Electric Last Mile, Inc., a commercial electric vehicle company focused on last mile delivery solutions, announced it has received over 45,000 non-binding pre-orders for its Urban Delivery Class 1 commercial EV. The zero-emission vehicle maker also announced its intention to begin production of the Urban Delivery at the Mishawaka, Ind., manufacturing facility by the end of Q3 2021. This would make the Urban Delivery the first Class 1 commercial EV officially available in the U.S. market.

As part of its customer process, ELMS will continue working with pre-order customers to finalize specific duty-cycle requirements and allocation schedules as it seeks to obtain binding purchase orders and as it prepares for the anticipated start of production later this year. ELMS announced its plan to acquire the Indiana manufacturing facility as part of its pending merger with Forum Merger III Corporation, listed as FIII on the Nasdaq.

Upon closing of the merger transaction, which was targeted for Q1 2021, the combined company will be named Electric Last Mile Solutions, Inc. and the common stock will be listed under the new ticker symbol, “ELMS.” The new company is expected to have a pro forma implied equity value of about $1.4 billion, and the merger will raise $379 million in gross proceeds, with $155 million in fully committed PIPE (private investment in public equity).

“The interest we have seen for the Urban Delivery has been overwhelming as fleet managers continue to seek solutions that will reduce their total cost of ownership and help them to achieve aggressive sustainability targets,” said ELMS Co-Founder and CEO James Taylor. “Our more than 45,000 pre-orders reflect the demand for fleet electrification and our value proposition of low-cost, reliable, connected and customized solutions. We’re excited by the anticipated first-to-market opportunities and thankful for the state of Indiana’s support as we look to begin production later this year.”

The Urban Delivery is anticipated to have approximately 150 miles of range, best-in-class cargo volume and a price of $25,000 after federal rebate, giving it a lower expected total cost of ownership compared to existing gas competitors. ELMS also expects to equip the Urban Delivery with a data and connectivity suite to maximize fleet efficiency and plans to customize vehicles through its integrated upfitting operations and partnerships.