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Electric Last Mile, Inc. (ELMS) announced a collaboration with Randy Marion Automotive Group (RMA) as its first Strategic Distribution Partner for the Urban Delivery commercial EV, aiming to fulfill an order of 6,000 vehicles. This partnership positions ELMS to target diverse fleet customers nationwide, addressing sustainability and efficiency needs. The Urban Delivery, with a range of 150 miles and 170 cubic feet of cargo space, is projected to be competitively priced at $25,000 after federal tax credits. The merger with Forum Merger III Corporation (Nasdaq: FIII) is expected to finalize in Q2 2022, facilitating the market entry of ELMS's first vehicle.
Electric Last Mile, Inc. (ELMS) has secured over 45,000 non-binding pre-orders for its Urban Delivery class 1 commercial EV, projected to be the first of its kind in the U.S. market. Production is slated to begin by Q3 2021 at a facility in Mishawaka, Indiana, pending a merger with Forum Merger III Corporation (FIII). The Urban Delivery promises a range of 150 miles and a price of $25,000 post-rebate, offering cost-effective and sustainable solutions for fleet managers. ELMS aims to finalize binding purchase orders as it prepares for production.
Electric Last Mile, Inc. (ELMS) announced its participation in multiple investor events, including the Deutsche Bank EV Startups Virtual Bus Tour on March 4, 2021, and the Baird Vehicle Technology and Mobility Conference on March 9-10, 2021. The company has also released an updated investor presentation on its website. Additionally, ELMS has a definitive merger agreement with Forum Merger III Corporation (NASDAQ: FIII), aiming to close this transaction which will result in a newly named Electric Last Mile Solutions, Inc. and retain the Nasdaq listing under ELMS.
Electric Last Mile, Inc. (ELMS) announced strategic partnerships with Jing-Jin Electric North America (JJE) and Contemporary Amperex Technology Co. Limited (CATL) for its Urban Delivery electric vehicle. JJE will supply electric motors and engineering support, while CATL will provide lithium-ion battery cells with enhanced safety and reliability. ELMS aims for the Urban Delivery to be the first Class 1 commercial electric vehicle in the U.S., with production expected to begin in the second half of 2021. This initiative aligns with ELMS’s commitment to U.S. manufacturing and reducing total ownership costs for fleet customers.
Electric Last Mile, Inc. (ELMS) and Forum Merger III Corporation (NASDAQ: FIII) announced the nominees for their combined company's board of directors following their merger. The nominees bring extensive experience in technology, mobility, and commercial delivery. Notable members include Richard Peretz, former UPS CFO, and Shauna McIntyre, former Google executive. The merger aims to transform last-mile delivery with innovative EV solutions. Post-combination, the new company's stock will continue listing on Nasdaq. James Taylor, ELMS CEO, emphasized the strategic alignment of the board with future goals.
Electric Last Mile, Inc. (ELMS) announced a partnership with the Indiana Economic Development Corporation (IEDC) to receive up to $10 million in conditional tax credits and $200,000 in training grants aimed at job creation in Mishawaka, Indiana. This initiative supports ELMS's plans to establish operations at the former AM General plant, contingent upon the completion of its business merger with Forum Merger III Corporation (NASDAQ: FIII). The IEDC's assistance also includes up to $2.8 million in tax credits related to capital investment in the state.
Electric Last Mile, Inc. (ELMS) and Forum Merger III Corporation (NASDAQ: FIII) have announced a definitive agreement for a business combination, set to make ELMS a publicly listed company. The transaction, with an implied equity value of approximately $1.4 billion, is expected to close in the first quarter of 2021. ELMS plans to launch its Urban Delivery van, the first electric Class 1 commercial vehicle in the U.S., with over 30,000 pre-orders and anticipated revenues exceeding $1.0 billion. The combined entity will operate under the ticker symbol “ELMS” on the Nasdaq.
