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04/28/2009 09:06 AM
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Israeli Startup Raises $12M for EV Technology
SustainableBusiness.com News
ETV Motors Ltd. (ETVM), an Israeli start-up developing electric vehicle propulsion technology, announced a $12 million Series A investment round.
The round was led by The Quercus Trust of Newport Beach, California. New York-based 21Ventures LLC co-invested.
ETVM said the investment will enable it to move rapidly ahead with a multi-year research and development program in which it is partnering with universities and development organizations.
Founded in 2008, ETVM is developing enabling technologies for hybrid range-extended electric vehicles (REEVs). The company’s activity is focused on a novel, dual-power micro-turbine and a proprietary high voltage lithium-ion battery.
"We believe that REEVs are the optimal approach," said Dror Ben David, chief executive of ETVM. "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."
Website: http://www.ETVMotors.com
