Start-up Places $79-Million Order for ZAP Electric Vehicles
21 April 2007
A Chicago-based start-up, The Electric Vehicle Company, has placed a $79-million order with ZAP for its electric cars, trucks and other vehicles.
The Electric Vehicle Company (EVC) was founded with the goal of promoting economical non-polluting electric transportation. EVC is being funded by two hedge funds, Diversified Equity Funding, L.P. and Diversified Strategies Fund, LLC, which both have an investment interest in ZAP. EVC will focus on sales of electric vehicles to municipalities, distributors, university campuses, auto and recreational dealers, foreign countries and the military.
Additionally, the company has the goal of developing the first retail chain committed to the sale of all-electric vehicles. The two funds have committed the funding necessary to develop the marketing organization. The hedge funds will also provide financing for the purchase of ZAP vehicles by fleets and municipalities.
ZAP CEO Steve Schneider noted that EVC would receive an 8% discount if orders were filled within the next 12 months. The order is subject to meeting the performance criteria of EVC and certain terms of ZAP.
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