Tesla Motors raises $45M more

May 11, 2007 | Matt Marshall | Comments | |

teslaroadster.jpgTesla Motors, the San Carlos, Calif. maker of a high-performance electric car, has raised $45 million more in financing.

The new backing for the car, due out later this year, is led by Technology Partners, a Palo Alto venture firm that has focused on green investments, and Tesla’s own chairman, Elon Musk. Also investing are Palo Alto’s Capricorn Investment Group, a private investment firm, and major existing investors. Two investors we haven’t mentioned previously are Valor Equity Partners, of Chicago, and Compass Venture Partners (larger list of investors here).

See Tesla’s full announcement here:

This is the fourth round of financing, and brings the company’s total to $105 million.

The company said it has received more than 400 deposits for its Roadster, which will go from zero to 60 mph in about four seconds, and cost $90,000. The additional financing will be used to develop its WhiteStar, a four-door, five passenger sports sedan planned for 2009 and costing $50,000 to $65,000.

Among those making deposits so far are Tesla backers Larry Page and Sergey Brin (co-founders of Google). Others include Gov. Arnold Schwarzenegger and actor George Clooney.

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Matt Marshall is editor and CEO of VentureBeat. Follow him on Twitter at @mmarshall, and follow VentureBeat on Twitter at @venturebeat.

  • I keep hearing about this company as the "forefront of green engineering" but come on! Their first product is a $90,000 roadster and their second product will be a $60,000 sedan. that's not green investment, that's just hype. Remember that the electricity has to be produced somewhere, and that somewhere is often a very dirty power plant.

    If you want to be green, make a small and efficient electric car, not these monsters.

    GJ
    http://www.60in3.com
  • Tristan
    Agreed, unless we, as Americans, become more conformable with nuclear power there is not point to an electric car. Right now, Toyota has the best idea with the Prius.
  • I think this is the best idea there is! A bold initiative to prove that this technology is possible. Their strategy to start at the high end and work down the market has got to be the best way to start, because whenever they sell one of these $90,000 marvels, that profit pays for more research and development of electric cars to make them more affordable and appealing to customers.

    The automobile began as an expensive luxery, but soon enough became affordable due to further research and development of marketing, and inovation in design and manufacturing.

    Having a Green EV really does depend on where the electricity comes from, but if we were to get our electricity from hydroelectric plants, wind generators and solar power plants, that would make it THE ONLY CHOICE for 100% clean fulfillment of our energy demands. (but anyway, an EV that is powered by coal plants still produces less polution per mile driven than your average high mileage car!)
  • c
    Right on, Josh! An electric car that is sexy and fast is exactly the kind of "hype" that will lead bigger car makers to make the more afffordable practical hybrid cars. Many people stray away from the Prius and Civic hybrids because they look frumpy and feel sluggish. In a world where, "you are what you drive" no one wants to be seen in a rolling box with a boring interior.
    More "power" to Tesla for showing the big guys that form can co=exist with uber function.