NRC IRAP VeloMetro Mobility

VeloMetro Mobility to Receive Funding from the Government of Canada

VANCOUVER, March 27, 2019 – VeloMetro Mobility Inc.®, (“VeloMetro” or the “Company”), a transportation company developing a new enclosed electric-assist vehicle and supporting sharing service, is pleased to announce that it has signed an agreement to receive a contribution of up to $422,000 (CDN) from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), a federally funded program that supports Canadian small and medium-sized enterprises to help develop and commercialize innovative technologies, products, and services. The funding will accelerate the research and development of proprietary Veemo® technologies, including VeloMetro’s novel, enclosed, electric-assist cycle, and scalable shared fleet support system.

The focus of the contribution will involve researching, developing, and validating a commercial vehicle model that is safe and reliable. Battery charging and swapping technologies, and a cloud-based asset management system, will also be developed during the course of the funding period.

“Micromobility has an opportunity to redefine how people can safely and efficiently get around a city in clean and healthy ways, and we look forward to developing Canadian technologies that have potential to impart positive impact in cities around the world”, explains Kody Baker, CEO of VeloMetro. “We’re honoured to receive this generous funding from NRC IRAP. This will help us take the next step in developing and launching our innovative vehicle service into cities in Canada and abroad.”

About VeloMetro Mobility Inc.

VeloMetro has created a fully integrated velomobile: a secure, enclosed, electrically assisted three-wheeled velomobile for personal transportation. VeloMetro’s shared mobility service, Veemo, provides personal transportation as a service with the comforts of a car and the freedom of a bike. Get across town or run errands comfortably, safely, and in any weather.

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