Venture Vehicles gets $6 Million to Produce 100mpg Car

Unternehmen und Markt

ventureone_carver_red(Source: VV) August 21, 2007, Los Angeles, Calif. - Venture Vehicles Inc., a Los Angeles-based vehicle company, is pleased to announce the closing of its $6 million Series A financing from NGEN Partners. As a result of the financing, NGEN members Steve Parry and Robert Koch will join CEO Howard Levine and co-founder Ian Bruce on the board of directors.

Venture Vehicles holds the exclusive North American license to the patented three-wheel tilt steering technology developed in Europe by Carver Engineering. This steering technology produces a driving experience unlike any other vehicle. It is often described by vehicle owners as similar to flying or surfing, with the vehicle banking into corners and producing an exciting, yet incredibly stable ride.


Utilizing this unique tilt technology, Venture Vehicles will redesign the vehicle, replacing its gasoline engine with both electric powered and hybrid versions that are targeted to achieve 100 mpg and 100 mph. The Carver is fully certified in Europe today and has received widespread accolades from the European automotive press.

The company’s first vehicles, planned for launch in 2009, are being developed with a world class team of strategic partners including Swift Engineering, Cal Motors and Automotive Marketing Consultants Inc. (AMCI). Swift Engineering is the pre-eminent designer of racing platforms with specific experience in three-wheel vehicle development, and Cal Motors is an industry leader in electric vehicle drive trains. AMCI is one of the foremost automotive consulting and marketing firms in the country specializing in consumer drive events, dealer education, vehicle testing and OEM employee motivation.

According to Mr. Bruce, “This extraordinary combination of steering and power train technologies creates a vehicle that is ultra efficient, safe and exhilarating to drive. Based on very strong customer interest even before launch, we believe this revolutionary vehicle will attract the attention of environmentally-conscious buyers, driving enthusiasts, and commuters seeking an economical solution to today’s ever increasing gasoline prices.”

“We think the Venture Vehicles team, combined with this unique and innovative technology from Carver will provide a solution that will enable the proliferation of cost effective electric power vehicles that consumers will want to buy,” says NGEN’s Steve Parry. “The vehicle’s lighter weight allows conventional battery technology to power the vehicle over distances and at speeds that fit the real-world needs of the consumer. But without question, it is the absolutely extraordinary nature of the driving experience that ultimately will sell the product. There is simply nothing like it on the road, as we learned from Carver owners in Europe.”

About Venture Vehicles:
Headquartered in Los Angeles, Venture Vehicles is dedicated to changing the world of personal transportation by creating a revolutionary new class of vehicles that is ultra-clean, efficient, safe, affordable and exhilarating to drive. To learn more, please visit www.flytheroad.com.

About NGEN Partners:
NGEN Partners, LLC is an established leader in venture investing in cleantech and other technologies enabled by materials science. NGEN invests in businesses that have differentiated and protected technology, validated large markets, customer visibility, and exceptional management teams. By investing in post-prototype, early and mid-stage rounds, NGEN adds significant value to its portfolio companies, typically as the lead investor.


Image: Venture Vehicles


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