A new electric automotive company will be formed led by a group of private investors in California after a deal was finalised with Raser Technologies to use its electric powertrain in trucks and SUVs for fleet customers.
Led by Carl E Berg, who helped found lithium-ion battery firm Valence, the company will be capitalised with $4.5million with Raser to receive $2.5million in cash of which $1.5million was paid at closing. The balance of $4.5million is expected to be used as working capital for the company with Raser also to receive a 39 per cent interest in the new company.
Berg commented that he was pleased with the acquisition and the opportunity for rapid growth in the electric vehicle market. He believes the company will offer a different kind of truck to help electrify the largest segment of the automobile business.
Raser has been making steady progress in the industry – back in 2008 it unveiled components of its extended range plug-in series hybrid electric vehicle powertrain and integrated drive system that is designed for full-size SUVs and pick-up trucks at the SAE World Congress. Then, in 2009, it showcased a range-extended electric vehicle HUMMER H3.
A full-size plug-in series hybrid SUV with the powertrain will be designed to travel 40miles in all-electric mode under battery power with near zero emissions.
