Small but mighty: ELM Mobility completes triad of major investors with backing from Barclays and launches client test vehicle

Today, ELM Mobility, a joint venture between renowned name in motorsport and automotive engineering, Prodrive Advanced Technology, and leading vehicle designer, Astheimer Design, adds global bank Barclays to its roster of strategic investors, all supporting its mission to disrupt the existing Last Mile delivery market.

In just 12 months the initial idea has become a reality with its first demonstrator, EVOLV – an L7e category vehicle, revealed at the UK Cenex Expo in September 2024.

ELM Mobility’s e-vehicle is a compact quadricycle that can match the cubic load capacity of mid-size vans, all whilst being half as heavy, and 50% lighter meeting market demand for high-capacity, efficient Last Mile delivery vehicles.

Today’s investment will support the next phase of EVOLV’s development, maturing the design prior to certification and production starting in 2028, for which ELM Mobility has an initial target to produce 10,000 vehicles each year. In this imminent development phase, ELM Mobility will create 10 vehicles for engineering signoff and client testing – and are calling on logistics companies to come forward to take part in the trials.

Initial client testing will utilise the demonstrator vehicle that has already been produced with sessions being booked for 2024 and early 2025. ELM Mobility is interested in engaging with a range of potential customer but is particularly interested in logistic companies and fleet managers that are operating primarily in inner cities.

Iain Roche, CEO, ELM Mobility said:

Last Mile delivery is a major concern for logistics companies, particularly in our busy city centres. At ELM Mobility we wanted to create an iconic solution with the EVOLV demonstrator that will enable cities to improve air quality and congestion, and support logistics companies’ needs to provide cost effective and zero emission delivery solutions.

Designed by Astheimer, engineered by Prodrive, and backed financially by Barclays Sustainable Impact Capital, today’s investment completes a triad of three cornerstone strategic investors. Alongside an existing angel investor, these strategic partners will play a key role in delivering ELM Mobility’s products to market, and at scale.

Steven Poulter, Head of Principal Structuring and Investments, Barclays said:

Whilst other small, last-mile vehicles exist, EVOLV is addressing a gap in the market for a light-weight e-vehicle that can carry a Euro pallet, the most widely used exchange pallet globally. Unmatched for capacity and efficiency, and backed by two leaders in the auto industry, ELM Mobility will have a strong offering for a growing, last-mile and low-carbon delivery market.

Tim Colchester, Chief Operating Officer, Prodrive Group, said:

Prodrive is excited to be combining its fast paced engineering capability into an application that has the potential to make a huge impact in last mile delivery, and help hit our Net Zero Carbon targets. We have had the opportunity to work with a number of commercial EV companies over the years, and it’s fantastic to be able to apply all that learning into this exciting new venture.

Carsten Astheimer, Founder and Creative Director, Astheimer Design said:

The idea for ELM’s unique architecture came from the understanding of the particular needs of Last Mile logistics companies. The Astheimer Design team’s talent and tenacity have translated those needs into a “fit-for-purpose” iconic design. We look forward to continuing this journey with the collaboration and insights from the companies specialised in the Last Mile mobility sector.