Electric Vehicles

Fisker Automotive Raises another $58 Million in Venture Capital

Posted in Electric Vehicles on November 17th, 2011 by News Desk –

Photo credit: Fisker Automotive

Anaheim, Calif. — Fisker Automotive, a manufacturer of plug-in hybrid luxury cars, has raised an additional $58 million in venture capital, the company disclosed in a new filing with the Securities and Exchange Commission.

Founded in 2007, Fisker began delivering its first vehicles to retail customer earlier this month. The company offers a basic model for about $96,000 and a higher end model for about $110,000.

The company’s Karma model has a range of about 50 “full-electric” miles on a charge of its lithium ion battery system, and a total range of 300 miles with an on-board generator powered by a “traditional but efficient” four-cylinder gasoline engine.

The Karma engine produces 403 horsepower and is designed to go from 0 to 60 mph in about six seconds, with a top speed of about 125 mph.

Last year, Fisker raised $115.3 million in private equity, which was a prerequisite for the company to access a $528.7 million U.S. Department of Energy-guaranteed loan, under a government financing program that has come under intense scrutiny lately as a result of the bankruptcy of solar technology maker, Solyndra, another recipient of DOE loan guarantees.

Investors in Fisker Automotive include Kleiner Perkins Caufield & Byers, Qatar Holdings, Palo Alto Investors, Ace Investments, and A123 Systems.

Fisker Automotive website

Fisker’s new SEC filing

Better Place Raises $200 Million in Third Round

Posted in Electric Vehicles on November 14th, 2011 by News Desk –

Photo credit: Better Place

Palo Alto, Calif. – Better Place, a developer of electric vehicle battery changing stations, has raised $200 million in its third round of venture capital, as the company prepares to launch its first nationwide battery switching networks in Israel and Denmark in a matter of months.

Founded in 2007, Better Place has formed a battery financing program with GE, under which ownership of electric vehicles and batteries is separated, allowing electrical vehicle owners to avoid the up-front cost of a battery and instead essentially pay for miles traveled.

Rather than recharging an electric vehicle’s battery, Better Place’s stations swap out depleted batteries with a fully charged ones in a few minutes, using automated robotic lifts.

GE and Better Place are also targeting fleet owners for pilot projects to test a comprehensive corporate fleet electrification model in major city centers and connecting highways.

New investors in Better Place through its third round of venture capital include GE and UBS, among others. Other existing investors include Morgan Stanley Investment Management, Israel Corp., HSBC Group, VantagePoint Capital Partners, Ofer Group and Maniv Energy Capital.

Better Place website

Smith Electric Vehicles Files for IPO to Raise Estimated $125 Million

Posted in Electric Vehicles on November 10th, 2011 by News Desk –

Photo credit: Smith Electric Vehicles

Kansas City, Mo. – Smith Electric Vehicles, a maker of commercial electric vehicles designed as alternatives to traditional diesel trucks, has filed with the Securities and Exchange Commission for its initial public offering of stock to raise an estimated $125 million.

Smith currently produces two vehicles, the Smith Newton and the Smith Edison, both of which can be configured for multiple applications. The company has manufacturing facilities in Kansas City and outside of Newcastle, UK.

In 2011, Smith US purchased the zero-emissions vehicle business of its UK-based parent company, which has been in operation in Europe since the 1920s.

Last year, the company received a $32 million grant from the U.S. Department of Energy (DOE) to fund the production of all-electric, zero-emission commercial trucks.

In the SEC filing for Smith Electric’s IPO, the company reported revenue of $23.8 million and a loss of $30 million in 2010.

Smith Electric Vehicles website

Smith Electric Vehicles’ SEC filing

Electric Motorcycle Maker Brammo Raises $28 Million

Posted in Electric Vehicles on October 26th, 2011 by News Desk –

Photo credit: Brammo

Ashland, Ore. – Brammo, a developer of electric motorcycles, announced on Wednesday it has raised $28 million in its second round of venture capital, which was led by Polaris Industries, a builder of off-road and all-terrain vehicles.

Founded in 2002, Brammo makes electric motorcycle models called the Enertia and the Empulse, which are plug-in vehicles sold through Best Buy stores.

The company anticipates eventually offering a more extensive line of electric vehicles, including the Engage and Encite “supermoto” racing and off-road motorcycles.

Craig Bramscher, Brammo’s chairman, CEO and founder, previously founded DreamMedia, an Internet company that combined with the company USWeb just prior to its IPO in December 1997.

Polaris, which had sales of about $2 billion last year, makes snowmobiles, motorcycles and on-road electric powered vehicles.

Other investors in Brammo include Alpine Energy and NorthPort Investments.

Brammo website

DOE Awards $26.4 Million Contract to ECOtality for Vehicle Testing

Posted in DOE, Electric Vehicles on October 6th, 2011 by News Desk –

Image credit: ECOtality

San Francisco – ECOtality, a developer of transportation and energy storage technologies, has been awarded a five-year $26.4 million dollar contract to conduct the U.S. Department of Energy’s Advanced Vehicle Testing and Evaluation (AVTE) project.

The AVTE project is intended to provide key data for technology modeling, and research and development programs by benchmarking and validating the performance of light-, medium-, and heavy-duty vehicles.

Technologies to be evaluated by ECOtality include plug-in hybrid electric vehicles; extended range electric vehicles; hybrid electric, pure electric and hydraulic vehicles; advanced electric drive and engine technologies; advanced energy storage technologies and chemistries; advanced climate control, power electronic, and other ancillary systems technologies; and internal combustion engines burning advanced fuels.

ECOtality has been a testing partner for the AVTA program for 13 years, and has worked with the DOE, vehicle manufacturers and industry stakeholders to develop test procedures used to conduct baseline, accelerated, fleet, and battery testing.

The company has conducted testing for more than 1,250 advanced vehicles and amassed over 11 million test miles in support of the program.

ECOtality website