CHANDLER, AZ – May 6, 2021 – Local Motors, a leader in the design, manufacturing, and deployment of autonomous vehicles, announced today, it has received funding to help scale the production of Olli, the company’s electric autonomous vehicle. The investment from GameAbove Mobility, a division of CapStone Holdings Inc., demonstrates a continued interest in partnering with established, innovative companies creating the next generation of mobility solutions.
The investment will allow Local Motors to scale AV production as demand for level 3 autonomous vehicles continues to grow within campuses, city centers, and municipalities. Local Motors manufactures Ollis from a microfactory in Knoxville, Tennessee. The build floor’s production capacity will increase as a result of GameAbove Mobility’s investment.
Olli 2.0’s autonomy system provides safe autonomous operation and unmatched rider experience. Capabilities like dynamic obstacle avoidance help meet the diverse needs of public and private deployments in the Americas, Europe, and Asia. GameAbove Mobility’s investment will allow Local Motors to pursue additional software and sensor partnerships to continue improving Olli capabilities.
Jay Rogers, Local Motors CEO, sees the partnership as a critical step in bringing autonomy to today’s communities. “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,” he said.
Keith J. Stone, CEO and founder of CapStone Holdings said, “Our focus will be on companies like Local Motors to utilize their technology and advanced manufacturing methods, and leverage our experiences to establish an international model of commercialized deployment.”
GameAbove Mobility is a CapStone Holdings Inc. company that provides capital and strategic guidance to companies delivering innovative mobility solutions. Investments are made with established companies propelling technology and deploying products through public-private collaboration, research and development.
CapStone Holdings, Inc. is a family office-structured holding company that maintains a balanced portfolio through investment strategies that maximize innovation and return with minimal risk. CapStone Holdings and its founders have invested across a wide range of industries for over 33 years and engages in focused philanthropic efforts. www.capstoneholdingsinc.com