Wrightspeed Raises $5 Million in First Round of Venture Capital

Posted in Electric Vehicles on November 5th, 2010 by News Desk –

Photo courtesy of Wrightspeed

San Jose, Calif. — Wrightspeed, a developer of technology that improves the fuel efficiency of hybrid electric vehicles, has raised $5 million in its first round of venture capital.

Wrightspeed’s platform includes the battery system, electric motors and drive electronics, generator control system, vehicle dynamics control, user interface and software control plane. The system takes an approach to on-board power generation that uses motors modularly, making it easy to tailor to a vehicle’s specific use, according to the company.

“Our technology will displace at least 3,000 gallons of fuel per year per high-usage vehicle,” said Wrightspeed founder and CEO, Ian Wright, in an announcement.

Wright founded the company in 2005, after having helped raise the initial capital and build the first prototype of the Tesla Roadster, the high-performance electric vehicle made by the now-publicly-traded manufacturer.

He also led the construction of the X1 Prototype, a battery electric street-legal car that accelerates from zero to 60 mph in 2.9 seconds and in normal driving achieves the equivalent of 170 mpg.

Wrightspeed website

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