Thursday, June 18, 2009

V-Vehicle Gets Kleiner Backing, Opens Louisiana Plant

San Diego-based V-Vehicle Company and venture capital firm Kleiner Perkins Caufield & Byers teamed up with the Governor of Louisiana and the Louisiana Economic Development agency yesterday to announce that it has purchased a defunct automotive plant in Monroe, Louisiana, to manufacture its energy efficient, environmentally friendly automobiles. According to the state of Louisiana, V-Vehicle Company is backed by KPCB, T. Boone Pickens, James Davison and other investors. Details on V-Vehicle's automobile have not yet been released. Louisiana Governor Bobby Jindal and Louisiana Economic Development (LED) Secretary Stephen Moret said that the project will create over 1,400 jobs with an average annual salary of $40,000 plus benefits in the town of Monroe. V-Vehicle Company is headed by former Oracle exec Frank Varasano. The chairman of the firm is Oracle's Ray Lane; venture capitalist John Doerr also sits on the board of the firm.