STILRIDE closes investment round - II
The Swedish startup STILRIDE has just closed a round in which they take in an additional SEK 40 million in cash, both from existing and new investors. The money will be used to further develop the unique STILFOLD manufacturing method, which enables a green transition in the manufacturing stage for steel products. At the same time, it is preparing for the launch of its first e-motorcycle SUS1.
It has been a busy summer and early autumn for STILRIDE, where among other things it won the prestigious Industrial Award in this year's Almedalen, started collaborations with the Swedish space company ISAAC and was selected as a partner to Polestar in their project to produce a climate-neutral car for 2030. And now they have also closed a round that fills the coffers considerably.
It is proof that we are on the right track that both existing owners and a number of new ones choose to invest money in these times. The reason is that our owners believe in both our technology and our ability to turn it into a real product. The new collaborations also mean an early expansion of our unique technology STILFOLD, which has the potential to revolutionize steel production going forward, says Jonas Nyvang, co-founder of STILFOLD.
STILRIDE will soon launch its first electric motorcycle SUS1, whose chassis is completely developed with the origami-inspired STILFOLD manufacturing technology. The result is not only a unique design DNA for the product, but also means a significantly smaller environmental footprint than traditional manufacturing. Ahead of this launch, they now also choose to open up for individual enthusiasts to buy into a smaller part of the company.
We have been very careful and careful not to promise too much about the launch date. Therefore, we have also not wanted to take full or partial payment in advance, as many others in the industry have done. Instead, on Tuesday 25 October, and for a limited time, we will open up the opportunity to be able to own a small part of the company via Crowdcube, continues Jonas Nyvang.
The collaborations that have recently started also mean exciting and new opportunities for STILRIDE. The collaboration with ISAAC, a space company started by, among others, Christer Fuglesang, opens doors for completely new implementations of the STILFOLD technology. The basis of STILFOLD, where sheet steel is bent and folded into the desired shape, means obvious advantages in terms of transporting raw materials and makes it possible to use less material than with conventional methods. The hope is also to be able to find more materials than steel that are suitable for the technology.
The new collaboration with Polestar has also started very promisingly.
The Polestar 0 project is extremely challenging when it comes to really getting the climate footprint down to zero. There, completely new thinking is required in terms of both materials and manufacturing techniques, and we are extremely proud to be part of the important work going forward, concludes Jonas Nyvang.
Among the existing investors who have now been involved in closing the round of SEK 40 million are Gustaf Hagman, Saied Esmaeilzadeh and Tobias Emanuelsson.
The launch of the first model SUS1 is planned for late autumn/early winter this year.