First published in Cleantech Infocus: 2010 - Equity Deals of the Year, January 2011. Copyright Cleantech Investor Ltd
The IPO of electric sports car manufacturer, Tesla, captured the headlines during 2010. Meanwhile, announcements about EV launches came thick and fast from the major OEMs. GM’s November IPO was also significant for the EV sector – although we haven’t included it in our list of cleantech IPOs. GM is committed to the sector through the Chevrolet Volt/Vauxhall-Opel Amera. The motor giant announced after its IPO that it would hire 1,000 engineers and researchers for its EV division.
Elsewhere on public markets, Canada saw the IPO of hybrid electric drive train manufacturer, ISE Ltd, on the TSX. However, ISE subsequently delisted. Significant private equity deals for EV manufacturers included fund raising for Fisker Automotive and Coda Automotive in the US and Korea’s CT&T United.
Meanwhile, amongst EV infrastructure companies, Better Place led the charge with a $350 million fund raising. Other infrastructure companies raising investment included Coulomb Technologies and Epyon.
Tesla Motors Inc.
IPO - NASDAQ
Tesla Motors, which manufactures electric cars and components, raised $184 million through an IPO on NASDAQ in June. Its electric car models include the Roadster (already on sale) and the Model S (in development). The company’s shares ended the year 56% ahead of the $17 listing price.CT&T United
Venture Capital Fund Raising
CT&T, a Korean electric vehicle manufacturer which is expanding rapidly into the US market, raised $60 million from US investment firm ELKF in July in a deal valuing the company at $267 million. CT&T plans to mass produce some 100,000 units per year in the US market.Fisker Automotive Inc.
Venture Capital Fund Raising
California-based Fisker Automotive closed $35 million of private equity investment to conclude a $189 million funding round in May. Fisker, which plans to launch the Karma electric vehicle, has raised over $300 million since it was established in 2007. In addition to the high-end Karma, Fisker has plans for a lower priced vehicle which goes by the code name Poject NINA. The Karma launch was scheduled for 2010 but has been delayed.CODA Automotive Inc.
Venture Capital Fund Raising
California-based CODA Automotive reported in January 2010 that it had raised $25 million in a Series C investment round. In January 2011, the company announced the initial closing of a Series D round totalling $76 million. CODA has, at January 2011, raised more than $200 million. The company, which develops lithium-ion battery systems in a joint venture with Lishen Power Battery, is developing an all electric vehicle, the CODA Sedan, a four-door five-passenger vehicle. New investors in the latest round included Harbinger Capital Partners and Riverstone Holdings LLC.Jonway Group Co. Ltd
Acquisition
Zap Automotive of the US acquired 51% of Jonway Group of China for $29 million in July, and has the right to acquire the remaining 49% of Jonway from March 2011. Zap electric drive systems have been integrated into Jonway vehicles through the Zap Hangzhou joint venture. The companies are combining their expertise in EV technology and mass production capacity.Better Place Inc.
Venture Capital Fund Raising
California-based Better Place raised $350 million in January. Investors included Morgan Stanley Investment Management, Lazard Asset Management and previous investors including VantagePoint Venture Partners. The deal valued the company at $1.25 billion. Better Place is deploying regional networks of charging points. It is also planning a network of battery ‘switch stations’ where drivers can swap their battery for a fully-charged one.Coulomb Technologies Inc.
Venture Capital Fund Raising
Coulomb Technologies raised $14 million venture funding in February, in a Series B round led by Voyager Capital and Rho Ventures. The California-based company is developing open-access networks of urban charging stations, focusing on municipal authorities. Coulomb is offering a ‘fast charging’ station.Epyon BV
Venture Capital Fund Raising
Dutch intelligent charging solution developer Epyon has raised €7 million in funding from five investors, including existing investors SET Venture Partners and Chrysalix. New investors included LiteOn Technology Corp. from Taiwan alongside BOM and Breesaap of the Netherlands.| < Prev | Next > |
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