London taxi manufacturer extends crowdfunding campaign in quest for £2million investment
A London taxi manufacturer has extended its crowdfunding campaign in a quest to secure £2million investment.
Coventry based Dynamo Motor Company, manufactures of the Dynamo Taxi, has so far raised £1.7m from nearly 600 investors on Seedrs. The fundraising target was set at £2million.
The electric taxi manufacturers plan to recruit an extra 275 people in the UK with the aim of converting up to 10,000 taxis and commercial/privately owned vehicles per year in 2026.
The expansion will see Dynamo Motor Company’s all-electric Black Cab production increase and diversification into other mobility sectors that require wheelchair accessibility, as well as adding a last-mile delivery van to its zero emission line-up.
Dynamo Motor Company released its first vehicle in 2019, the Dynamo Taxi, which became the world’s first all-electric Black Cab in 2020 when it entered production. Used in all major cities including London, the home of the London Black Cab, as well as Nottingham, Cardiff, Liverpool, Coventry and Manchester, it is still known as the only Black Cab that has zero emission status.
Based on a Nissan e-NV200 Evalia MPV, the Coventry-based specialist has converted the commercial vehicle to work as a commercially viable all-electric Black Cab offering for drivers and fleets.
A statement from Dynamo Motor Company Founder Brendan O'Toole said: "Hello and thanks very much to nearly 600 of you who have supported our crowdfund campaign so far.
"The reason we chose this method of raising funds was that we wanted to integrate within communities at an early stage.
"It would be fair to say that there have been a lot of lessons learned during this process and we hope to end on a high. To do that, we are officially extending the campaign for two weeks and will finish on Wednesday 8 September.
"I would greatly appreciate your continued support, whether that be with increased investment or passing the opportunity to your own network of family, friends and contacts to ensure we can all continue this remarkable journey."
