The largest deal of the quarter, this investment amounted to 23% of total quarterly financings. Additionally, Fisker Automotive Inc., of Irvine, CA, a plug-in hybrid EV manufacturer, raised $35 million and Eco Motors, a manufacturer of diesel engines that are fuel efficient and lower emissions, from Troy, MI, raised $23.5 million.
High level funding directed to automotive deals reflects a cross-industry belief expressed by stakeholders across the EV value chain participating in Ernst & Young’s Cleantech Ignition Session on July 28: the EV industry transformation is underway and the tipping point is not far off if significant collaboration takes place throughout the US and worldwide.
Tesla Motors (Nasdaq: TSLA) was also in the spotlight in Q2 as it completed an IPO and then received a $50 million strategic investment from Toyota to jointly develop electric vehicles with lithium ion batteries.
California-based Coulomb Technologies announced plans to provide nearly 5,000 free home and public charging stations for electric cars to nine regions in the US via a partnership with auto makers, including, Ford and Chevrolet.
The momentum in Electric Vehicles was underscored by President Obama’s speech at the Smith Electric Vehicles factory in Kansas City, MO on July 8 where he announced that the US share of the world market for advanced lithium ion batteries for electric vehicles could grow by 20%, up to 40% of the world’s market, by 2015.
Green Car Stocks Snapshot:
EVCARCO (OTC.BB: EVCA) is the first automotive retail group dedicated to deploying a coast-to-coast network of eco-friendly dealerships and vehicles. EVCARCO is bringing to market the most advanced clean technologies available in plug-in electric, hydrogen fuel injection, and alternative fuel vehicles. EVCARCO has developed a dealer network allowing growth into most US States by 2012.
Tesla Motors, Inc. (Nasdaq: TSLA) designs, develops, manufactures and sells high-performance fully electric vehicles and advanced electric vehicle powertrain components. In addition to designing and manufacturing vehicles, Tesla sells and services them through its own sales and service network. Tesla has delivered over 1,000 Tesla Roadsters to customers in 22 countries. Tesla is headquartered in Palo Alto, California.