Patented tilting trike technology will serve as foundation for new Arcimoto products aimed at micromobility
EUGENE, Ore.–(BUSINESS WIRE)–$FUV #FUV–Arcimoto, Inc.® (NASDAQ: FUV), makers of affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets, announced today that it has reached an agreement to acquire Tilting Motor Works. Under the terms of the agreement, Arcimoto will acquire the assets of Tilting Motor Works for a combination of cash and Arcimoto shares in the range of $9.25 million to $10.25 million. The transaction, which is subject to customary closing conditions, is expected to close during the first quarter of 2021.
Tilting Motor Works is the creator of the TRiO™, the leading three-wheel conversion kit for touring motorcycles. The TRiO technology allows the rider to lean naturally, maintaining performance and the thrill of the ride while increasing safety, stability and confidence. All TRiO kits come standard with the TiltLock leveling system, allowing the bike to stand up by itself, eliminating the need to put your feet down at lights or in stop-and-go traffic.
“I’ve been riding motorcycles my whole life, and after my first ride on the TRiO, I was blown away by how naturally and intuitively this three wheeler leaned into every turn,” said Terry Becker, COO of Arcimoto. “This amazing technology manages to combine the added safety and stability of a three-wheeler with the one-of-a-kind ride sensation of a two wheel bike.”
“It’s an honor to join forces with Arcimoto, a true thought-leader in the three-wheel EV space,” said Bob Mighell, founder and CEO of Tilting Motor Works, who in 2013 broke the land-speed record for 3-wheeled motorcycles at the annual Motorcycle Speed Trials held at Bonneville Salt Flats in Utah. “We will continue to build our TRiO kits that make motorcycles safer to ride, and we are thrilled to begin development on new Arcimoto products that utilize our technology to create a better, more sustainable world.”
“This acquisition is a springboard for creating a whole new line of Arcimoto products aimed at true micromobility,” said Mark Frohnmayer, Founder and CEO of Arcimoto. “Bob and I have known each other for a long time as we have built complementary technology companies in the emerging three-wheeled vehicle space. I’m very much looking forward to working with him and his team to go full tilt for ultra-efficient transportation.”
About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.
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