Home : News : Industry News
Electric Cab Wants To Shake Up Austin's Urban Transportation Market
Date:
6/21/2012 8:43:29 PM
Category:
Industry News
Electric Cab, an Austin, TX-based startup, has approached the local transportation agency Capital Metro with a turnkey package that includes Low-Speed Vehicle (LSV) designs and drivers at a lower hourly rate than what's currently available for short-haul routes.
Electric Cab’s Low Speed Electric Vehicles (LSVs) have been fully permitted since January 2012 for Austin’s Low Speed Vehicles for Hire Ordinance, but there’s more to the model than just moving tourists from hotel lobbies to hot spot bars, according to company founder Chris Nielsen. Electric Cab wants to replace gas and diesel powered vehicles on routes that originate from all sorts of businesses and government entities. School campuses, prisons, retirement communities and a host of others come to mind.
Nielsen wants the additional capital to expand his clean fleet to 25 LSVs. He says each LSV is roughly $9,500, and has an earning potential of $3,500 per month. And returns can be quick, with some units paying for themselves within the first 7 to 10 months under normal circumstances. Just as notable, the maintenance associated with LSV’s is usually very low, while their lifespans are lengthy. According to his figures, an LSV can net an investor more than $40,000 over a 4-year period.
With support in the form of grant funding available from Austin Energy to deploy an electric vehicle charging grid, the company may be positioned to capitalize on the Texas Senior Mobility Project, which seeks to provide alternate modes of transportation for underserved seniors. Electric Cab has an ADA-compliant electric shuttle ideal for this purpose.
Source:
George Dearing, AustinStartup.com