Sunday, September 4, 2011
Electric Car Technology: $9 million invested in development
Warburg Pincus invests $9 million in developer of electric vehicle technology
Funds will be used to commercialise EV technology offerings to vehicle manufacturers; has the right to make additional investments periodically, up to a total of $50 million, at its discretion.
Mission Motors, a developer of electric vehicle technology, has closed on a $9 million dollar Series B financing round led by Warburg Pincus. Warburg Pincus is making an initial investment of $7.5 million in the company and Infield Capital is following on to its original investment in Mission. Warburg Pincus has the right to make additional investments periodically, up to a total of $50 million, at its discretion.
The Series B round brings Mission’s total to-date funding to $15 million. Proceeds from the financing will support the commercialization of Mission’s electric powertrain technologies and allow the company to expand its partnerships with original equipment manufacturers (OEMs).
“Mission Motors has developed innovative and flexible electric drive system technology, which can be applied to a range of vehicle types,” said Michael Graff, a managing director at Warburg Pincus. “We believe they are well positioned to take advantage of the strong growth in this segment.”
Mission currently provides vehicle manufacturers with optimized electric powertrain solutions based on the company’s core technology. Examples of Mission’s latest technology at work include the integration of Mission powertrain components in high-performance hybrid race cars and the record-breaking Mission R electric superbike.