Pulse2 Technology and Social Media News » Frank Varasano

VCs Remove CEO Of V-Vehicle

Amit Chowdhry — Tue, 06 Apr 2010 15:47:54 +0000

V-Vehicle Corporation, a company that manufactures electric cars based in San Diego has seen their CEO Frank Varasano get ousted and replaced by KPCB’s Ray Lane. V-Vehicle’s request for a loan from the Department of Energy was recently rejected.

The company is currently looking for a new CEO. V-Vehicle has also canceled their lease on a Louisiana automotive plant that they planned on refurbishing. V-Vehicle has about $85 million in funding. [SoCalTech]

V-Vehicle Denied $321 Million From Department of Energy

Amit Chowdhry — Fri, 26 Mar 2010 17:23:36 +0000

American automotive company V-Vehicle was denied a $321 million loan from the Department of Energy. V-Vehicle was founded by former Oracle vice president Frank Varasano. V-Vehicle raised venture capital from Kleiner Perkins Caufield & Byers and T. Boone Pickens. V-Vehicle is based in Monroe, Louisiana. The company raised $87.5 million through private fundraising and was promised $67 million from the state of Louisiana.

The Department of Energy denied V-Vehicle $321 million as part of the $25 billion Advanced Technology Vehicle Manufacturing Loan Program set up by Congress. Car and Driver speculates that the reason why V-Vehicle may have been denied the loan because they are not involved with the UAW. The UAW has a strong lobby group in Washington. V-Vehicle has about 1,400 employees. [Car and Driver]

V-Vehicle Raises $62.25 Million From Google Ventures and Kleiner Perkins

Amit Chowdhry — Fri, 07 Aug 2009 02:30:04 +0000

V-Vehicle is an automotive startup company based in San Diego, California. The vehicle company has raised $62.25 million and plans to raise an additional $4 million. The companies involved in the $62.25 million are Google Ventures and Kleiner Perkins Caufield & Byers. V-Vehicle will be building cars in the northeastern region of Louisiana.

V-Vehicle raised a previous round from T. Boone Pickens and has former Mazda design chief Tom Matano on their staff. V-Vehicle recently procured a facility that was owned by Guide Corporation. And Louisiana Governor Bobby Jindal was at the announcement ceremony of the plant opening. Jindal offered V-Vehicle $67 million as part ofa startup incentive package. Local governments provided an additional $15 million. V-Vehicle is aiming to raise about $50 million between equity and loans.

David Drummond, Google’s SVP of Corporate Development and Chief Legal Officer is listed as one of the Board of Directors at V-Vehicle. Former Oracle executive and founding CEO of V-Vehicle Frank Varasano had invested $100 million of his own money into the company.

Kleiner Perkins partners John Doerr and Ray Lane also have board seats in V-Vehicle. James Davison, a trucking company leader is also listed as an investor.

In Louisiana, the company plans on developing a “green” car. Tesla should beware, they’re not the only ones in the electric car game.

[via Xconomy/alarm:clock]