CITY TRANSFORMER is planning on raising another $35 million for further development leading to mass production.
(photo credit: Courtesy)
With City Transformer cars, drivers will no longer need to worry about wasting valuable time looking for parking.
The Kfar Netter start-up has developed a fully electric light city car – which is also the first car that shrinks.
Municipalities will be able to save up to 75% of parking space, as four City Transformer cars can fit in one parking spot.
Based on a unique patented folding mechanism, its wheel base can shrink to the width of a motorcycle.
The company closed an investment round with Israeli strategic investor ADI Technologies, which in addition to the capital investment is also investing in the development of additional technologies related to the company. By the end of the year, several City Transformer cars will be doing a pilot run in Tel Aviv.
The company is offering a pre-order option and received lots of traction, especially from Europe and from the US. Based on this, management will select the right cities to launch a bigger pilot of hundreds of cars next year before heading to mass production.
So far, City Transformer has raised $4.5 million and is currently examining both strategic collaborations and strategic investors for their next steps, intending to raise another $35 million for further development leading to mass production.
According to City Transformer CEO Asaf Formoza, the CT cars bridge the gap in urban mobility between two-wheelers and cars.
“We can serve approximately 85% of the total number of personal city rides, which means that the City Transformer is the ultimate solution for personal mobility in European, US and Asian cities,” he said. “The City Transformer vehicles will also provide the optimal sharing service for urban mobility, and therefore, the sales forecast will range from tens of thousands to hundreds of thousands of City Transformer’s vehicle sales per year.”
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