Launching a start-up usually begins with one person and one big idea. In this case, Paul Elio has a better idea for what people would like to drive. But, obviously, there is no way one person can design, build, market sell and service a new vehicle.
Along the journey, other professionals with unique skill sets need to be added to the team, either as employees or as outside consultants. One challenge is knowing when to add expertise to the team.
Recently, Elio Motors announced the addition of Corporate Fuel Securities, a New York-based FINRA registered broker dealer, to act as financial advisor and placement agent to lead the next phase of our fundraising efforts.
Corporate Fuel Securities acts as a private placement agent to raise debt and/or equity on behalf of its clients. It assists clients in obtaining capital for a broad range of requirements including growth, acquisition, recapitalizations, leveraged buyouts and permanent working capital needs.
Based in New York, the company is well-connected to major financial markets and has a long track record of successfully helping companies obtain the financing they need. Obviously, financing is a critical piece of Elio Motors’ mission and adding Corporate Fuel Securities to our team is a step in the right direction.
Corporate Fuel Securities represents just one of many financial strategies the company is pursuing at this time. Others include a $185 million loan from the Department of Energy, the sale of surplus equipment from the Shreveport facility and several private financing options. As soon as one of these options comes through, Elio Motors will be able to communicate a more specific date for the vehicle launch, which is targeted for the first half of 2016.
Elio Motors continues to make significant progress in its mission to change the way Americans think about commuting. The design of the enclosed three-wheeled vehicle is nearly complete and the company has secured a world-class manufacturing facility in Shreveport where General Motors previously built the Hummer H3. The vehicle’s engine prototype, which is an all-new design, will be unveiled at a private event for suppliers, investors and media.
Corporate Fuel Securities and the entire Elio team know that having a focused, professional organization dedicated to identifying potential investors will help quicken our path to funding and ultimately to building the vehicle.