A registered team in the Automotive X Prize, Myers Motors has long been working on its single-seat NmG (pictured) and a much-more secret two-person NmG2 vehicle. The company's efforts just got a financial push thanks to a quarter-million dollar investment from JumpStart Ventures investment. JumpStart's press release announcing the investment (available after the jump) highlights the work that Myers Motors did to its battery management system that was able to, with the addition of li-ion batteries, double the car's range from 30 to 60 miles. Myers plans on using the JumpStart money to continue development of the NmG2. JumpStart's Mark Smith said in a statement that the NmG2, "will provide Myers Motors with a significant competitive advantage in this quickly emerging market." The vehicle was supposed to be revealed in Spring 2009, so that gives us another week.
For more on the NmG, see our in-depth report from 2006.
[Source: JumpStart, Inc.]
Electric Vehicle Company Myers Motors Receives JumpStart Ventures Investment
Jun 16, 2009 00:01 ET
CLEVELAND, June 16 /PRNewswire/ -- JumpStart Inc., the Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, announces a JumpStart Ventures investment commitment of $250,000 in Myers Motors LLC, a Tallmadge, OH company manufacturing electric vehicles. The company's vehicle, which is classified as a motorcycle according to the Department of Transportation because of its three wheels, is an all-electric vehicle that is charged using the same alternating current (AC) available in household outlets. Known as the NmG ("No more Gas"), the single passenger vehicle is qualified for highway travel, reaches speeds of up to 75 miles per hour, and runs 60 miles on one charge. The NmG would meet the needs of the 80 percent of Americans who commute to and from work alone, and accommodate nearly half of Americans' travel needs beyond work, which include errands and other day-to-day activities done solo as well.
Myers Motors was formed in 2004 by CEO Dana Myers, when he purchased the assets of a California-based motors company. Over the past few years, Myers has been collaborating with the University of Akron to further develop the battery technology and battery management system (BMS) used to power the vehicle. Myers Motors is enhancing its BMS to be more efficient and cheaper than systems used in other electric vehicles. Since working on the technology, the company has already doubled the travel range of the vehicle per charge, from 30 to 60 miles.
The company plans on using JumpStart's investment to build out their two-seat prototype vehicle and develop their intellectual property strategy.
JumpStart Venture Partner Mark Smith will be working with the company and is excited about its position in the market. "There is a race underway to create cost competitive all-electric vehicles and the Myers Motors team has an incredible head start," said Smith. "Not only did they inherit a legacy of market knowledge and design from the predecessor company, they are already producing and selling vehicles. And the two-passenger vehicle (called NmG2) currently under development will provide Myers Motors with a significant competitive advantage in this quickly emerging market."
"Our battery system is the next step toward realizing the dream of electric vehicles: inexpensive travel that avoids the geo-political and environmental ravages inherent in America's dependence upon oil for its transportation needs," said CEO Myers.
This is JumpStart Ventures' 50th investment in its 39th company. Other cleantech companies in JumpStart's portfolio include Aria Analytics, Logos Energy, MAR Systems, MesoCoat, reXorce Thermionics, RSP Tooling, Stanton Advanced Ceramics, and Wireless Environment.
About Myers Motors LLC
Myers Motors (www.myersmotors.com) develops, manufactures, and sells the most affordable all-electric vehicle in America today. Its single passenger vehicle, the NmG ("No more Gas"), is able to meet the needs of the 70 million daily commuters who travel under 50 miles per outing on a single charge. Able to reach highway speeds of up to 75 miles per hour, the NmG uses one-quarter the energy of existing hybrids, recharges with a standard 110 volt household outlet, costs users approximately two cents per mile, and is fun to drive. Myers Motors' is currently developing the NmG2, a two-passenger vehicle.
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) is a nationally recognized venture development organization that accelerates the progress of high potential, early-stage businesses and includes a special focus on diverse entrepreneurs working in the highest growth industries. Through the depth of its entrepreneurial team and the breadth of its high value resources, JumpStart improves client success in achieving significant milestones, including raising the follow-on capital necessary to create wealth. JumpStart strives to create a more prosperous future for Northeast Ohio. As part of its robust public/private partnership model, JumpStart recognizes the integral support of Ohio's Third Frontier Project, the state's largest-ever commitment to expanding Ohio's high tech research, innovation, commercialization, and company formation activities, which are increasing opportunities for all Ohioans.