The French government recently announced a plan to invest $2.2 billion to develop battery-charging infrastructure for electric vehicles. The plan will also require office and apartment building developers to start including recharging stations in projects with parking lots. By 2015 the government expects 50,000 to 100,000 electric vehicles to be part of private or government fleets. Learn more: Wall Street Journal
Category Archives: Investment & financing
Navistar Presents Electric Truck
Navistar recently unveiled their electric truck to Congress. The company received $39 million in grant money in August from the US Department of Energy to develop the vehicle as part of a battery and electric vehicle development initiative. Navistar expects to build 400 of the commercial trucks in 2010. Targeted for light-duty stop and go applications such as intra-city delivery, the company expects to be producing thousands of vehicles as the market grows. Learn more: Autoevolution.com
ZENN To Build R&D Facility
ZENN Motor Co. is looking for sites to build a R&D facility that will focus on developing their Zennergy Drive System. The facility will have an initial budget of $40 to $50 million over three years according to CEO Ian Clifford. ZENN has applied to the governments of Ontario and Michigan for financial assistance. Government funding will be a major factor in choosing where the facility is located. Learn more: Montrealgazette.com
Global Green Cars Announces Launch Of Electric Truck & New Facility
Global Green Cars Inc announced that their G-3 electric truck will be available in Spring or Summer of 2010 and cost approximately $25,000. The truck features a 1,000 lb payload capacity, a top speed of 85 mph and a range of 100 miles. The plug-in electric truck is powered by nickel-based batteries. Learn more: Trucktrend.com
In conjunction with the vehicle announcement, Global Green Cars also announced that they are moving ahead with building a production facility in Kentucky. The state is providing a $15.5 million financial incentive package. According to management,
Global Green Cars is planning to produce first stage vehicles in 2010 in a temporary facility and to scale up to mass production in 2011 in a new facility built to meet anticipated demand for its electric vehicles.
Upon completion of the building, assembly lines and logistical peripheral structures, the new facility in Williamsburg will be capable of producing up to 30,000 electric cars and trucks per year.
Oregon Governor Supports Electric Vehicle Manufacturers
Oregon’s Governor Ted Kulongoski is using a $100,000 grant from his Strategic Reserve Fund to support Brammo, Inc., a manufacturer of electric motorcycles.
The company plans to invest $51 million over the next five years to produce its all-electric motorcycle called the Enertia. That includes an $18 million headquarters and production facility in Ashland.
The governor also paid a visit to Barefoot Motors a manufacturer of electric off-road utility vehicles. The company relocated from California last fall and started production in June at a rate of 10 vehicles per month. Learn more: Bizjournal.com
DOE Announces Funding Awarded For Clean Cities Programs
Energy Secretary Steven Chu recently announced the selection of 25 cost-share projects under the Clean Cities program that will be funded with nearly $300 million from the American Recovery and Reinvestment Act. Under the Recovery Act, the Clean Cities program will fund a range of energy efficient and advanced vehicle technologies, such as hybrids, electric vehicles, plug-in electric hybrids, hydraulic hybrids and compressed natural gas vehicles, helping reduce petroleum consumption across the U.S. Many of the projects include installing recharging stations for electric vehicles and purchasing electric vehicles. One such project is The Triangle J Council of Governments’ Carolina Blue Skies and Green Jobs Initiative which is planning to purchase 56 NEVs with some of the funds. Learn more: DOE
What’s Cooking On The STOV
Highlighting some of the many applications for small, task-oriented vehicles
Border Patrol: A sheriff’s office in Maine recently used a Department of Homeland Security grant to purchase a Yamaha Rhino to patrol the border with Canada. The vehicle is used to monitor remote border entrances for illegal drug trafficking and other activity and replaces the use of ATVs. The latter required officers to travel in pairs for safety reasons since the vehicles were not as stable. The grant is part of Homeland Security’s Stonegarden Operation which is sending $60 million to local law enforcement in border states to supplement federal border protection efforts. The funds are for both equipment and payroll. Learn more: Morningsentinel.mainetoday.com
NEV Tourist Rentals: An Austin, TX entrepreneur has recently launched E-Cars of Austin to provide NEVs around the city for tourists to rent. The rental fleet currently consists of six GEMs that will be placed in various downtown locations and will be available to rent for $30 for one hour or $50 for two hours. The plan is to eventually have two vehicles at each of 10 downtown hotels. Learn more: AustinBusinessJournal
Meter Reading: Silver City, NM has purchased two LSV utility trucks from Miles Electric Vehicles for use by the town’s meter readers. The meter readers travel around 24,000 miles each year. Town officials expect to save on maintenance and operating costs over the years compared to the current vehicles being used. Learn more: Silver City Sun News
ZENN Reports Sharp Drop In Vehicle Sales
In the third quarter ending June 30, 2009 ZENN Motor Co. reported selling just 19 vehicles compared to 67 for Q3 2008. This is slightly more than the previous quarter when only 16 vehicles were sold compared to 54 the prior year. In the first half of 2009 ZENN has now sold a total of 35 vehicles compared to 121 in the first half of 2008. This a decrease in unit sales of 86 or 71% from the prior year. The management points to the decline in the overall economy as well as lower fuel prices as key factors in the decline. Learn more: Reuters.com
Wheego Electric Cars Raises An Additional $1.2 Million
Wheego Electric Cars, maker of the Wheego Whip, recently announced that the company had raised an additional $1.2 million from existing investors. The Whip is expected to be available next month as a low speed vehicle or medium speed vehicle. Next year, after crash testing is completed, the company hopes to sell the Whip as a full speed vehicle. Management expects to sell 1,000 of the LSV/MSV version in the first year as they build up their dealership network to 50 dealers. The vehicle has an MSRP of $18,500 but is also eligible for federal tax credits. Learn more: Atlanta Business Chronicle
Comment: Selling 1,000 of these vehicles in the first year appears to be ambitious given the economy and currently lower gas prices. ZENN recently announced a sharp decrease in sales of their LSV which has a similar price point. In addition, interviews I’ve conducted with electric vehicle dealers for an upcoming study also indicate a poor sales environment. MC
Modec & Navistar Forming A Joint Venture
Modec and Navistar recently announced that they will soon finalize a joint venture that will produce class 2c-3 commercial trucks. The trucks will have the Navistar brand and will be assembled in Indiana. Navistar recently won a $39.2 million grant from the US government’s Recovery Act funds targeting battery technology and electric vehicles. The grant will be used by the joint venture to develop 400 electric commercial trucks in 2010 with a range of 100 miles. In the following years the JV is expected to produce thousands of vehicles annually. Modec currently sells electric trucks to companies such as Fedex, UPS and supermarket chains. Learn more: Autogreenmag.com