General Motors has announced a new project aimed at sourcing and encouraging new automotive technologies. The company has set up a venture capital subsidiary under the General Motors Ventures, LLC banner, and it plans to use its new arm to bring a slew of new tech to market. What kind of goodies are we talking about? We honestly have no idea, but it's clear the General is interested in everything from fuel-saving engineering to new infotainment gear.
A group of equity investors led by HSBC have expressed a big vote of confidence in the electric vehicle infrastructure concept being proposed by Better Place with a new $350 million funding round. The investment, which values the company at $1.25 billion, is expected to close by the end of March and includes $125 million from HSBC for a ten percent stake in Better Place. Better Place still plans to deploy nationwide networks of charging points and battery exchange stations in Israel and Denmark
Even in a down economy, millions of dollars are flowing into start-up companies working on advanced batteries for plug-in vehicles and methanol fuel cells. Three companies operating in the less-sexy side of the new automotive industry – Seeo, CFX and Oorja Protonics – have all raised millions for their operations.
One of the problems for some of the smaller teams that want to win part of the $10 million Automotive X Prize is that they might not have enough funds to get their cars into the streets for the competition. The X Prize team is looking out for them, though, and recently posted a notice about Startup Nation's 2009 Elevator Pitch Contest that is offering cash to the best ideas to come across the Intertubes. Even if you're not participating in the AXP, you can still submit a two-minute audio or vide
That Chrysler continues to struggle isn't exactly news. As a whole, the auto industry is tanking and cars just aren't moving off dealer lots. Chrysler initially responded by offering buyouts to its entire workforce, and 25% off all its salaried workers took the company up on the offer. Earlier this week, we learned that the ailing Auburn Hills empire will get cozy with Italian automaker Fiat. What we haven't heard as much about, however, is the health of Chrysler's parent company, Cerberus Capit
Fisker Automotive has been quiet for the past two months since the announcement that the cars would be built in Finland by Valmet. As we know, mass producing cars is an enormously expensive proposition which means any company that wants to get into the business has to raise some serious cash. With that in mind Fisker has just completed its third major fundraising round. The biggest chunk of the new $65 million investment is coming from the Qatar Investment Authority with extra funds coming from
Last week Phoenix Motorcars revealed that they are delaying production of their sport utility truck until at least the early part of 2008. One of the reasons mentioned for the delay was due to finalizing their financing package. Apparently they have been trying to raise some venture capital funding. There were some reports that they had a deal for a $15 million investment from Kleiner Perkins Caufield & Byers, Virgin Fuels and AES Corporation.
For established businesses, when they want to expand they often go where the money is. In the venture capital business, the investors go where they think the money is going to be sometime in the future. Most people became aware of VCs in the nineties when they started pouring billions of dollars into internet startup companies in the hope that some of them would succeed and give them huge returns on their investments. Most of these companies failed but some made it huge, like Amazon, Google, Yah
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