Oversubscribed Funding Round Closed in 10 Days to Expand U.S. Dealer Network
SAN JOSE, Calif., Nov. 29, 2017 /PRNewswire/ -- Within just 10 days, Tropos Technologies closed an oversubscribed seed-round of $1.2 million in funding to develop its electric low-speed vehicle (E-LSV) dealer network to bring the Cenntro Automotive Corporation METRO compact utility vehicle (CUV) to the U.S. market. Already widely available in Europe and Asia, the all-electric vehicle is a highly flexible and modular CUV ideally suited for local delivery, maintenance crew transportation, parking enforcement, and people transport on campuses or in communities.
As a marquee distributor of the Cenntro METRO, Tropos Technologies helped design and develop the popular all-electric compact utility vehicle. The company recently received $1.2 million in funding to bring the electric low-speed vehicle to the U.S. market.
"This new funding will help us grow our network of E-LSV dealerships and service centers, enabling us to distribute vehicles across the U.S., while supporting start-up EV manufacturers," said Tropos CEO John Bautista. "We're grateful for the support of our partners involved in this funding round. Their confidence in us is a testament of our rapid growth in the EV market."
As the marquee distributor for the METRO in the U.S., Tropos has assisted Cenntro with the development of the METRO, as well as its U.S. homologation and California Air Resources Board (CARB) certification, to meet its strict health and safety codes. CARB certified the Cenntro Metro as a zero-emission vehicle eligible for sale in California and all 15 Clean Air Act Section 177 States. The board classified the Metro as a neighborhood electric vehicle and as a low-speed vehicle truck.
"As a multi-discipline service provider focused on alternative transportation, the expertise of the Tropos team in all-electric and range extended drivetrains and vehicles is amongst the best in the industry," said Peter Wang, CEO of Cenntro Automotive. "Tropos is one of few companies to have vehicle assembly on both the East and West coasts, and its extensive contract manufacturing capabilities made it an ideal partner for managing METRO sales, distribution and service in the U.S. We look forward to working with Tropos to scale its manufacturing activities in America."
The METRO™ is a dependable, versatile vehicle that is ready to work at an affordable price point, designed with safety in mind. The street-legal 10 kW low speed vehicle can achieve optional ranges of up to 120 miles, a top speed of up to 40 mph (per local laws), an estimated MPGe of 145, up to 4.3 M/Kwh, on-road payload capacity of up to 1,200 pounds (2,000 pounds off-road), and a turning radius of 150 inches (12.5 feet). The METRO is available in three basic configurations: a pickup bed, cargo box, and tradesman package, all of which can be modified to suit the operator's unique needs, before or after purchase.
About Tropos Technologies, Inc.
Tropos Technologies, Inc. is a multi-discipline service provider focused on alternative transportation. Tropos' expertise includes, but is not limited to, Engineering, Manufacturing and Distribution of components and complete vehicles. Tropos also assisted Cenntro in the development of the Metro as well as its US Homologation and CARB certification.
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