Sunday, April 26, 2009

ETV Motors raises $12M Series A round from Quercus Trust and 21Ventures

ETV Motors Ltd., a Herzliya, Israel-based start-up developing innovative electric vehicle propulsion technology, has announced its Series A investment round. The round was led by Quercus Trust of Newport Beach, California, with New York-based 21Ventures co-investing.

The $12 million milestone-driven investment will, according to the company, enable ETV Motors to move rapidly ahead with a multi-year research and development program in which it is partnering with universities and development organizations.

ETV Motors also revealed details about its development of enabling technologies for hybrid range-extended electric vehicles (REEVs). The company’s activity is focused on a novel, high-efficiency, dual-power micro-turbine and a proprietary high voltage lithium-ion battery. Integration of these optimized components will result in an innovative electric vehicle propulsion platform.

"We believe that REEVs are the optimal approach," said Dror Ben David, CEO of ETV Motors. "Our micro-turbine on-board charger and 4.7V lithium-ion cathode chemistry will facilitate the coming generations of environmentally-friendly, cost-effective, light-weight and safe electric vehicles."

"There are huge opportunities for disruptive, enabling technologies in the automotive field" said David Anthony, Managing Partner at 21Ventures. 'The approach of the ETV Motors team is based on innovative science, together with a sound vision of the future of electric vehicles. At 21Ventures, we see this as a game-changing approach, and we are pleased to be working with the company."

21Ventures' primary geographic focus is Israel, where over half of the funds investment capital has been deployed to date. 21Ventures currently manages more than $250 million worth of investments in 25 companies in Israel and the United States. More than half of 21Ventures’ investments are in clean energy companies.

Quercus Trust, funded by multimillionaire David Gelbaum, has quietly become one of the most active investors in the global cleantech industry. According to Greentech Media, David Gelbaum and Quercus Trust have made at least 47 cleantech investments. Five of Gelbaum's cleantech investments, in cooperation with 21Ventures, are in Israeli startups: 3GSolar, BioPetroClean, ETV Motors, TechnoSpin Wind, and Variable Wind.

Related Posts:

Variable Wind raises $2.5m from Quercus Trust, 21Ventures and AquAgro Fund

21Ventures and Quercus Trust award grant to support solar research at Weizmann Institute

BioPetroClean raises funds from 21Ventures

TechnoSpin Wind raises $8m from 21Ventures