There has been announcement which has been made by the Raser Technologies, Inc that they have made a deal with a group of private investors headed by the California investor Carl E Berg. The deal is to form new electric automotive company which will make trucks and SUVs for the fleet customers. Berg holds an electric vehicle manufacturing company and the lithium ion battery company focused on the medium duty electric trucks.
In this deal to make the new electric automotive company, Berg will be benefitted with $4.5 million where $2.5 million to Raser in cash ($1.5 million paid at closing and balance by December 20) and balance $4.5 million utilized as working capital for the new company. Kraig Higginson, the Chairman of Raser Technologies said they are planning to divide the automotive and the renewable energy segment which is expected to make both the business to function effectively and get more capital easily.
Kraig Higginson also said their E-REV power train technology was very successful and they are happy to introduce it to America’s pick-up truck with the new electric vehicle company which will also deliver its first extended range of electric trucks to fleet customers very soon. Raser Technologies receives a 39% interest in the new company and also in charge of selecting 1 of 3 members of the board of directors in the new company.
Berg said he is very happy that they have made this deal which will also provide them a chance to grow in the field of electric vehicle based on the Raser’s E-REV truck technology, strategic position and orders. He also expects that this new company will provide a completely different kind of truck in supporting to convert thousands of soft orders into deliveries and also electrify the largest segment of automobile business during the next few years.
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