Startup Trends: Electric Vehicles - KingsCrowd

November 4, 2022

Startup Trends: Electric Vehicles

Electric vehicles (EVs) are paving the way for a more efficient future. They have low running costs, fewer parts that require maintenance, and are environmentally friendly. Because of this, demand for EVs has increased immensely over the past few years. And demand has coupled with regulation as representatives such as California Governor Gavin Newsom call for zero emission vehicle sales. According to the International Energy Agency, there were more than 10 million EVs on the road globally in 2020. 

But not everything is perfect with EVs. Legacy car-makers have lagged behind in developing EVs, and charging infrastructure is still only available in limited areas. Thankfully, startups are stepping up to answer these challenges. Here are a few startups focused on the EV space that are actively raising capital right now.

 

Joulez 

Joulez intends to be the first 100% electric vehicle rental company that is building an ecosystem around supporting EVs. The focus of the company is on creating a platform where customers can easily rent EVs with support from those who understand the needs of driving an EV. 

Joulez is currently in its seed round after raising more than $600,000 on StartEngine. It is currently raising a maximum target of $4,387,000. The company is in two locations and operations are limited, but it expects to generate at least $40,000 per month in revenue in the next three to six months. 

 

Eli Electric Vehicles

Eli Electric Vehicles has created an all-electric micro vehicle intended for urban drivers. The company’s EV is in production, and sales have already begun in the EU. 

Eli Electric Vehicles is raising up to $3.2 million at a valuation of $57.7 million. The company has successfully raised more than $3 million in past online funding rounds, and it plans to begin pilot sales of its micro-vehicle in the US in 2023.

 

Aptera Motors

Aptera Motors is developing a fully solar-powered electric car. The car is designed to be aerodynamic and energy efficient so that its solar panel top can collect all the energy needed to drive it short distances.

Aptera Motors is raising up to $60 million at a valuation of $200 million. The company claims it has already received 37,000 reservations for its EVs and estimates that its sales could reach 10,000 in 2023. 

 

BisonEV Retrofits

BisonEV Retrofits has developed technology that turns fossil fuel vehicles into emission-free vehicles. The company plans to focus on vehicles that often have short routes and long idling periods, such as school buses, last mile delivery vans, and ridesharing vehicles. 

BisonEV Retrofits is currently valued at $213.4 million and is raising a maximum target of $5 million. The company plans to open a retrofitting facility in North Carolina and to start generating revenue within six months of the facility being opened. 


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