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Schade aber wahr, denen ist das Geld ausgegangen
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Due to constraints on working capital, Organic Transit's assets are now being sold via bankruptcy to a buyer that seeks to monetize its positive brand, intellectual property, proprietary trade secrets, and customer prospect pipeline. This asset sale is expected to close by April 2020.
Organic Transit Asset Sale
This site summarizes the asset sale for Organic Transit, creator of the ELF and an award-winning micromobility company.
www.organictransitassetsale.com
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This is all so strange. Elon Musk sells 30,000 Model 3 cars every month. He calls electric cars the answer to our climate crisis. But there are about ten tons of upfront carbon emissions from making every Model 3. Making an ELF has upfront carbon emissions of 300 pounds.
The Elf is a whole lot cheaper and uses a lot less electricity, takes up less space, and can do much the same job for most people. But we are so car-obsessed that something smaller and cheaper doesn't even register.
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So what happened? Why now? Especially when for years, investors said it was "too early" for such technologies. It's not too early now for low carbon electric vehicles. Cotter explained that he had been working with a serious investor and had a deal to get the funding they needed to get rid of debt and expand production, but in the end it never came through. But now he is optimistic that new investors might give it another chance.