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Al Yousuf Invests in Phoenix Motorcars
5 December 2007
Al Yousuf, LLC, the Dubai-based investor that recently put $40 million into lithium-ion battery maker Altair Nanotechnologies (earlier post), has also invested in Phoenix Motorcars. Phoenix is developing and manufacturing all-electric vehicles powered by Altair battery packs.
The deal provides Phoenix with critical operating capital in anticipation of a Series A private placement.
We are pleased to have such a strong investor as Al Yousuf join us. This financing allows our team to move toward production of our all-electric sport utility truck by providing the funds to build out our production facility.
—Daniel J. Elliott, President and CEO of Phoenix Motorcars
Altair Nanotechnologies Inc. owns 16.6% of Phoenix Motorcars, following the execution of a multi-year purchase and supply agreement with exclusivity clauses earlier this year. (Earlier post.)
Al Yousuf also recently invested $5 million in electric vehicle company ZAP.
(A hat-tip to Richard!)
December 5, 2007 in Brief | Permalink | Comments (3) | TrackBack (0)
Comments
Posted by: Neil | December 05, 2007 at 02:10 PM
Or is he a investor who will control the outcome of this technology so that it will never see market. A Dubai company with potential interests to maintain oil as the source for transportation energy would concern me?
Posted by: Skeptic | December 25, 2007 at 08:17 PM
Al Yousuf has been very succesfull in the green-tech space in western countries, much more so than his ill-named brother, Gofook Yousuf.
Posted by: Norton Osreda | April 21, 2008 at 08:33 PM
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I'm guessing that the man (Al Yousuf) is no dummy. He can see the decline of petroleum and is jumping on the next wave.