June 16, 2009
Based in Cleaveland, Ohio, the innovative electric car maker, Myers Motors announced that Jumpstart Ventures has invested $250,000 in the company to help Myers Motors get the startup money it needs to enter into a fast growing market.
Myers Motors is a company that is building a unique car that is powered by an electric motor. The company does not just have a prototype, but has already manufactured and even sells the most efficient and the most compact electric car that has appeared in this new market. The car’s model line is known as the NmG, or No More Gas, and the most unique feature of this car is that it is very small and can only seat one person. Furthermore, the market potential of this car is that despite its small size, this car is capable to travel at regular speeds under 50 miles and hour and can travel 75 miles an hour at highway speeds and can run on a single outing on a single charge. This can be good news to the over 70 million Americans who commute to work on a daily basis. Furthermore, the NmG uses less than one-fourth of the energy that is used by the conventional hybrid cars and can be charged in a regular household 110 volt electrical outlet. Furthermore, based on the success of the NmG, Myers Motors is currently a two passenger model of this car, the NmG2.
Proceeds of the funding will go to the development and eventually the marketing of the new NmG2 car, and to further develop and enhance Myers Motors’ proprietary technology.
According to Mark Smith, Partner of Jumpstart Ventures, due to the current financial times and the rising and unstable gas prices, many car makers are racing to develop cars that run on alternative energy sources that are efficient and cost effective. Even though the conventional hybrid car runs on both electricity and gas, a fully electric car is becoming more attractive to car makers. Electric cars can be more possible with the evolution of battery technology today.
Along with this investment, Mr. Smith will also work closely with Myers Motors and is ecstatic at the market potential of this product.
As far as Myers Motors’ CEO is concerned, the major force in the marketability of the NmG is the car’s unique battery system. Furthermore, an electric motor also eliminates the need for regular oil changes and other required maintenance for the motor of a conventional gas-powered car.
Jumpstart Ventures is a vc firm that is recognized throughout the United States and invests in companies and entrepreneurs in rapidly growing industries.
For more information on Myers Motors, click here.