Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Electric Last Mile Solutions To Go Public In SPAC Deal With $1.4 Billion Valuation

- Advertisement -
  • Following the combination, ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S., with the expected lowest total cost of ownership in the third quarter of 2021
  • ELMS plans to produce its Urban Delivery van in Indiana at an EV production-ready manufacturing plant

Electric Last Mile said that it has agreed to go public through a reverse merger with blank-check company Forum Merger III Corp in a deal that values the company at $1.4 billion. Upon closing of the transaction, which is expected to occur in the first quarter of 2021, the combined company will be named Electric Last Mile Solutions, Inc. and will continue to be listed on the Nasdaq Capital Market under the new ticker symbol, “ELMS”.

David Boris, co-Chief Executive Officer and Chief Financial Officer of Forum III said, “Forum is very excited to partner with Electric Last Mile, bringing to market an electric vehicle company to transform last mile delivery and mobility networks. Upon the closing of the business combination, ELMS will have in place a product based on a proven, top-selling platform as well as a U.S. plant with significant capacity. In addition, the experienced management team has already generated substantial pre-orders representing over $1.0 billion in anticipated revenues. With the investment from Forum III and other investors, ELMS will be fully funded to launch its initial products, and serve the growing demand for delivery vehicles. We look forward to working with the ELMS team to build an industry leading electric vehicle company.”

Cost-effective, reliable and customised solutions

- Advertisement -

It said that following the combination, ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S., with the expected lowest total cost of ownership, in the third quarter of 2021. The ELMS management team, led by CEO and co-founder James Taylor, combines executive experience from GM, Workhorse, FCA, BMW, Key Safety Systems, and other leading OEMs and Tier 1 manufacturers. it said that it focuses on the company’s execution and growth strategy. ELMS plans to produce its Urban Delivery van in Indiana at an EV production-ready manufacturing plant.

James Taylor, CEO of ELMS said, “The demand for cost effective solutions to support the e-commerce ecosystem is overwhelming. This industry promises rewards to first movers who can deliver value-driven solutions. ELMS is solely focused on the commercial vehicle market. Our products are designed to provide the most cost-effective, reliable and customised solutions for the last mile delivery of goods and services. ELMS is jumping the curve with proven technology and a production advantage, and this merger with Forum further accelerates our go-to-market plan and our expected market leadership position.”

- Advertisement -

Most Popular Articles

Automotive car sensor

ISRO Chairman Urges Association With Automotive Industry To Produce Sensors Locally

0
The space research organization is making significant strides in creating indigenous car sensors to empower the automotive industry. At the Bangalore Tech Summit on November...

U.S. Approves $1.5B Subsidy For GlobalFoundries Expansion

0
Winning the $1.5 billion US government subsidy, GlobalFoundries is looking to power industries like automotive, IoT, and defence with advanced chip manufacturing in New...

Trump’s Tariff Plan Could Derange Electronics Pricing

0
From disrupting global semiconductor supply chain to inflating iPhone prices, what can Donald Trump's proposed tariff raise on Chinese imports can cause? Donald Trump,...
Chip Manifacturing-NIvidia

New Blackwell Chip Will Propel Nvidia’s Unprecedented Market Growth In Coming Years

0
These chips have effectively dispelled concerns regarding potential pullbacks from tech giants investing heavily in AI processing and data centers. The global AI backed fabless...

David Goeckeler Appointed Chair Of SIA Board

0
Bringing 40 years of tech experience to lead the global semiconductor industry, David Goeckeler, CEO of Western Digital, joins to lead the SIA Board...
Abhishek Malik from Calcom Vision Limited

“India’s Electronics Sector Is Growing Rapidly, Making This The Decade For Investors To Engage”...

0
From the complexities of manufacturing and sourcing components to testing processes that drive innovation, know all the exciting dynamics shaping this ever-evolving industry in...
Sunit Kapur, CEO of Epsilon

“Epsilon Leads With Low-Carbon Graphite Manufacturing, Outpaces Chinese Competitors” – Sunit Kapur, CEO of...

