Eugene-based electric car maker Arcimoto won the regional finals of the CleanTech Open national business competition.
Eugene-based electric car maker Arcimoto won the regional finals of the CleanTech Open national business competition.
The victory will bring in $25,000 in cash and services, as well as more recognition and an entrance to the national competition with a chance to win $250,000.
Founder Mark Frohnmayer is not sure how much of the regional prize will be cash, but he said the money will be used to push to get Arcimoto’s fifth-generation prototype onto the road by the end of the year. The three-year-old company aims to go into production of a pilot fleet early next year and general production in mid-2011.
So far, the company has raised $2 million in investment money. It needs to raise $360,000 more to get the product launched and to build awareness, Frohnmayer said, and then it needs to raise an additional $1 million to get into full production for its first year, through the end of 2011.
“That win last night for us at the CleanTech Open is kind of key for us as we move forward this fundraising season,” he said Tuesday. In addition to providing financial support, “It gets us wider exposure to clean-tech venture capitalists at the finals in San Jose in November, and it’s a validation of our business plan and business.”
Read more at The Register-Guard.
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