California anchors Tesla with $28.8M tax break
Tesla Motors, the hyped electric car company, just nabbed another win (in a long line of them since the spring), earning approval for a $28.8 million tax break from California’s Alternative Energy and Advanced Transportation Financing Authority (a branch of the Treasurer’s office). The change will save them taxes on $320 million worth of equipment.
It’s hard not to view the break as a big thank you note from the state. Tesla CEO Elon Musk has… Continue Reading
Chevy Volt poised to resuscitate dying automotive town Flint, Mich.
Flint, Mich., the small automotive city northwest of Detroit known best for being featured in Michael Moore’s first documentary, Roger & Me, has been in dire straits for a while. When the movie came out in 1989, it was already suffering from mass unemployment. Now, 20 years later, it may have a chance to rebrand itself as a home to General Motors’ Chevy Volt — perhaps the most practical electric vehicle primed to hit the… Continue Reading
Fox News errantly calls shenanigans on EV makers Tesla and Fisker
Tesla Motors and Fisker Automotive — the two electric vehicle companies that recently received generous loans from the U.S. Department of Energy — felt the full wrath of Rupert Murdoch’s media machine last week. First, the Wall Street Journal cast a skeptical eye on Fisker’s $535 million DOE loan, suggesting that investor Al Gore pulled some strings. Shortly after, Fox News analysts Martha MacCullum and David Williams mistakenly reported that both companies are actually European,… Continue Reading
Fisker trumps Tesla with $528M loan from Energy Dept.
In a somewhat unexpected move, the U.S. Department of Energy has granted luxury plug-in hybrid-electric car maker Fisker Automotive a $528.7 million conditional loan to finance the development of two different car models. As part of the stimulus package, the money — announced today by Energy Secretary Steven Chu — could help Fisker create up to 5,000 jobs — it also beats out $465 million in loans the DOE gave to the company’s primary competitor,… Continue Reading
Electric car maker Fisker nails down plans for 2011 profitability
Fisker Automotive, prime Tesla Motors competitor and maker of the luxury plug-in hybrid vehicle known as the Karma, has announced plans to sell 15,000 cars and apply for government funds in order to hit profitability by 2011. The Southern California company plans to launch production later this year.
In order to turn a profit in such a short time frame, Fisker says it will need to be selling at least 15,000 cars — each with a… Continue Reading
ZAP lands $25M, branches into full-size electric vehicles
ZAP, a company known for building electric motorcycles and three-wheel cars, has just raised $25 million in capital and plans to use the money to jump headlong into full-size electric vehicles. To buoy this effort, it is also seeking $200 million in stimulus loans from the U.S. Department of Energy.
Santa Rosa, Calif.-based ZAP is uniquely positioned for several reasons. Due to its well-developed scooter business — which has been around since 1994 — it has… Continue Reading
Tesla founder sues company, CEO Elon Musk
Martin Eberhard, founder of Tesla Motors, the anointed darling of the electric vehicle industry, has filed suit against the company and its current leader, Elon Musk (right), who he accuses of slander, mismanagement, and, bizarrely, giving him a damaged Tesla roadster (the firm’s first product).
Hostility between Eberhard and Musk is nothing new. The co-founder departed in 2007 after losing too many boardroom skirmishes to Musk (at that time the company’s lead investor). But when he… Continue Reading
Fisker taps EnrDel for electric car batteries
Lithium-ion battery maker EnerDel Lithium Power Systems has struck a deal of intent with Fisker Automotive to provide batteries for its swanky hybrid-electric Karma vehicle, slated to be released next year. A long-term contract will depend on in-car performance testing. With Fisker leading the race to launch the first hybrid-electric car, this development would give EnerDel a huge leg up on its competition.
Until now, it was assumed that Advanced Lithium Power (ALP) would be the… Continue Reading
Mitsubishi jumps into U.S. electric car race with i MiEV . . . in Oregon?
