ENSO secures funding from UK Future Fund
ENSO, which is developing a revolutionary EV tyre that can increase the distance that an electric vehicle can travel and at the same time reduce tyre pollution (air and micro plastic pollution), has launched a crowdfunding campaign via the Crowdcube platform.
The Crowdcube campaign, to support the R&D and commercial development of ENSO, coincides with the success of a hypermile challenge by Mission Motorsport (the UK Armed Forces’ motorsport charity) to break the world record of driving a standard Renault ZOE electric car the longest distance on a single charge. On Thursday June 10th, the ZOE - equipped with ENSO’s unique range extending EV tyres — reached 475.4 miles, breaking the previous record of 351 miles set in France in 2018.
Gunnlaugur Erlendsson, ENSO’ Founder and CEO, says: “This world record proves that our ultra-energy efficient EV tyres have a huge role to play in extending electric driving range and addressing range anxiety. By delivering ultra-low energy consumption per mile, our EV tyres not only save cost and electricity, but allow us to dramatically extend EV-range, moving the tyre industry truly into the electric age. ENSO’s mission is to disrupt the GBP200 billion global tyre industry and deliver the most efficient, durable and sustainable tyres for EVs.”
With nearly GBP2 million invested already for R&D, ENSO’s energy-efficient tyres have achieved ‘A’ energy efficiency ratings by TÜV SÜD in Germany, and the company is already working with leading EV carmakers and fleets. ENSO has also recently secured GBP1.5 million of funding from high-net-worth investors and the UK Future Fund, a UK Government scheme developed in partnership with the British Business Bank, to support innovative UK businesses.
ENOS’s crowdfunding campaign, via Crowdcube, is seeking to raise at least GBP1.75 million to deliver the company’s first commercial tyres before the end of 2021, and launch trials via London FreightLab, with Transport for London and DPD, with plans to expand to California by 2022.
Gunnlaugur Erlendsson adds: “Tyres are the automotive industry’s biggest, dirtiest secret. Tyres are largely made of fossil fuels, and as they wear down, emit more air pollution than tailpipes, making up 28 per cent-plus of all primary ocean microplastics. Tyre pollution is an even bigger problem for electric vehicles. Their increased weight and torque wears tyres even faster, emitting more tyre pollution. So while EVs are our future, unless we solve the problem of tyre pollution now it’ll go from bad to worse. We are developing better tyres for EVs, to help reduce pollution and carbon emissions in line with the global commitments to reach Net Zero.”
In addition, ENSO will operate an innovative direct-to-customer ‘Pay-per-Mile’ model, designed to disrupt legacy distribution to serve EV-carmakers, fleets and private individuals directly. This business model will shift financial incentives away from shorter-life highly-polluting tyres, towards affordable, durable and low-emission tyres.