OjO Electric Corp. (formerly Arcturus Ventures Inc.) completed its previously announced business combination with OjO Electric, LLC (OjO), a light electric vehicle (LEV) mobility solutions company based in Oxnard, Calif.
OjO provides sustainable micro-mobility solutions in collaboration with municipal governments to reduce traffic congestion and carbon emissions. OjO was founded in 2015 by a group of consumer goods entrepreneurs, inventors and designers.
"We believe strongly that LEV rideshare will represent a significant part of this growing mobility market," said Max Smith, CEO and a director of the company. "The adoption curve for LEV rideshare is outpacing even that of ride-hailing, which makes sense given an estimated 53 percent of all urban trips span fewer than 3 miles."
OjO has secured permits from Austin, Texas, Dallas, Texas, and Memphis, Tenn., to deploy a total of 1,250 OjO scooters, all of which are expected to be deployed over the next 3-6 weeks (up from current fleet size of 250). The company expects the remaining scooters (to increase the fleet to 2,500) to be delivered by year-end and deployed by the end of January 2020.
All these units will be OjO's latest generation "V2" rideshare scooter. The V2 scooter features an integrated GPS technology system with onboard Bluetooth speakers, which allows for geo-fence approach warnings, as well as traffic, construction zone, speed reduction zone and nearby docking station alerts. Updated software and hardware provide OjO with the ability to control speeds within designated slow ride zones and geo-fence locations.
The OjO scooter, with its dual 48V lithium-ion battery packs, has a maximum range of 50 miles and is capable of a maximum speed of 20 mph with a maximum load of 300 lbs. It also has an adjustable cushioned seat and rear storage basket.
