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Environmental Transit Authority is raising $3 million to bring back the Elf, a quirky pedal-electric bicycle pod.

Why it matters: The Elf's revival marks the return of an early micromobility player.

Driving the news: Environmental Transit Authority (ETA) is "pretty far down the path" toward completing the seed round, CEO Rob Cotter tells Axios.

The Raleigh, N.C.-based company is planning a subsequent $10 million round to fund a production ramp-up.

How it works: The Elf is a recumbent e-bike enclosed in Trylon polymer, with a windshield in front, head and tail lights, solar panels on the roof, and room for two riders plus groceries.

The 160-pound vehicle can reach 20 or 28 mph, depending on the model, meaning it complies with U.S. e-bike regulations.

Flashback: The Elf debuted in 2013 as the first solar-powered pedal-electric bicycle.

Cotter's company at the time, Organic Transit, built about 850 of the vehicles, generating about $8 million in revenue, he says.

The company raised $2.5 million in equity and another $500,000 in debt before it was acquired by oil and gas firm PetroSun in 2020.

The intrigue: "They ended up doing nothing of significance for four years," Cotter says. He bought back Organic Transit last year, through parent company ETA.

The latest: ETA anticipates selling about 1,000 of its updated Elf models. Cotter says.

Vehicles will have an anticipated price tag of $7,500, with smaller models starting at $1,500 and larger models at $12,000.

Go deeper: Electric Bike Review covered the Elf in January.

Exclusive: ETA raising $3M to revive solar-powered bicycle pod

The company is bringing back Organic Transit's Elf.

Workers in a garage assemble red and green Elf bicycle pods.

Workers in a garage assemble Elf bicycle pods. Photo: Courtesy of Environmental Transit Authority

Electric vehicles

Environmental Transit Authority is raising $3 million to bring back the Elf, a quirky pedal-electric bicycle pod.Why it matters: The Elf&#x27;s revival marks the return of an early micromobility player.

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Exclusive: ETA raising $3M to revive solar-powered bicycle pod

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