Australian ATV manufacturer to list on ASX
Victorian manufacturer Tomcar will go public after signing up with mineral exploration companyATV manufacturer Tomcar has entered into a binding Memorandum of Understanding (MOU) with mineral exploration company UXA Resources as a preliminary step on the road to an IPO (Initial Public Offering).
Tomcar, which plans this year to introduce the LV1 – an electric version of its current petrol or diesel-powered ATV has received investment capital of more than $1 million from UXA.
The Tomcar range of ATVs is being manufactured in partnership with tier-one automotive supplier MTM Pty Ltd, and the electric LV1 is being developed in partnership with NSW-based electric vehicle technology developer Energetique Pty Ltd.
Commenting on the UXA deal, Tomcar Australia Co-Founder and CEO David Brim said: "This is a giant leap into our future.
"Joining with UXA gives us access to financial markets, corporate expertise and their mining sector knowledge, which dovetails perfectly with our aspirations and forecast growth paths for our emissions free EV vehicle that has already received significant interest amongst mining organisations".
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