The Biofuel Infrastructure Partnership will provide grant funding to 21 states to help improve consumers' access to renewable fuels. Tom Vilsack, Secretary of the US Department of Agriculture announced the funding, which will help retailers purchase and install the equipment necessary to dispense fuels like E85 and other higher ethanol blends. Groups such as the American Coalition for Ethanol, Growth Energy, Prime the Pump, and the Renewable Fuels Association came forward to applaud the announcement. "This assistance in building out retail infrastructure is not only good for the American farmer but it is also great for the American motorist who will now have more opportunities to buy higher octane fuel at a lower cost," says Prime the Pump Chairman Ray Defenbaugh. Read more from Domestic Fuel.

Volkswagen has reduced resource consumption of its vehicle production by 24.3 percent since 2011. As part of its "Think Blue. Factory." program, the automaker has implemented a series of environmental efforts (a number VW puts at 3,400 measures) at its factories worldwide. Examples include optimizing shut-down schedules, reducing solvent emissions, energy recovery programs, and recycling paper, plastic, and water. Read more at Green Car Congress.

BAIC has opened an electric vehicle research and development center in California's Silicon Valley. The Chinese automaker's first overseas R&D facility, it opened under BAIC's subsidiary, Beijing Electric Vehicle Co. (BJEV), and is affiliated with the Beijing New Engineering Research Institute. The center will be responsible for the research and development of three to four new models per year, as BJEV intends to bring a complete lineup of EVs to market. BJEV also plans to open an R&D center in Europe. Read more at Green Car Congress or from BAIC.

Co-CEO of Zap and CEO of Jonway Autos, Wang "Alex" Gang is providing $10 million in funding to the two companies in order to meet electric minivan orders. Zap/Jonway have taken down payments from Dongfeng to supply 11,000 of the EVs by the Chinese New Year (February 8) of 2016. The equity investment from Wang allows Zap/Jonway to ramp up production to meet this deadline, with a target of 1,000 EVs per month by year's end. Read more in the press release below.

Show full PR text
CEO Funds $10 million To Support ZAP and Jonway Auto in Delivering 11,000 EV minivan Orders

SANTA ROSA, Calif., Sept. 11, 2015 /PRNewswire/ -- ZAP (ZAAP: OTC) – Wang Gang (Alex), the Co-CEO of ZAP and CEO of Jonway Auto funds ZAP and Jonway Auto to provide additional working capital to meet current Electrical Vehicle (EV) orders in the pipeline. There is urgency to deliver the orders placed by Dong Feng Motor Corporation (www.dfmc.com.cn), working through their partners, Shi Kong based in Hangzhou, Zhejiang Province for 5,000 of Jonway Auto's EV minivans and 6,000 orders of Jonway Auto's EV minivans from Holley Metering (http://holleymeter.en.made-in-china.com). These orders were placed last quarter with down payments for initial deliveries expected in this quarter, with expectations to complete all of the deliveries before Chinese New Year early 2016. Due to the increase need in working capital from the large EV orders, ZAP and Jonway Auto have been seeking the funds to support the working capital to fulfill these orders.

Wang Gang (Alex), seeing the time urgency expressed by the purchasers, recently rounded up funding for US$8.5 million for Jonway Auto and plans to fund an additional US$1.5 million specifically to enhance the working capital for the delivery of these orders as well as recent orders placed by new dealers with Jonway Auto for its SUVs. This funding from Wang comes in as equity investment into ZAP, and partly repays the loans that ZAP has with Jonway Auto from the funding made here, and the balance will remain as long term loans that Jonway Auto borrowed from ZAP to support the working capital funds to meet the delivery of these EV orders.

The funding will provide the working capital to support of one month turnover in production of about 500 EVs of minivans or SUVs initially. However, the objective is to be able to increase the turnover rate in the next few months and be able to bring this number to target production for 1000 EVs per month before the end of the year. ZAP and Jonway Auto continues to seek working capital to fund the volume orders with the objective of being able to deliver several thousand orders by the end of the year.

Jonway Auto's lithium battery EV minivan which targets China's city logistic delivery market is especially in demand for city deliveries in dense cities, where daily range is no more than 200km in stop and go traffic. ZAP and Jonway Auto's EV minivan is one of the first China type approved EV delivery vans priced competitively at just over US$20,000. With the central and major city governments' rebates, which will remain in place, albeit tapered down over time through 2020, these EV lithium battery delivery minivans are popular for small industries and competes well with the price of gasoline versions of the same type of vehicles.

Wang's injection of capital to support the manufacturing production as well as on-going funding from Cathaya Management, a management company affiliated with Cathaya Capital, to support critical operational expenses of ZAP and Jonway Auto, the two largest shareholders of ZAP and Jonway Auto are providing much needed financial support to meet the large EV fleet market opportunities in China.


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
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X