New Earth-Friendly Car Company Garners $6 Million in Series A Financing
8/24/07 – Venture Vehicles, a Los Angeles-based environmentally-friendly vehicle company, has closed $6 million in series A financing from NGEN Partners. The company says that concurrent with the financing, NGEN’s Steve Parry and Robert Koch will join chief executive officer Howard Levine and co-founder Ian Bruce on the board of directors.
Venture Vehicles says it holds the exclusive North American license to the patented three-wheel tilt steering technology developed in Europe by Carver Engineering for hybrid and electric vehicles, and a non-exclusive agreement for development of flex fuel vehicles.
The company says the three-wheel steering technology produces a driving experience described by owners as similar to flying or surfing, with the vehicle able to bank into corners, producing a highly stable ride. Utilizing the tilt technology, Venture Vehicles says it will redesign the vehicle, replacing its gasoline engine with both electric powered and hybrid versions that are targeted to achieve 100 miles-per-gallon and speeds up to 100 miles-per-hour.
The first vehicles, scheduled to be released in 2009, are being developed in conjunction with a team of strategic partners that include Swift Engineering, Cal Motors and Automotive Marketing Consultants Inc., according to Venture Vehicles.
The company says it will source assemblies and sub-assemblies offshore and then assemble the vehicles in the United States. It is currently looking at manufacturing facility opportunities in Southern California and New Mexico.
Venture Vehicles – www.flytheroad.com
