ZAP Raises $25 Million From Cathaya Capital
ZAP is a company that is known for producing electric motorcycles and three wheel vehicles. The company has just raised $25 million from Cathaya Capital. ZAP is even looking to raise $200 million in additional funding from the U.S. Department of Energy. ZAP is based in Santa Rosa, California.
ZAP already has a well established business around scooters. ZAP’s scooter business has been around since 1994. ZAP already has customers in Europe and Asia, while Tesla and Fisker have not reached these areas as of yet. ZAP sells their automobiles in 56 dealerships across the U.S.
ZAP also has experience in developing lead-acid batteries for scooters and will later transition to lithium-ion packs. ZAP’s automotive vehicles will have the ability to travel 200 miles per charge. The company plans to build a manufacturing facility in Franklin, Kentucky in the near future too.
Cathaya Capital is a firm that was created by Jaccar Holdings. Now Jaccar has 20% ownership in ZAP.
[via VentureBeat]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry