- TUGA Innovations (TUGA) has signed a non-binding letter of intent
- The LOI is for the creation of a consortium with the intent to produce the initial TUGA commercial prototypes, limited series product line, and continued advancements toward future production vehicles
- The proposed all-Portuguese consortium is made up of TUGA Innovations, VANGEST Group, and Optimal Structural Solutions
- TUGA Innovations Inc. is a development-stage electric vehicle company
- TUGA Innovations Inc. was unchanged at $0.045 at 11:16 ET
TUGA Innovations (TUGA) has signed a non-binding letter of intent (LOI).
The LOI is for the creation of a consortium with the intent to produce the initial TUGA commercial prototypes, limited series product line, and continued advancements towards future production vehicles.
The proposed all-Portuguese consortium is made up of TUGA Innovations, VANGEST Group, and Optimal Structural Solutions as an integrated amalgamation of ongoing efforts for the development of the TUGA three-wheeled, fully electric fore-and-aft 2-seat vehicles.
The TUGA urban mobility solution is being designed to offer an optional suite of advanced digital communications and navigation aids. It is no wider than a motorcycle for agility offering a patent-pending expanding rear axle for high-speed stability.
The TUGA is also being designed to offer a patent pending expandable chassis designed for improved passenger comfort and cargo handling capability.
The LOI encompasses engineering design, dynamic and structural simulations, body moulding, interior design and fabrication, EU regulatory homologation, and integration of subsystems and components.
“We have been actively working with TUGA Innovations since their concept prototype launch last year,” stated Nuno Cipriano, CEO of VANGEST.
“Their project and team position themselves ideally with the expertise we have to offer, and we are looking forward to extending our partnership together,” he added.
“With the proposed creation of our consortium, we aim to demonstrate the international nature of the TUGA project combined with a unified desire to leverage the very best resources here in Portugal to further our objective of bringing to market innovative, sustainable solutions to overcome significant urban mobility challenges,” said John Hagie, CEO of TUGA Innovations.
TUGA Innovations Inc. is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience.
TUGA Innovations Inc. was unchanged at $0.045 at 11:16 ET.
