Monday, April 5, 2010

V-Vehicle CEO Out, VCs Take Charge

San Diego-based V-Vehicle Corp., the stealthy alternative energy automotive firm backed by Kleiner Perkins Caufield and Byers and T. Boone Pickens, appears to be undergoing a shakeup after the firm's rejection by the Federal government for $321.1M in federal loans. According to Louisiana publication The News Star, V-Vehicle Co. CEO Frank Varasano has been ousted and replaced by KPCB's Ray Lane, the firm has cancelled a lease on the Louisiana automotive plant it intended to refurbish and use as part of its production line, and is now looking for a new CEO. V-Vehicle's bid for $321.1M in federal loans was rejected on March 25th by the U.S. Department of Energy. V-Vehicle has raised over $85M in venture funding.