Venture-backed electric car companies have been getting the lion’s share of attention these days. Fisker Automotive just raised a cool $85 million to produce its hybrid-electric Karma, and Tesla Motors has been abuzz since unveiling its Model S sedan. But that doesn’t mean the traditional auto titans are down and out. Just today, Mitsubishi announced plans to bring its all-electric i MiEV vehicle to the U.S.
This is a pretty big milestone: The car will be… Continue Reading
Fisker zooms ahead with $85 million for battery-powered car
Fisker Automotive, maker of the jaw-dropping battery-powered Karma sports car (see above), announced that it’s landed $85 million in venture capital to begin production. The money came from Eco-Drive Capital Partners and Kleiner Perkins Caufield & Byers. The Irvine, Calif. company has now raised more than $100 million for its vehicle, expected to sell for a little less than Tesla’s comparable roadster, at $87,900 a pop. It says it’s already fielded 1,300 reservations for the… Continue Reading
Tesla unveils electric sedan with sky-high hopes
Tesla Motors, still one of the major players in the electric vehicle game despite recent financial woes, has finally unveiled its hotly anticipated Model S sedan, slated to go on sale in late 2011. With a price tag of $50,000, the car is certainly more practical for prospective buyers than Tesla’s first submission — its $109,000 roadster (beautiful, but unrealistic in today’s economy). The San Carlos, Calif. company has clearly pinned its hopes on this… Continue Reading
Roundup: PG&E installs smart meters, Stewart cows Cramer, the market seesaws and more
MySpace Events get an upgrade — The network’s new event invite system takes more advantage of users’ social circles. TechCrunch has more.
PG&E smart meters get the green light — The utility will spend $467 million in taxpayer money to install the meters in California homes. The San Jose Mercury News has the story.
Student VC firms feel the burn — The downturn has dried up cash for small university-based venture firms run by students, just like their professional counterparts,… Continue Reading
Fisker ekes out $3M to put finishing touches on its swanky electric car
Fisker Automotive, maker of a luxury plug-in hybrid vehicle called the Karma, has squeezed an additional $3 million out of its private investors, bringing its total capital raised to more than $100 million — a staggering feat considering the state of the credit market. The Irvine, Calif. company raked in $65 million in September but says the recent addition to its third round is just the right amount to put finishing touches on the Karma… Continue Reading
High-end electric car company Fisker gets a $65M boost
Tesla Motors may have significant competition in the high-end electric vehicle space soon, if Fisker Automotive continues on its current path. The Irvine, Calif. sports car company just announced another $65 million in funding, led by a Middle Eastern firm, the Qatar Investment Authority.
Design work is well underway on Fisker’s first car, the Karma. Unlike Tesla’s model, the Roadster, Fisker is planning on making the Karma a plug-in hybrid electric vehicle (PHEV), which should make… Continue Reading
Roundup: Facebook’s latest profile changes, Jangl sells, Kindle matters, and more
More on Facebook profile changes: The feed wall — The new profile is slated for launch later this year. The latest new feature the company is previewing: A “feed” portion of the new design, where you can easily add content from within a standardized interface. The goal is to make Facebook easier to use. The company is being transparent about this latest effort — in contrast to some of its earlier product launches, like its introduction… Continue Reading
The Detroit Auto Show’s cleantech notables: Coskata, EcoMotors, Fisker Automotive
American automakers have finally learned that fuel efficiency and environmental friendliness count, turning the yearly Detroit Auto Show, which started Sunday, into a lineup of cleantech exhibitions.
Among big-company prototypes like the Chevy Volt and Cadillac Provoq are a handful of smaller firms making significant headway. Following is a brief lineup of the ones we thought were most interesting:
Coskata
A mere two years old, ethanol producer Coskata has managed to attract an investment from General Motors,… Continue Reading
30 electric cars companies ready to take over the road
It’s official: Green car madness has taken over. After seeing more electric and hybrid vehicle startups than we could keep track of, we finally decided to start keeping count.
We’ve compiled a list, below, of 27 (update: the list has reached 30; thanks for the comments) startups, listed according to their release date, with additional information on fuel type, range, top speed and price. Most haven’t yet taken venture funding, but where applicable, we’ve listed financial… Continue Reading