There must be a market out there for quarter-million-dollar all-electric Range Rovers, right?

Green Automotive Co., which makes all-electric buses, will acquire U.K.-based Land Rover-conversion company Liberty Electric Cars for about $17 million in stock.

GAC agreed to buy Liberty Electric for 39.2 million shares of its stock, which as of the day before the agreement was announced was trading on the Pink Sheets at 43 cents a share.

GAC will get a company that's been working on its plan to sell electric-vehicle conversions of high-end SUVs for at least four years. Liberty in 2008 said it would invest £30 million ($46.5 million) on converting Land Rovers, Range Rovers and other larger SUVs into electric vehicles, and would sell them for between £95,000 ($147,000) and £125,000 ($194,000). The company said at the time that the vehicles would have single-charge ranges of about 200 miles.

Two years later, Liberty announced the debut of the all-electric E-Range, a converted Range Rover that had that 200-mile single-charge range as well as four-wheel-drive capability and a 100 mile-per-hour top speed. By then, the price tag had jumped to £160,000 ($248,000).

And last March, Iceland-based EV maker Northern Lights said it would buy 150 Liberty Electric vehicles as part of a four-year contract valued at about £24 million ($37 million).

GAC says Liberty has agreements with companies such as Volkswagen and Fiat for more all-electric conversions.
Show full PR text
Green Automotive Signs Agreement to Acquire Liberty Electric Cars
NEWPORT BEACH, Calif., June 29, 2012 (GLOBE NEWSWIRE) -- Green Automotive Company (OTC:GACR) announced today that it has signed an agreement to acquire Liberty Electric Cars Limited (www.liberty-ecars.com). Liberty Electric Cars is a state-of-the-art vehicle design, engineering and manufacturing company, driving innovation in the use of leading edge zero and low emission technologies to satisfy growing demand for environmentally friendly transport solutions around the world. Liberty also provides a unique after sales program for electric vehicles across Europe, maximizing the life-time value of clean transport solutions.

Green Automotive will purchase all of the issued and outstanding stock of Liberty Electric Cars Ltd. and its subsidiary LEC 2, Limited, in exchange for 39,172,178 shares of Green Automotive Company common stock.

Liberty, through its E-Tech division, is involved in a number of advanced research programs for developing next generation EV solutions, many in partnership with Tier 1 automotive manufacturers. These include the prestigious "Deliver" project where Liberty is working together with Volkswagen, Fiat and Michelin to develop a pure electric commercial vehicle. In addition the "Motore" project in which Liberty is partnered with Cranfield University, Rolls Royce Electric Machines and Protean aims to develop a "rare earth" free electric motor technology. Moreover Liberty's engineers have invented, IP-protected, innovative electric vehicle (EV) drive train technologies, that can be employed in a wide variety of vehicle platforms (trucks, buses, 4x4, SUV, MPV and pickup trucks) as reveled in its flagship technology demonstrator, the Liberty E-Range – the worlds first, pure electric, luxury 4x4.

"Liberty's technically rich team and their focus on larger platforms from 4x4 through to commercial vehicles is completely consistent with the our business objectives and direction" said Fred Luke, President of Green Automotive. "I believe that producing dependable small to mid-size electric buses is an emerging market of mammoth proportions and there is no doubt that Liberty's technical team gives us a big advantage."

Liberty, through its E-Care division, has pioneered the creation of after sales support for Electric Vehicles, by providing the most comprehensive maintenance program throughout Europe for electric trucks and cars. This E-Care service delivers properly trained, highly skilled engineers equipped with new and unique diagnostic tools; experience in safe intervention for high voltage systems and access to the right parts to affect quality repairs. Liberty's E-Care clients include UPS, FedEx, Navistar, Veolia, Tesco and many more.

About Green Automotive Company: Green Automotive Company is a US public company involved in the Conversion, Import and Distribution of Eco-friendly vehicles. The Company is presently planning to bring All-Electric and other Eco-friendly vehicles into the United States market through a combination of converting piston engine vehicles and importing existing EV's. The Company is currently involved in assessing a number of All-Electric and alternate fuel vehicles including an All-Electric Intra-City and Municipal Mass Transit Bus and School Bus, for introduction to the US market. The Company maintains its Corporate Office in Newport Beach, California. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information visit www.usaelectricauto.com or write to info@usaelectricauto.com.

