The investment will allow Local Motors to scale up AV production, as demand for its level 3 autonomous vehicles continues to grow. Local Motors manufactures its autonomous vehicles, Olli, from a microfactory in Knoxville, Tennessee.
“CapStone’s investment and strategic partnership are important to fulfill the near-term demands for further deployment of Olli, our autonomous electric vehicle. It will also enable us to continue advancing our technologies and microfactory processes,” said Jay Rogers, Local Motors CEO.
GameAbove Mobility provides capital and strategic guidance to companies delivering innovative mobility solutions. CapStone Holdings is a family office-structured holding company that maintains a portfolio through investment strategies that maximize innovation and return with minimal risk.
“Our focus will be on companies like Local Motors to utilize their technology and advanced manufacturing methods and leverage our experience to establish an international model of commercialized deployment,” said Keith Stone, CEO and founder of CapStone.
Founded in 2007, Local Motors is built on the belief of open collaboration and co-creation. It debuted the world’s first co-created vehicle, the world’s first 3D-printed car — the Strati — and Olli, the world’s first co-created, self-driving, electric vehicle. Olli uses LiDAR, radar and optical cameras to “see” in all directions, while its electric drivetrain provides passengers with a quiet ride.