Friday, April 23, 2010

Report: V-Vehicle Working On Plastic Cars

San Diego-based V-Vehicle the stealthy developer of alternative automobile technology, has reported started to provide more details of its products to state officials in Louisiana. According to a report from the Baton Rouge Advocate, V-Vehicle is working on plastic cars, which do not use steel, instead using composite panels and plastic for the body. V-Vehicle has been courting Louisiana officials as part of its bid for federal and state funds to help it start up a factory in that state. V-Vehicle is backed by more than $85M in funding from Kleiner Perkins Caufield and Byers, T. Boone Pickens, and others. The firm's VCs recently ousted its CEO, Frank Varsano, replacing him with KPCB's Ray Lane, after the firm failed to qualify for $321.1M in federal loans.