01-02-2018: Local Motors received 1 billion dollar support for Olli 3D printed buses
The funding was provided by ETS of Florida and Xcelerate of Texas
On January 2, 2018, Local Motors announced it had secured over $1 billion in funding to support the operational deployment and purchase of Olli autonomous buses. This was intended to facilitate the adoption of autonomous vehicles across various public transportation sectors.
The funding was provided by Elite Transportation Services (ETS) of Florida and Xcelerate of Texas. ETS offered comprehensive operational support to customers, including maintenance, warranties, insurance, fleet monitoring, and management for Olli vehicles. Xcelerate enabled financing for vehicle purchases for up to 84 months. A key component of this agreement was ETS's $1 billion financing offer, which aimed to make Olli buses widely accessible to both public and private institutions.
Local Motors was founded in 2007 with a vision to revolutionize land mobility through open collaboration and co-creation. The company gained attention for its innovative approach to vehicle design and production through microfactories, which allowed for rapid implementation of new concepts.
One of Local Motors’ first breakthroughs was the creation of Strati, the world’s first 3D-printed car. Another milestone product was Olli, an autonomous electric bus capable of carrying eight passengers. Its body was printed using a large-format BAAM (Big Area Additive Manufacturing) printer developed by Oak Ridge National Laboratory.
Olli stood out for its electric drive, which could be recharged in two hours, and for incorporating artificial intelligence and the Internet of Things, enabling passenger interaction with the vehicle.
Initially, Olli gained recognition in road tests worldwide, including on the streets of Berlin in collaboration with Deutsche Bahn. This product had the potential to revolutionize public transportation, particularly in applications such as airports or hospitals, thanks to its autonomy and flexibility in route customization.
Despite a promising start and a forward-thinking vision, the story of Local Motors came to an end in 2022. The company's business model, based on low-volume production and co-creation, proved difficult to sustain in the long term.
Challenges with funding and limited revenue hindered growth, and the promise of achieving global production scale was never realized. The market for autonomous vehicles, while promising, remains challenging to penetrate, especially for companies with limited capital resources. Additionally, leadership changes and unfinished projects, such as Olli 2.0, highlighted a lack of clear strategy and stability, ultimately leading to the company’s closure.
Source: www.prnewswire.com