About Liberty Electric Cars Limited: Liberty Electric Cars Limited was incorporated on November 10, 2006 in England and Wales. Liberty Electric Cars Limited currently designs, develops, manufacturers and markets electric vehicle technologies for use in its own converted vehicles and for sale to OEM's for incorporation into their production. It provides a full aftermarket program to electric vehicle users to ensure the longevity of their vehicles and has partnership arrangements in other European countries. The Liberty team, can count on over 200 man years of experience in the Automotive industry and specifically 70 plus man years in the EV sector covering some 2,500,000 miles

Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Green Automotive Company incorporates by reference its disclosure and financial statements posted on www.otcmarkets.com, and does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

CONTACT: First Market Services, Inc.
Peter Sherman
Info@firstmarketservices.com
US Toll Free: 877.843.4081
International: +702.987.6161
Direct: +214.556.6302
Fax: +214.276.1675 info@firstmarketservices.com


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 17 Comments
      Breconeer
      • 3 Years Ago
      If I recall correctly, Barry Shrier is also the guy whose Liberty Cars cheekily boasted a bid to buy Smith Electric Vehicles from Tanfield Group "to save it from US ownership". But Tanfield had already done a deal to sell its Smith division to Smith's US offshoot - so there was no danger of Crier's bid being taken seriously, and many of us viewed it as no more than a publicity stunt. Interesting that he too is now selling out to a US company. About a week ago, local TV news cameras visited what used to Modec's premises (now Liberty) in Coventry, UK, showing Liberty's electric cars alongside a (now rebadged) Modec van.
        Marcopolo
        • 3 Years Ago
        @Breconeer
        Breconeer You have an odd sense of recall ! Barry Shrier, complained about the lack of UK support to retain Modec and Smith Electric Vehicles in the UK. Shrier was at that time backed by the Allied group with serious money. The position for any UK EV producer, is difficult and although Liberty is a profitable company, liberty is servicing a serious amount of debt. Debt that would not be easily turned to equity. The Green Automotive Company has agreed to absorb that debt leaving the shareholders with a $17 million return on a seven year investment. Barry Shrier retains the ownership of his patents and inventions. I guess, like me, he figures there are new pastures to conquer!
      Dan Frederiksen
      • 3 Years Ago
      mistaaaaaake so much money being wasted on foolish efforts. if you make an electric car without regard for cost effectiveness then it's doomed to fail. a 3 ton box car is hardly ideal for conversion and that is reflected in the price they end up with. I think I could have done better with 30 million pounds
        Marco Polo
        • 3 Years Ago
        @Dan Frederiksen
        @ Dan Frederiksen Why do you spout such rubbish ! Liberty Electric cars is a profitable business selling EV vehicles for some years. From being the prototype of all SUV's, the Range Rover has become, probably, the best on road/off road SUV 4WD, in the world. (and Toyota takes some beating !) . Although the early models suffered from the build quality problems of the Leyland years, in recent times, RR quality is second to none. The LEVRR, is a brilliantly reliable, zero emission vehicle. Although expensive, it combines long EV range with serious 4WD capacity. It can carry 5 passengers, 600 lb of luggage, and tow a double Horse float for nearly 160 miles (including off road) before recharging. For those people who have a rural use for an SUV, with real off road capacity, this is the perfect vehicle. For Green Automotive Co., the acquisition of an already operating EV maker with solid forward orders, at a premium of only $17 million in stock, it's a once in a lifetime deal.
          Dan Frederiksen
          • 3 Years Ago
          @Marco Polo
          how much did you pay for it? have you had any financial interest in the company?
          Marco Polo
          • 3 Years Ago
          @Marco Polo
