ELMO Rent received 374,094 euros from Enterprise Estonia for the complete development of the remote control vehicle technology
Enterprise Estonia will support the development of ELMO Rent's unique vehicle remote control hardware solution and operating platform with a product development measure of 374,094 EUR which will help increase the company's competitiveness and support the growth targets set by ELMO Rent in the Nasdaq Baltic First North prospect.
"Estonia is one of the best countries to develop and test innovation, and if we can speed up the global conquest of green technology in cooperation with the country, everyone will benefit," said Enn Laansoo Jr., founder of ELMO Rent, who has been working in the field of green technology and accompanying innovation on a daily basis since 2007.
"Our goal is to support ambitious companies such as ELMO Rent in the challenges related to export and product development, so that their growth leap would be as strong as possible," said Peeter Raudsepp, Chairman of the Management Board of Enterprise Estonia. He added that the transport sector is facing major changes due to the green revolution and expressed hope that smart Estonian companies will be able to take part in these opportunities.
The first 20 remote-controlled electric cars are scheduled to be launched on the streets next year, making ELMO Rent a global pioneer in the remotly controlled car technology. To finance this, an additional share issue of ELMO Rent is ongoing on the Nasdaq Baltic First North market, of which the company also plans to use to launch a taxi service business with the acquisition of Elektritakso and expand into foreign markets.
ELMO Rent will soon launch a remote control technology production line in City of Paldiski. Because of this, PAKRI Science and Industrial Park Green Fund became a stockholder in the listed company in September, with the aim of investing into a fast-growing greentech company.
ELMO Rent AS, founded in 2013 by the Estonian Government, is today listed company established and incorporated in Estonia whose main business activity is to offer an environmentally friendly car rental service and to develop, market and scale environmentally friendly and innovative technologies related to car rental service, such as the IT operating system for managing the car park, car controller and remote control vehicle.
The project is funded by the European Union in response to the COVID-19 pandemic.
More information:
Enn Laansoo, Jr.
Chairman of the Advisory Board
enn@elmorent.ee
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