Raser Launching A New Electric Vehicle Company
Raser Technologies, Inc. announced that it has finalized a transaction with a group of private investors lead by California investor Carl E. Berg to form a new electric automotive company focused initially on trucks and SUVs for fleet customers.
Berg has strategic holdings in a leading lithium ion battery company and an electric vehicle manufacturing company specializing in medium duty electric trucks and delivery vehicles. In the transaction Berg will initially capitalize the new company with $4.5 million, of which Raser will receive $2.5 million in cash; $1.5 million was paid at closing and the remainder to be paid by December 20, 2010. The balance of $4.5 million will be used as working capital for the new company.