Elio Motors just obtained the Securities and Exchange Commission (SEC) approval to crowdfund $25 million in equity from non accredited and accredited investors across the United States.
StartEngine, a leading equity crowdfunding platform, is hosting the Elio Motors crowdfunding campaign. According to StartEngine CEO Ron Miller, “This is a major victory for investment equality, and may be the biggest financial breakthrough of this generation. With this momentous SEC qualification, the government is setting an example for how nonaccredited investors can pursue opportunities via the StartEngine platform, including investing in Elio Motors and the next wave of progressive companies.”
Elio Motors will be releasing by end of 2016 the new ‘Elio” car, claimed to have a a fuel efficiency of 84 miles per gallon (MPG), which means an estimated $1,500 fuel savings in a year. To quote, Elio Motors, “Say you get 22 MPG and drive 12,000 miles. At 4 bucks a gallon that’s roughly $2,100. Ouch. With an Elio, 12,000 miles at $4 per gallon only costs about $798 per year.” Add to that basic feature are the affordable target base price of a brand new ‘Elio” is $6,800 and less harmful emissions compared to an average flatulent cow per year. Even as the campaign has reached its target funding goal of $25 million in non-binding expressed interest, Elio Motors via the StartEngine platform is still encouraging everyone to be part of crowdfunding history and reserve equity shares for as low as $100.
Paul Elio, founder of Elio Motors, says “Our goal is to alter the course of American transportation, and with today’s breakthrough, we are one step closer to this revolution, not just for drivers, but for anyone who believes that a good idea has the power to change the world,” said Elio Motors founder Paul Elio.