VC Firm, Quercus Trust Invests $12 Million in Israeli ETV Motors
Based in Israel and founded one year ago, ETV Motors announced that it was to receive $12 million in round one by the Quercus Trust, which is based in California. ETV Motors is a company that produces innovative motors which are environmentally friendly and energy efficient. ETV Motors has a track record of innovating different types of turbines that can produce their own energy. One of these unique products is a energy-generating micro turbine, which produces both heat and electricity on a minute scale of combustion. One of the biggest advantages of micro-turbines is that they can reciprocate energy and require fewer movable parts. These motors also reduce their emissions by drawing from various different fuels, such as CNG or biofuels. ETV Motors� products can also be found in many of today�s hybrid vehicles.
Proceeds from this funding will help ETV Motors to research and develop a high-efficiency and a dual-power micro-turbine that can power electric vehicles. ETV Motors already has a prototype of this micro-turbine and plans to have one of its models to be ready to deploy by 2010 and is also working on a powerful Lithium-Ion battery.
According to ETV Motor�s founder and CEO, Dror Ben-David, the onboard micro-turbine charger and the new 4.7 Lithium Ion battery will simplify the next generation of green, energy efficient, light-weight electric vehicles.
ETV Motors has two investors, one of which is the Quercus Trust, which invested in this round of funding; and 21 Ventures.
The Quercus Trust is based in Newport Beach, California and is one of America�s leading investors in the clean-tech industry. The Quercus Trust invests in all sectors of the clean tech industry from solar power to batteries, water, and biofuels.
21 Ventures is based in New York and was founded in 2004. This vc firm invests seed and early stage funding for companies in the technology industry and in publicly traded companies in the security, clean tech, and mobile software industries. 21 Ventures mainly focuses on businesses based in Israel and Israeli companies compile of a good majority of 21 Ventures� investments.
For more information on ETV Motors, click here.