City Transformer, an Israeli startup that has developed a car that is not only electric but can also be folded, is looking to its exit with an IPO. The IPO is planned for the second quarter 2021 on the Tel Aviv Stock Exchange (TASE).
The company said in a statement that it hopes to reach a valuation of NIS 450-600 million (About $140 million to $183 million). To date it has raised about $10 million.
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The CT-1 is not yet available for sale. City Transformer has plans to construct the cars in Germany and hopes to soon get certification for the car in the European Union.
What is most interesting here is that the company plans to go public at all, and on the TASE in Israel Israel had several billion plus exits on Wall Street and one, Playtika, hit an $11 billion valuation with its NASDAQ IPO already this year.
Generally when a startup develops a new tech like this it tries to sell it to an established company. But City Transformer has decided to seek an IPO. Maybe it aspires to become the next Tesla.
City Transformer is an automotive technology company. The company declares its mission to be to provide a “safe & unique driving experience to urban dwellers on the move.” Its main product is a folding car-platform that has the ability to shrink its track-width as it parks. This makes parking much easier.
No it does not fold up like a briefcase. It does not literally fold up nor can you take it inside with you if there is no parking. The carriage can hold up to three people. It does not fold. But it is situated in the middle directly between the wheels on both sides.
It is the chassis which holds the wheels that changes. When driving the wheels stick out on both sides of the car reaching the width of a regular car. But to park, the driver can pull the sides in and under the carriage with the flip of a switch. This, leaving the CT-1 only a little more than a yard wide. This allows for creeping into narrow spots in head long parking areas. Or fitting into spots that are half occupied by someone who parked his car over the line separating two spaces.
If you live In Israel and ever need to park in a garage then you know what this is like.
The City Transformer Car can also be driven in its “folded mode.” So when there is a lot of traffic you can zig-zag around the cars in their lines, just like the people on motorcycles do. And you know that you always wish to be able to do just that when stuck in traffic.
City Transformer CT-1
The CT-1 electric car has a maximum speed of up to 60 miles per hour (90KPH) is about 8.2 feet long and 4.4 feet wide and can travel from 75 to 115 miles on a full charge. 20-180 kilometers when fully charged, depending on the type of use, and can travel at a maximum speed of 90 kilometers per hour.
You can have two adults sitting one in front of the other or one adult driver and two children in back. The car also has up to 35 cubuc feet of storage space (1000 Liters).
