GreenAngel Energy to Raise Up to $5 Million for Rapid Electric Vehicles Inc.

Under the terms of the MOU, GreenAngel will raise capital for REV using a special purpose Venture Capital Corporation as defined under the B.C. Small Business Venture Capital Act, namely REV Technologies (VCC) Inc (the "VCC"). B.C. investors can receive a 30% refundable tax credit and also hold their shares within an RRSP or TFSA account for further tax deductions.

The initial offering for 5 million common shares at $0.25 per share to raise $1.25 million will be made by means of an Offering Memorandum to B.C. investors and to accredited investors in other jurisdictions. GreenAngel will be compensated by receiving warrants (at 10% of the number of shares subscribed) exercisable at $.25 for a three year period. Management fees, financing and operating costs associated with the VCC and the offering will be limited to a maximum of 10% of capital raised by GreenAngel. GreenAngel presently holds a 7% equity interest in REV.

Michael Volker, CEO of GreenAngel comments, "By using a VCC to offer shares under an Offering Memorandum, it will be possible for REV to attract a much broader base of investors rather than limiting itself to angel investors as it has in the past. Additionally, the use of the 30% Provincial Tax credits and the Federal RRSP deduction (up to 44%) will give investors substantial leverage and reduce their at-risk capital outlay. Furthermore, until the end of February, investors can claim these benefits when filing their 2009 tax returns."

REV will host numerous investor presentations over the coming weeks for interested investors wishing to learn more about REV and how to take advantage of these attractive tax benefits.

REV will use the proceeds to continue the development and commercialization of its MDS technology – modular drive and energy storage systems – that transform a wide variety of automotive platforms into zero-emission, 100% electric vehicles. Its initial market thrust is the electrification of SUV and half-ton pickup trucks typically used in commercial fleet operations.

"We’re very excited about the prospects for this sort of technology," says Jay Giraud, Founder and CEO of REV. "In just a short time we’ve received hard orders from major municipalities, utilities and Fortune 500 corporations. We’ve also had serious interest and requests to work with leading tier 1 automotive OEMs and pursue significant government contracts. By modularizing the entire drive architecture, we can make plug and play electric vehicles possible, and transform the way cars are designed and built today. We think this is the future for automotive electrification."

GreenAngel Energy Corp. is a green energy technology company. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Enterprises, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. 

Proton Power Inks MoU With Smith Electric Vehicles

Proton Power Systems plc signed a Memorandum of Understanding or "MoU" with Smith Electric Vehicles, the commercial electric vehicle division of The Tanfield Group Plc. Under the MoU, both parties would collaborate to build and market a battery-powered commercial vehicle, equipped with a Proton Power fuel cell system as a range extender.

The company added that the collaboration would aim to supply systems to local authorities and other fleet operators across Germany initially, and would address projects in the UK and North America. Also, Proton Power Systems said this partnership would target Smith’s highly successful Edison range of electric light-duty vehicles.