          Dan Frederiksen @ Dan, I have no financial interest in Liberty Electric Cars. (nor Green Automotive Co) I had a financial interest in the Tanfield Group, (Smith EV ) but, I sold my investment. Depending on what you order with the LEVRR, you should expect to pay in excess of $ 235,000. I agree with you that it's an expensive car, but set against other luxury models, not all that expensive. (one must pay, for one's convictions ! :). @ Anne, I can only tell you of my experience. I'm not sure who would be an independent horse towing authority. ( Perhaps from the horse's mouth ? :) . But the LEVRR has had many motoring reviews, all very positive. The testing by Northern Lights Energy in Norway and Iceland was very extensive and received accolades of praise from those independent experts, who promptly recommended Northern lights order 150 ! But, as I said to Dave Mart, Coventry isn't far from Amsterdam, you can visit Liberty EV and test drive an LEVRR for yourself. The Liberty engineers will explain why this is such a superior EV.
          Anne
          • 3 Years Ago
          @Marco Polo
          "tow a double Horse float for nearly 160 miles (including off road)" I find that exceptionally hard to believe. For such a heavy, un-aerodynamic vehicle and then +trailer +offroad driving? Do you have independent verification of that? The sales brochure mentions an all-electric range of 200 miles, which must be the number based on the notoriously optimistic NEDC. This site states it as having a 75 kWh battery: http://www.carbuzz.com/news/2011/4/2/Liberty-Electric-Cars-Scores-Big-Deal-in-Scandinavia-7702828/ I think I'll stick to my credo: if something sounds too good to be true, then it probably isn't true
          Marcopolo
          • 3 Years Ago
          @Marco Polo
          @ DF, Horses are not a stupid as you making an Ass of yourself ! This is the sort of ill-mannered and offensive outburst that makes every one detest you. I don't I just feel sorry for you, all that envy and hatred must be hard to contain. Go back to your dinky toys !
          Marco Polo
          • 3 Years Ago
          @Marco Polo
          @ Dan Frederiksen Yes, I use the LEVRR to transport horses regularly. I use a double show float (Two horses + fodder and gear) weighing over two tonnes. The horses themselves vary in weight between 400 & 550 kg. The LEVRR is capable of a range in excess 200 miles, but with the extra weight the maximum, is about 30% less depending on the amount of off-road driving. My main use is traveling from London to my family home in the home counties and surrounding country side, so a range of 200 miles is more than adequate. In the country, I charge the LEVRR from a bio-mass generator. In three years, the LEVRR has proved to be reliable, economical and environmental. (Oh, and a delight to drive) Even you would have to admit it's an exceedingly green vehicle ! As for Liberty Electric vehicles profitability that can be easily accessed by contacting, gwww.companieshouse.gov.uk/contact/contactUs.shtml The Liberty website will give you details of the 150 order by Iceland and all sorts of other stuff.
          Dan Frederiksen
          • 3 Years Ago
          @Marco Polo
          You'll excuse me if I don't take your word for it. can you provide a link to the claim of profitability? and how many have they sold? have you actually tested the horsetrailer range? with what size horses in it?
          Dan Frederiksen
          • 3 Years Ago
          @Marco Polo
          you pay for your erroneous convictions. I don't have to test drive it to know, and the only review that counts is my observations. which obviously isn't favorable despite you claiming all reviews are universally positive. I find it hard to believe everyone just accepted the moronic price. there is nothing the liberty clowns could say to justify the "car". it's a 3 ton box car. it's as stupid as an EV can be. within 'reason'. I'm sure someone will prove me wrong at some point, Jack Rickard is making a valiant try with an electric Escalade. he's in many ways like you, clueless irate right wing philosophies and filthy rich that allows him to be clueless about financial viability of EVs. let's make a 3.½ton EV that costs 150k$ because that's the way to get widespread adoption of EVs. an EV range rover is pretty effing far from perfect my clueless friend. first of all stop wasting time on stupid horses unless your living is to sell overpriced horses to stupid arabs. and second don't be so stupid as to fall for the sick american mentality that one vehicle has to be able to do every conceivable thing like two 2 tons of nitwit horses or move a house. if you need to move horses, have special cost effective vehicles for that and drive an intelligent EV for your normal driving. the EV range rover is a moronic vehicle. it's as far from perfect as can be. it's for a very tiny market of clueless super wealthy sick puppies with warped values like you. and fortunately there aren't that many and Liberty EV will soon go away
