Arcimoto provides MATBOCK with Electrical Systems Architecture and Energy Storage Systems for Development of Electric and Hybrid Utility Vehicles

EUGENE, Ore., Aug. 21, 2023 (GLOBE NEWSWIRE) -- Arcimoto, Inc.^® (NASDAQ:FUV), makers of rightsized, ultra-efficient small footprint electric vehicles for moving people and things, today announced a partnership with MATBOCK, a veteran-owned business that designs and builds hybrid-electric tactical vehicles and innovative tactical gear, to supply the company with electrical systems architecture and energy storage systems for the development of hybrid-electric tactical vehicles.

The partnership will allow MATBOCK to maintain its focus on paradigm-shifting technology by providing American-made technologies to be used by the U.S. Department of Defense in specific areas of operations. In 2022, MATBOCK launched its tactical electric vehicle program which includes the engineering and integration of leading-edge battery, propulsion and exportable power solutions.

"The shift to electric vehicles is underway, not just in the consumer industry, but also in the military sector," said Chris Dawson, Chief Executive Officer, Arcimoto. "This partnership builds upon the adoption of electric vehicle technology on the battlefield. We're looking forward to working with MATBOCK to assist the military's efforts to improve tactical capabilities and operational efficiencies through the adoption of American-made green energy technology."

By using Arcimoto's electric systems architecture and energy storage systems, MATBOCK has enhanced overall performance and operational range, increased the availability of on-board and off-platform power and increased overall efficiency of their suite of products. MATBOCK will also leverage Arcimoto's supply chain which will eliminate reliance on sourcing materials globally.

"I am thrilled to announce our partnership with Arcimoto, a visionary company that shares our commitment to innovation, sustainability, and pushing the boundaries of what's possible," said MATBOCK President Zach Steinbock. "Together, we are poised to reshape industries and redefine possibilities, merging our expertise in cutting-edge technology and design. This collaboration marks a new chapter in both our journeys, and we're excited to accelerate progress towards a more efficient and exciting future."

MATBOCK has led the industry in the military and law enforcement space for over a decade and has brought more than 300 innovative products to the market.

About Arcimoto, Inc.

Arcimoto is a pioneer in the design and manufacture of rightsized, ultra-efficient, incredibly fun electric vehicles for everyday mobility. Built on the revolutionary three-wheel Arcimoto Platform, our vehicles are purpose-built for daily driving and local delivery, all at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is dedicated to creating world-class EVs that make the world a better place. For more information, please visit Arcimoto.com.

About MATBOCK

MATBOCK is a veteran-owned small business that designs lighter and more practical equipment for every environment. Our personal experiences involving continued operations in multiple theaters led to our basic foundation-ounces equal pounds and lighter warriors are faster warriors. We constantly strive to provide our warriors with the most effective and efficient gear possible.

Safe Harbor / Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.

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Skyya PR for Arcimoto

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