Mindset electric car - Click above for a high-res image gallery

The last time we heard from Spirit Avert, the team behind the mindset electric car, the group was said to be investigating the best way to procure adequate funding to produce an initial run of vehicles. At the time, we didn't know how much financing would be required. Now, we do. According to Spirit's latest press release, which is pasted after the break, a total of $152 million needs to be raised "in order to achieve highly profitable mass production of a series of 10,000 electric vehicles."

Mindset's electric car was designed by Murat Günak, who previously worked as a designer with stints at Mercedes-Benz, Peugeot and Volkswagen, and it bears a mild resemblance to the classic VW-powered Karmann Ghia. A 94-horsepower electric motor can reportedly power the vehicle to 60 miles per hour in about seven seconds and on up to a top speed of 87 mph. Range in all-electric mode is 62 miles, after which a single-cylinder internal combustion engine kicks in to keep the fun rolling for another 500 miles or so. Thanks for the tip, Siggy!

[Source: Spirit Avert AG via Drive Solar]


Price fluctuations of the Spirt Avert AG bearer shares over the last few days

It is extremely important to the company to treat all shareholders equally. The press release dated 30 April 2009 (2008 annual result) was published on the background that factors potentially relevant to prices, such as

- ­the granting of subsidies by the Federal State of Saxony-Anhalt,
- the SAP project "green fleet" in collaboration with mindset ag and
­- the mandate of the Bank Sal. Oppenheim for the planned capital
increase of Spirt Avert AG

should be communicated transparently, understandably and correctly.

As part of the roadshow for institutional European investors and in the context of private placement, an "Information Memorandum" is being discussed which will be handed out to interested, qualified investors who sign a non disclosure agreement. This document was prepared in collaboration with Deloitte AG. The core message focuses on fully financing the mindset project in order to achieve highly profitable mass production of a series of 10,000 electric vehicles. It also contains various key figures and parameters that should be made accessible to all shareholders and potential investors:

­- The capital requirement of mindset ag, which is wholly controlled by
Spirt Avert AG, is CHF 166 million.
­- Financing is to take place by means of two capital increases.
­- The planned issue price per bearer share will be CHF 37.00.
­- Subscription rights for original shareholders shall be excluded.
­- In the first step, Spirt Avert can place up to 1'795'881 authorised
bearer shares.

Further details will be reported at the ordinary general meeting on 3 June 2009. Until the financing stage is complete, the company's executive bodies continue to regard the mindset project essentially as a high-risk project. Subject to the consent of the shareholders, Spirt Avert AG will be renamed as mindset holding ag on 3 June.

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