TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), a developer of solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce the execution of a non-binding letter of intent (“LOI”) 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 comprises TUGA Innovations, VANGEST Group (“VANGEST”), and Optimal Structural Solutions (“Optimal”) 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 and 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 It is also proposed that the consortium will model, design, and implement standards of quality for planned future production and assembly of TUGA models at anticipated regional production units within specified sales territories across the globe. Initially, the consortium will be tasked with initiating the Portuguese sales and marketing efforts for high-end limited-edition vehicles, and aid in the implementation of proposed mobility as a service (MaaS) five-star ride-hailing and premium delivery services.
“We have been actively working with TUGA Innovations since their concept prototype launch last year. Their project and team position themselves ideally with the expertise we have to offer; and we are looking forward to extending our partnership together.”
-Nuno Cipriano, CEO of VANGEST.
VANGEST is located 135km north of Lisbon and brings over 35 years of innovation and expertise employing integrated services. The company utilizes up-to-date technologies throughout its extensive industrial complex of facilities where twelve independently managed companies and over 300 skilled workers help design and undertake award-winning rapid prototyping, tooling, mould production and assembly of products to efficiently service the most demanding industries that build the future: including the automotive, aerospace, advanced electronics, and medical device sectors.
“We are very close to the TUGA project and their excellent team, and we enjoy fantastic integration by having their offices within our premises. We are working closely together on the engineering of the advanced prototype and various sub-systems. This partnership opportunity will help mold our next steps together and validates all the hard work completed to-date. The proposed consortium will solidify and consolidate our relationship.”
-António Reis, Director, and co-owner at Optimal.
Optimal is a Portuguese enterprise founded in 2008 with headquarters in Cascais, near Lisbon. Optimal is 100% owned by Portuguese private investors and focused on advanced composite and metallic structures incorporating complex systems for applications in automotive, space, aeronautic, and defense sectors. The company has a dedicated team composed of engineers, product assurance and project managers integrated with procurement, storage & logistics, IT, test, and quality control staff. This unique combination provides full assurance of reliability, adherence to the highest industry standards, and responsive commitment to TUGA Innovations’ requirements. For more information, visit: http://optimalstruct.optimal.pt/.
John Hagie, CEO of TUGA Innovations concludes, We are honoured to work with such prestigious partners. 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. Together our companies have incredible talent, resources, experience, and ability to showcase excellent Portuguese engineering and production expertise towards the advancement of responsible and sustainable value generation.
About TUGA Innovations, Inc:
TUGA Innovations is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a family of three-wheeled, fully electric fore-and-aft 2-seat vehicles. The vehicle is no wider than a motorcycle for agility and offers a patent pending expanding rear axle for high-speed stability along with a patent pending expandable chassis designed for passenger comfort. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform.