Wednesday, March 19, 2008

Phoenix Motorcars Gets Investment

Ontario, California-based Phoenix MC, Inc. which is designing electric vehicles, said this morning that the firm has secured additional financing from two new investors. Phoenix Motorcars said that it received an undisclosed amount of funding from Dubai-based Al Yousuf LLC, and Arlington, Virgina-based AES Corporation. Merriman Curhan Ford & Co. acted as the placement agent on the transaction, with O'Melveny & Myers LLP in a legal advisory role. Eqbal Al Yousef of Al Yousuf LLC, and Robert Hemphill, EVP at AES Corporation have joined the company's board as part of the funding. In addition, Phoenix Motorcars said that founders Dan Riegert and Dana Muscato both resigned from the firm and its board in 2007. Phoenix Motorcars is developing highway-speed, all-electric vehicles which the firm says will have a range of 100 miles on a 10 minute charge. More information »