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Spirit Avert AG Seeking to Raise ~ $150M to Fund Mindset E-Motion Extended Range EV Project

Spirit Avert AG is seeking to raise CHF166 million (US$152 million) in financing to serve as the capital for mindset AG and its planned production of the E-Motion extended range electric vehicle for the European market. The initial production target is 10,000 units per year.

The Mindset E-Motion. Click to enlarge.

Spirit Aver partnered with noted automobile designer Murat Günak to found mindset, a 100% subsidiary of Spirt Avert; Günak, previously vice-president and responsible for the overall design for VW, SEAT, Skoda and Bentley at Volkswagen Group, is the CEO.

The financing is to take place by means of two capital increases, with a planned issue price per bearer share of CHF37.00 (US$34.00). In the first tranche, Spirt Avert can place up to 1,795,881 authorized bearer shares.

The company will report further details at the ordinary general meeting on 3 June 2009. Until the financing stage is complete, the company’s executives continue to regard the mindset project essentially as a high-risk project. Subject to the consent of the shareholders, Spirt Avert AG will rename itself as mindset holding ag on 3 June.

The E-Motion is driven by a 70 kW, 220 N·m electric motor powered by a lithium-ion battery pack and a 17.5 kW combustion engine for a genset. The car offers 100 km (62 miles) of range in all-electric mode, and up to 800 km (497 miles) with the range extender. Top speed is 140 km/h (87 mph) with 0-100 km/h acceleration in about 7 seconds.

(A hat-tip to Siggy at!)



Those tall narrow tires and wheels look good for steady cruising, and confort over small bumps

I wonder how much rotational inertia they have.

Here is another nice pic:

This is a good marketing idea to the "gotta have have big tall wheels" crowd, while still delivering efficiency.

More info:
unladen weight of 800kg/ 1763 lbs
Battery capacity: 20 kWh
Wheels: 4,5 J x 22
Tyres: 155/60 R 22


The Electrum Spyder was the hot ticket a few years ago around the same time as Tesla, but then their funding dried up.

Now Tesla has gotten more than $500 million from Mercedes for 10% of the company.

A lot depends on the funding, so if we are going to have solutions emerging, we need to make sure that the funding is there when needed.

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