0
Are LFP cathodes and silicon-graphite anodes the best for cost efficiency in EV batteries? Sunit Kapur, CEO of Epsilon Advanced Materials, discusses this with...
John W. Mitchell, President and CEO, IPC

“India’s Core Focus On 5G, IoT, AI Fosters Need For Advanced Electronics,Components, And Semiconductors”...

0
Will Industry 4.0 supercharge India’s progress in semiconductor and electronics manufacturing? IPC President and CEO John W. Mitchell shared more strategies on the country’s...
Raman M., Co-Founder and CEO, chargeMOD

“Our Goal Is To Achieve Complete Sustainability By 2025-2026” – Raman M. Of chargeMOD

0
In a conversation with Nitisha Dubey from EFY, Raman M. of chargeMOD, elaborated his goal of developing virtual power plants by decentralising power production. Q....

“Adoption Of IoT-Enabled SMT Machines Is Still In Early Phases” – Pradeep Tandon, Director...

0
While electronics are becoming smarter through the Internet of Things, is electronics manufacturing following suit? Pradeep Tandon, Director for India, Middle East, and SAARC...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...

Industry's Buzz

Automotive car sensor

ISRO Chairman Urges Association With Automotive Industry To Produce Sensors Locally

0
The space research organization is making significant strides in creating indigenous car sensors to empower the automotive industry. At the Bangalore Tech Summit on November...

U.S. Approves $1.5B Subsidy For GlobalFoundries Expansion

0
Winning the $1.5 billion US government subsidy, GlobalFoundries is looking to power industries like automotive, IoT, and defence with advanced chip manufacturing in New...

Trump’s Tariff Plan Could Derange Electronics Pricing

0
From disrupting global semiconductor supply chain to inflating iPhone prices, what can Donald Trump's proposed tariff raise on Chinese imports can cause? Donald Trump,...
Chip Manifacturing-NIvidia

New Blackwell Chip Will Propel Nvidia’s Unprecedented Market Growth In Coming Years

0
These chips have effectively dispelled concerns regarding potential pullbacks from tech giants investing heavily in AI processing and data centers. The global AI backed fabless...

David Goeckeler Appointed Chair Of SIA Board

0
Bringing 40 years of tech experience to lead the global semiconductor industry, David Goeckeler, CEO of Western Digital, joins to lead the SIA Board...

Learn From Leaders

Abhishek Malik from Calcom Vision Limited

“India’s Electronics Sector Is Growing Rapidly, Making This The Decade For Investors To Engage”...

0
From the complexities of manufacturing and sourcing components to testing processes that drive innovation, know all the exciting dynamics shaping this ever-evolving industry in...
Sunit Kapur, CEO of Epsilon

“Epsilon Leads With Low-Carbon Graphite Manufacturing, Outpaces Chinese Competitors” – Sunit Kapur, CEO of...

0
Are LFP cathodes and silicon-graphite anodes the best for cost efficiency in EV batteries? Sunit Kapur, CEO of Epsilon Advanced Materials, discusses this with...
John W. Mitchell, President and CEO, IPC

“India’s Core Focus On 5G, IoT, AI Fosters Need For Advanced Electronics,Components, And Semiconductors”...

0
Will Industry 4.0 supercharge India’s progress in semiconductor and electronics manufacturing? IPC President and CEO John W. Mitchell shared more strategies on the country’s...
Raman M., Co-Founder and CEO, chargeMOD

“Our Goal Is To Achieve Complete Sustainability By 2025-2026” – Raman M. Of chargeMOD

0
In a conversation with Nitisha Dubey from EFY, Raman M. of chargeMOD, elaborated his goal of developing virtual power plants by decentralising power production. Q....

“Adoption Of IoT-Enabled SMT Machines Is Still In Early Phases” – Pradeep Tandon, Director...

0
While electronics are becoming smarter through the Internet of Things, is electronics manufacturing following suit? Pradeep Tandon, Director for India, Middle East, and SAARC...

Startups

Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...