Current Motor Company, a Michigan-based electric scooter startup, recently added automotive guru Bob Lutz (so much for retiring) to its leadership team. Lutz, who previously served as General Motors' vice chairman of product development, has been appointed to chair Current Motor's Advisory Council. In addition, Lutz was one of the first to invest in Current Motor's ongoing "Series A" round of financing.
Even though he's had his run ins with the green movement, Lutz has championed alternative energy vehicles and is credited with playing a key role in GM to greenlight the Chevrolet Volt. Regarding his decision to join Current Motors, Lutz remarked:
[Source: Current Motor Company]
PRESS RELEASE
Bob Lutz Joins Michigan Scooter Maker
ANN ARBOR, MICH. – JANUARY 6, 2011 -- Current Motor Company, a Michigan-based start-up that has developed a revolutionary electric motor scooter, recently added Bob Lutz and Lauren Flanagan to its leadership team. Lutz, who was previously General Motors' vice chairman of product development, will chair Current Motor's Advisory Council. Flanagan, a Business Week "Top 25 Angels in Tech" investor, will chair Current Motor's Board of Directors.
Lutz and Flanagan were the first investors in Current Motor's $1.5 million "Series A" round of financing, currently in progress. The Michigan Pre-Seed Capital Fund has invested $250,000 in the round.
Lutz, who was the only top executive to serve at all three domestic automotive companies, was a champion of alternative energy vehicles while at General Motors. "I've dedicated my career to bringing electric vehicles to the mainstream," Lutz said. "Investing in Current Motor affords the opportunity to work with an exciting start-up that has a great product with significant potential to influence consumer transportation. The Current Motor line of electric motor scooters show tremendous promise and are fun to ride."
Flanagan has over 25 years founding and operating platform and consumer software companies, mostly working with start-ups in the California Bay Area. She brings national early stage investing and board governance expertise to her new role at Current Motor.
"Current Motor's customer focus on creating best value and best service positions the company to be one of the big winners in the electric motor scooter category," Flanagan said. "I'm pleased to invest in such top engineering talent and, as chair of the Board, will work to strengthen the company's position and help power its strategic growth. Growing Current Motor and creating jobs in Michigan are among my top priorities."
Lutz and Flanagan join a founding team of outstanding engineering talent, including:
* Current Motor's co-founder & vice president of product development, John Harding, has deep software development expertise through his previous work with Thomson Reuters, and powertain electronics expertise developed at Ford Motor Company. He began selling electric motor scooters in 2007.
* Current Motor co-founder & chief engineer, Erik Kauppi, has deep domain expertise in automotive engineering developed at Corsa Instruments and Ford Motor Company.
* Peter Scott, Current Motor's president & head of business development, has over 20 years engineering and startup experience developed at General Electric and Electrojet.
* Terry Richards, Current Motor's manager of electric vehicle technology, has 30 years experience pioneering electric vehicles, including Chrysler's first electric minivan, Volkswagen's Rabbit EVs, and Tata Motors.
* Chris Deyer, Current Motor's manufacturing manager, brings production system expertise developed at Continental Automotive Systems.
ABOUT CURRENT MOTOR COMPANY
Founded by engineers tired of expensive electric vehicles (EV), Current Motor Company fills the unmet need for practical, affordable, zero-emission electric vehicles. Current Motor develops and manufactures all-electric motor scooters in Ann Arbor, Mich. The company's EVs use no gas, produce no emissions and create no maintenance hassles. The bikes offer speeds up to 70 MPH and a range of up to 50 miles. They charge from a standard 110V household outlet in four to six hours. Current Motor produces electric motor scooters designed to offer better performance at a better price than current market standard EVs. For more information, visit www.currentmotor.com.
Even though he's had his run ins with the green movement, Lutz has championed alternative energy vehicles and is credited with playing a key role in GM to greenlight the Chevrolet Volt. Regarding his decision to join Current Motors, Lutz remarked:
Current Motor's lineup of its so-called "revolutionary electric scooters" include the Economy (C124E), Standard (C124) and Deluxe (C130) models. The basic Economy model, which retails for $5,999, can hit speeds of 55 miles per hour and travel 30 miles on a full charge. The top-o-the-line Deluxe version, which costs $7,499 boasts a 65-plus mph top speed and over 50 miles of scooting range.I've dedicated my career to bringing electric vehicles to the mainstream. Investing in Current Motor affords the opportunity to work with an exciting start-up that has a great product with significant potential to influence consumer transportation. The Current Motor line of electric motor scooters show tremendous promise and are fun to ride.
[Source: Current Motor Company]
PRESS RELEASE
Bob Lutz Joins Michigan Scooter Maker
ANN ARBOR, MICH. – JANUARY 6, 2011 -- Current Motor Company, a Michigan-based start-up that has developed a revolutionary electric motor scooter, recently added Bob Lutz and Lauren Flanagan to its leadership team. Lutz, who was previously General Motors' vice chairman of product development, will chair Current Motor's Advisory Council. Flanagan, a Business Week "Top 25 Angels in Tech" investor, will chair Current Motor's Board of Directors.
Lutz and Flanagan were the first investors in Current Motor's $1.5 million "Series A" round of financing, currently in progress. The Michigan Pre-Seed Capital Fund has invested $250,000 in the round.
Lutz, who was the only top executive to serve at all three domestic automotive companies, was a champion of alternative energy vehicles while at General Motors. "I've dedicated my career to bringing electric vehicles to the mainstream," Lutz said. "Investing in Current Motor affords the opportunity to work with an exciting start-up that has a great product with significant potential to influence consumer transportation. The Current Motor line of electric motor scooters show tremendous promise and are fun to ride."
Flanagan has over 25 years founding and operating platform and consumer software companies, mostly working with start-ups in the California Bay Area. She brings national early stage investing and board governance expertise to her new role at Current Motor.
"Current Motor's customer focus on creating best value and best service positions the company to be one of the big winners in the electric motor scooter category," Flanagan said. "I'm pleased to invest in such top engineering talent and, as chair of the Board, will work to strengthen the company's position and help power its strategic growth. Growing Current Motor and creating jobs in Michigan are among my top priorities."
Lutz and Flanagan join a founding team of outstanding engineering talent, including:
* Current Motor's co-founder & vice president of product development, John Harding, has deep software development expertise through his previous work with Thomson Reuters, and powertain electronics expertise developed at Ford Motor Company. He began selling electric motor scooters in 2007.
* Current Motor co-founder & chief engineer, Erik Kauppi, has deep domain expertise in automotive engineering developed at Corsa Instruments and Ford Motor Company.
* Peter Scott, Current Motor's president & head of business development, has over 20 years engineering and startup experience developed at General Electric and Electrojet.
* Terry Richards, Current Motor's manager of electric vehicle technology, has 30 years experience pioneering electric vehicles, including Chrysler's first electric minivan, Volkswagen's Rabbit EVs, and Tata Motors.
* Chris Deyer, Current Motor's manufacturing manager, brings production system expertise developed at Continental Automotive Systems.
ABOUT CURRENT MOTOR COMPANY
Founded by engineers tired of expensive electric vehicles (EV), Current Motor Company fills the unmet need for practical, affordable, zero-emission electric vehicles. Current Motor develops and manufactures all-electric motor scooters in Ann Arbor, Mich. The company's EVs use no gas, produce no emissions and create no maintenance hassles. The bikes offer speeds up to 70 MPH and a range of up to 50 miles. They charge from a standard 110V household outlet in four to six hours. Current Motor produces electric motor scooters designed to offer better performance at a better price than current market standard EVs. For more information, visit www.currentmotor.com.
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