Organic Transit, the Durham-based startup focusing on the “ELF” vehicle, is continuing to raise funding through a mixture of equity, dept and options, according to an SEC filing.
The egg-shaped machine called an ELF, short for electric, light and fun and has been described as “a great mix of a car and a bike.”
It’s actually a backwards tricycle fueled by bike pedals and a tiny, solar-powered motor that can carry passengers and cargo up to 550 pounds.
The company has raised $2.5 million and is hoping to raise another $850,000, according to an SEC filing. The fundraiser has been underway since August of 2013, the filing notes.
Some 13 investors have participated to this point.
Scot Wingo, co-founder and chairman of ChannelAdvisor who also is an active investor, is listed as a director.
Markus Wilhelm, CEO of Strata Solar in Chapel Hill, also is a director.
The company is the brainchild of inventor and former race car technician, Rob Cotter, who is the CEO.
“What we’re looking to do is take the bicycle experience and integrate it with car-like functions,” he said, like heated, ergonomic seats, wireless speakers and an automatic transmission.
The ELF requires no insurance or gasoline and is pollution-free. It does 20 mph with straight pedal power. Add the motor and the ELF can get up to 35 mph.