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1. Plug-in Car Conversion Startups Spared by Cali Regulators, For Now
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2. Tesla to Roadster Buyers: Please Don't Hate Me
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3. Masdar Putting Cash Into Japanese Cleantech
Plug-in Car Conversion Startups Spared by Cali Regulators, For Now
Josie Garthwaite - Automotive
PHEV conversion companies, which turn hybrid vehicles like the Prius into plug-ins, snagged a big win in Sacramento on Friday. The California Air Resources Board, which had been considering new rules for emissions tests and warranties on aftermarket conversions, decided to separate regulations for the emerging industry from a larger package of emissions testing requirements. Representatives of startups like EDrive Systems, OEMTek, and Plug-In Conversions Corp. now have several weeks to put together an alternate set of rules for the board to consider.
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Tesla to Roadster Buyers: Please Don't Hate Me
Josie Garthwaite - Automotive
Tesla Motors CEO Elon Musk begins his email to would-be Roadster owners — those who have already plunked down $50,000 deposits for 2008 models of the sports car and will now have to pay extra for previously standard features — like so:
A much fuller account of the history of Tesla is worth telling at some point, but for now I will just talk about the essentials of why we needed to raise prices on options. Fundamentally, it boils down to taking the tough steps that are difficult but necessary for Tesla to be a healthy company and not fall prey to the recession. When the initial base price, for cars after the Signature 100 series, of $92k was approved by the board a few years ago, it was based on an estimated vehicle cost of roughly $65k provided by management at the time. This turned out to be wrong by a very large margin.
He goes on to describe some of the company’s challenges: Its lack of auto industry experience (once billed as an advantage in the fight to topple Detroit’s high-and-mighty Big Three), a body supplier that charged “nutty money,” and an unreliable HVAC system.
From the opening line (a hint at dreams of optioning his story to Hollywood, perhaps for “The Eberhard Redemption,” or “Raiders of the Lost Roadster”?) to the final reminder that Tesla must prove viability in order to receive federal aid on its Model S sedan factory, we have to wonder if Musk truly thought this message would appease would-be buyers, or if it was simply an effort to put the company’s logic on the record. Because fact is, they’ve rooted for the startup through thick and thin — and at least 400 of them have little to show for it besides an invitation to yet another town hall meeting.
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Masdar Putting Cash Into Japanese Cleantech
David Ehrlich - Big Green
Abu Dhabi is continuing to spread its oil money around, announcing a deal today to set up a cleantech fund targeting Japanese startups. Masdar, the oil-rich emirate’s cleantech development group, is teaming up with Japan’s SBI Holdings for the joint venture, with each group investing $10 million.
But it could go much further than that initial $20 million. Masdar’s investment unit, the Masdar Clean Tech Fund, is in talks with SBI to raise the investment to between $200 million and $300 million after the first fund has used up its cash, according to Reuters. Each startup would reportedly receive $2 million from the new fund, creatively called the Masdar-SBI Fund.
The Masdar Clean Tech Fund already has a long list of international investments under its belt, all of which are developing applications that are useful for Abu Dhabi, such as solar power and water purification technology. Early last year, the company put some cash into Berlin-based Sulfurcell, which makes thin-film solar modules. And in 2007, the Masdar fund made its first investment in Bothell, Wash.’s HaloSource, a clean water and antimicrobial technology company.
SBI, which mostly invests in Internet-related IT, biotechnology, and media, said in a statement that it’s been “aggressively increasing” its investments in the environment and energy sector. With this new fund, it plans to target startups in energy efficiency and pollution reduction.
It’s been a busy week for Masdar as the second annual World Future Energy Summit has been taking place in Abu Dhabi. And there’s been no shortage of announcements from the state-owned group, among them starting work on a solar power plant for its planned Masdar City, and a potential re-evaluation of its investment in the London Array offshore wind farm.
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