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Project 3 Mobility says it needs to tremendously increase its staff with the newest funding. | Source: Project 3 Mobility
Project 3 Mobility, which is growing what it known as an “ecosystem of urban autonomous mobility,” has introduced in €100 million, or greater than $107 million, in Series A funding. The Zagreb, Croatia-based firm mentioned this newest funding will lay a basis for its future growth and development.
“Looking ahead, over the next two years, we [will] continue to attract private capital, aligned with the needs of our project’s implementation,” said Marko Pejković, CEO of Project 3 Mobility, in a launch. “We have a team that is enthusiastic about the journey ahead and the positive impact our service will have on communities.”
TASARU Mobility Investments, an organization totally owned by the Public Investment Fund (PIF), led the funding spherical. PIF is without doubt one of the largest sovereign funds on the earth, and that is its first funding outdoors of Saudi Arabia. It lately created Alat, an organization to construct merchandise for sustainable expertise manufacturing.
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Project 3 Mobility goals to vary the way forward for city mobility
Project 3 Mobility mentioned its ecosystem shall be made up of three parts that it’s growing. These are an autonomous electrical automobile, specialised infrastructure, and a mobility service.
The firm mentioned it plans to make use of the funds to develop all three components of the undertaking additional. It will even permit Project 3 Mobility to develop its staff, which it says it plans to considerably increase within the coming years.
Project 3 mentioned it hopes to launch its service in Zagreb in 2026 and within the U.Ok. and Germany in 2027. The firm hasn’t given many particulars on what precisely its service will appear to be, nevertheless it did say that its autonomous automobile is constructed on a “completely new platform designed around safety and comfort.” It additionally says it plans for its mobility hub to seamlessly combine right into a metropolis’s infrastructure.
Previous traders within the firm embrace Kia, SiteGround, Infinum, Rimac Group, Neurone, and Elaf Auto. In addition, the European Commission has accepted a €179.5 million ($193 million) grant to help Project 3 Mobility’s objectives.
“Over the past year, we successfully navigated through a series of demanding procedures and in-depth analyses, both within the EU grant approval process led by the European Commission and in our pursuit of attracting private capital,” Pejković mentioned.
The profitable closure of this funding spherical marks one other milestone in affirming the worth of our undertaking that can revolutionize mobility and improve the standard of life in city areas,” he added. “We believe our project will bring significant benefits for Zagreb and Croatia, as well as many other cities worldwide where we plan to launch our service.”