Victorian manufacturer Tomcar plans electric ATV
Tomcar has a range of ATVs and plans to add an electric option.
All Terrain Vehicle (ATV) manufacturer Tomcar has entered into a binding Memorandum of Understanding (MOU) with mineral exploration company UXA Resources as a preliminary step on the road to an Initial Public Offering (IPO).
Tomcar, which plans this year to introduce the LV1 – an electric version of its petrol or diesel-powered ATV – has received investment capital of more than $1 million from UXA, Motoring.com.au reports.
The Tomcar range of ATVs is being manufactured in partnership with automotive supplier MTM and the electric LV1 is being developed in partnership with NSW-based electric vehicle technology developer Energetique.
“This is a giant leap into our future,” Tomcar Australia co-founder and chief executive officer David Brim says of the deal.
“Joining with UXA gives us access to financial markets, corporate expertise and their mining sector knowledge,” he says.
Brim says this “dovetails perfectly with our aspirations and forecast growth paths for our emissions free EV vehicle that has already received significant interest amongst mining organisations”.
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