Organic Transit CEO says the ELF maker may be bankrupt but mission isn't over

Durham -- Organic Transit, maker of the ELF, filed for bankruptcy in June, but the mission isn’t over yet, founder Rob Cotter said.

The company filed for bankruptcy because it ran out of time and money, he said. The company was meeting with investors but didn’t secure them before money ran out.

Cotter said he is hearing from international companies and anticipating several investment offers.

ELFs are a cross between a bike and a car, aimed at creating a green transportation alternative. They can be powered by pedal, electric motor or a combination of the two. Their batteries can be recharged via a standard wall outlet, and a solar panel on the roof works as a trickle charger whenever the sun is out.

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