, and hospitals across the United States. The Elite Parking team developed the first cloud based parking concept, by developing an automated method to managing employees, reducing operational cost, and increasing personnel productivity all through a mobile and web based application known as eTrac.

Xcelerate is a sustainable transportation leasing company based in Frisco, TX that provides funding support to some of the most progressive organizations across the country. With a focus on the future of mobility and autonomous fleet technologies, Xcelerate offers financing solutions and fleet management tools to both public and private sector companies who are transitioning their fleets to electric powertrain vehicles.

Thinking Highways
By Thinking Highways January 4, 2018 13:02