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Bangalore, December 2, 2006 – REVA
Electric Car Company Pvt. Ltd. (RECC or REVA), India’s first and
only electric car, today announced it has received an investment
of $20 million. Draper Fisher Jurveston (DFJ) and Global
Environment Fund (GEF) led the investment round in support of
REVA’s strategic growth globally. Edelweiss Capital acted as
exclusive financial advisor to RECC on the complete transaction
This investment represents a strategic intent by REVA to expand
and consolidate its position as one of the leading electric car
companies globally. One of the fastest growing electric car
companies, REVA today enjoys global brand recognition and is one
of the leading pioneers in the electric car market. RECC will
use this investment to expand its business by increasing its
production capacity, developing newer models and further
enhancing its international and domestic distribution.
Speaking on the investment, Dr. S.K. Maini, Chairman of REVA
said, "We are very pleased to have received this significant
investment from GEF and DFJ and look forward to their experience
in helping us to become global leader in the electric vehicle
market. This investment has come at a very opportune time and we
will certainly use it to leverage our global brand recognition
H. Jeffery Leonard, President & CEO, GEF, who has joined RECC’s
Board of Directors said, “Since 1990, Global Environment Fund
has reviewed scores of business plans from electric car
companies proposing to displace the internal combustion engine.
REVA is GEF's first electric vehicle company investment. The
company's strategy to deliver affordable transportation for
short-distance urban commuters appeals to us because it does not
seek to compete with global automotive companies on the open
road. We believe that REVA has established itself as a leader in
the City Car market that is emerging as an important niche in
the automotive market, especially in Europe.”
Tim Draper, Founder & Managing Director, Draper Fisher Jurveston,
who has also joined RECC’s Board of Directors said,” We are
proud to invest in REVA. We have been very impressed with how
they have grown their business throughout India and into other
countries. We are also pleased with the strong brand presence
REVA enjoys today. The REVA electric car is the ideal vehicle as
it addresses the need for a cleaner, more efficient and
environment friendly transport for people. We believe that with
our investment we can help REVA become a major global player in
the electric car market. The lines are finally crossing where
electric cars have the same price and performance of equivalent
gas cars. Reva is the low cost breakthrough electric car we have
all been waiting for."
The existing model of the EEC-certified REVA is currently
available in India and marketed in U.K. Italy, Malta, Sri Lanka
Cyprus and Greece. There are over 600 REVA cars on the road in
London, the largest electric vehicle market for REVA and has
been recognized as the most energy efficient electric vehicle by
PowerShift of UK. With over 1800 vehicles on the road, Reva is
also being test marketed in Norway, Spain, Japan, USA, Ireland,
Australia and other European countries.
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