          Marcopolo
          • 3 Years Ago
          @Marco Polo
          @ Dan Frederiksen Yes Dan, I have tested the LEVRR's range many times. The over the 2+ years, the LEVRR has proven to be a reliable, environmental, economical vehicle of the highest standard. The range unladen is a true 200 + miles. I have often taken 5 passengers, 600 lb of luggage and towed a 'Show ' double horse float (two horses + gear etc) The horse's ) vary in size 14-16 hands, but weigh an average of 1100 lb each. depending on the driver, and the terrain, the extra weight etc causes the LEVRR, to lose about 20-30% of it range capacity. You can easily access financial information concerning Liberty from www.companieshouse.gov.uk/ (or any good credit reporting service. In addition you can Look up the Liberty website for details of the sale of 150 LEVRR's to Iceland. Until the advent of the Tesla S, the LEVRR was easily the best EV available, in the world. It still is for what it does. It's expensive, but then it replaces a very expensive ICE. I charge by EV using a waste bio-mass generator, so even you must agree, it's 'green' !
        Nick
        • 3 Years Ago
        @Dan Frederiksen
        Tell that to Maco Polo, he has one.
          Dan Frederiksen
          • 3 Years Ago
          @Nick
          he bought one of these from liberty?
          Grendal
          • 3 Years Ago
          @Nick
          Maybe he was involved with the buyout... Marco has said he owns one of these Liberty RR's.
      Marco Polo
      • 3 Years Ago
      This may not be good news ! Liberty Electric Cars, and it's CEO Barry Shrier, is a very reputable UK company with excellent engineering and production skills. The quality of it's products are second to none, and employ cutting edge technology. Barry Shrier is a highly respected figure in the financial world, as well as being a much sought after speaker at such events as the 2012 World Electric Vehicle Summit . No one who attended that conference could have failed to be impressed and inspired by Barry Shrier. In his own way, Barry share's the same vision and achievements as Elon Musk. Liberty Electric Cars, was founded by Barry Shrier and although profitable, it's capacity to expand beyond a limited UK base, would require a great deal of capital. Raising capital in the US for EV ventures is not an easy task ! The departure of Smith Electric for the USA, the failure of Lord Jamie Borthick's, Modec EV vans, (taking down his entire family fortune of £41million), and the ignominious collapse of Vectrix Corp, costing UK investors nearly $1 billion dollars, leaves UK investors vary wary about EV technology, especially with the major OEM's releasing EV equipped models. In contrast, Green Automotive Co, is a more,....ah, colourful USA corporation. Green Automotive Co' ability seems more about raising money than actually producing EV's! Green Automotive's share price bounces around the 40 cent mark, but the company probably has a market capitalization in the vicinity of $120 million. Although shy about the engineering capabilities of it's directors and employees, Green Automotive's President and Treasurer, is a colourful character named alternatively, Fred Gordan Luke, or Fred Graves Luke. Mr Luke has an intriguing financial history, and is probably best described as a Texas/California style company promoter, with Las Vegas, Reno connections. (although, I may be doing the gentleman an injustice). Mr Luke is a graduate of San Jose University with a Bachelor of Arts degree. Prior to Fred G Luke, Green Automotive, specialized in a series of announcements claiming to have achieved breakthrough EV progress rivaling Tesla, but at more affordable prices ! These announcements were based on agencies for dubious PRC manufactures, and impressive publicity of JVC's being signed in various Chinese cities. Needless to say, none of the projects seemed to cause Elon Musk any grey hairs! (none of these super performance/ low priced EV's ever materialized ! ) With the arrival of Fred G Luke, Green Automotive Co seems to have began a more realistic policy of acquisitions and some activity has commenced to start selling EV products. Given the incompatibility of these two corporations, I doubt if the merger will prove to be a happy match! I would be happier to see Liberty Electric merge with a corporation like Polaris Industries Inc, whose business abilities and depth of industrial, engineering and commercial experience is of the high reputation.
      American Refugee
      • 3 Years Ago
      How is Zap and EEStor somehow not in on this golden opportunity?
    • Load More Comments
    Share This Photo X