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Tesla Motors Secures $45 Million Series D Investment Round Led by Technology Partners and Elon Musk
Ira Ehrenpreis, Who Leads Technology Partners' Cleantech Investment Practice, Will Join Tesla Motors' Board of Directors
| Source: Tesla Motors
SAN CARLOS, CA -- (MARKET WIRE) -- May 11, 2007 -- Tesla Motors, a manufacturer of
high-performance production electric cars, completed a $45 million Series D
investment round today. The round was co-led by Technology Partners, a
venture capital firm with a focus on Cleantech and Life Sciences, and by
Elon Musk, entrepreneur and CEO of Space Exploration Technologies (SpaceX.)
An additional significant investment was made by Capricorn Investment
Group, a private investment firm. All major investors from prior rounds of
financing fully participated in this round, including Vantage Point Venture
Partners, Draper Fisher Jurvetson, JP Morgan Bay Area Equity Fund, Valor
Equity Partners and Compass Venture Partners.
Ira Ehrenpreis, leader of Technology Partners' Cleantech investment
practice, will join Tesla Motors' Board of Directors. Ira is a recognized
leader in both the Cleantech and venture capital communities. Ira has
served as Chairman of the Cleantech Venture Network Advisory Board, the
Chairman of the Clean-Tech Investors Summit, and on the Board of the
National Venture Capital Association (NVCA).
Antonio Gracias, founder and CEO of Valor Equity Partners, one of the
largest institutional investors in Tesla Motors, will also be joining the
Board of Directors.
The financing will be used for the continued development of the WhiteStar
program, a 4 door, five passenger sports sedan planned for introduction for
the 2010 model year, the establishment of company-owned sales and service
infrastructure, and the mass-production of the Tesla Roadster, a stylish,
high performance, zero-emissions car which the company anticipates shipping
to customers this fall. To date, the company has taken over 400
reservations for the Roadster.
"Ira Ehrenpreis and Technology Partners bring valuable expertise to Tesla
and a shared passion for our mission of developing game-changing,
zero-emissions cars," said Martin Eberhard, CEO of Tesla Motors. "We are
also glad to have the continued support and leadership of Elon Musk, who
has been firmly behind this company since its early days, and our other
investors who actively support our goals."
"Tesla Motors is positioned as a leader in the fast-growing marketplace for
alternative fuel vehicles. By developing zero-emissions cars that also
deliver great styling and high performance, Tesla has broken the compromise
that previously existed between desirability and responsibility," said Ira
Ehrenpreis of Technology Partners. "The best way to gain mass adoption of
clean technology is to generate consumer demand for it."
"Tesla Motors is a rare opportunity to bring about positive change in this
world and build a valuable company at the same time. Our goal is to be one
of the great car companies of the 21st century, leading with a fresh vision
and new technology and driving the changeover from gasoline cars to an
electric future," said Elon Musk, Chairman of Tesla Motors. "The Roadster
is the first of a series of vehicles that we will develop, followed by our
4 door sports sedan, WhiteStar. Eventually, Tesla Motors will offer a full
line of zero-emissions vehicles."
About Tesla Motors
Tesla Motors develops and manufactures vehicles that exemplify "Design,
Performance, and Efficiency" while conforming to all U.S. safety,
environmental and durability standards. The company has taken over 400
reservations for its first car, the Tesla Roadster, a stylish, high
performance sports car that accelerates to 60 mph in about 4 seconds with
extreme energy efficiency. Tesla expects to start shipping Tesla Roadsters
to customers in the fall. Tesla Motors was founded in July 2003 by Martin
Eberhard and Marc Tarpenning to create efficient electric cars for people
who love to drive. Tesla Motors currently employs more than 200 people,
including teams in California, Michigan, the U.K. and Taiwan. For more
information, visit www.teslamotors.com.
About Technology Partners
Founded more than 20 years ago as a private venture capital firm,
Technology Partners has managed a total of more than $750 million of
investment capital. Technology Partners' investment strategy is to team
with visionary entrepreneurs to build successful new companies, serving
principally as a lead investor and business advisor to both Cleantech and
Life Science companies. For more information, visit
www.technologypartners.com.
About Elon Musk
Elon Musk is the founder and CEO of Space Exploration Technologies
(SpaceX), a company developing a family of satellite launch vehicles
intended to reduce the cost and increase the reliability of access to
space. Mr. Musk is also the co-founder of PayPal where he served as the
company's chairman and CEO. Prior to PayPal Mr. Musk co-founded Zip2
Corporation which was sold to Compaq in 1999. Mr. Musk is an early investor
in Tesla Motors and also serves as Chairman of the Board of Directors for
the company.