Myers Motors was formed in 2004 by CEO
The company plans on using JumpStart's investment to build out their two-seat prototype vehicle and develop their intellectual property strategy.
JumpStart Venture Partner Mark Smith will be working with the company and is excited about its position in the market. "There is a race underway to create cost competitive all-electric vehicles and the Myers Motors team has an incredible head start," said Smith. "Not only did they inherit a legacy of market knowledge and design from the predecessor company, they are already producing and selling vehicles. And the two-passenger vehicle (called NmG2) currently under development will provide Myers Motors with a significant competitive advantage in this quickly emerging market."
"Our battery system is the next step toward realizing the dream of electric vehicles: inexpensive travel that avoids the geo-political and environmental ravages inherent in America's dependence upon oil for its transportation needs," said CEO Myers.
This is JumpStart Ventures' 50th investment in its 39th company. Other cleantech companies in JumpStart's portfolio include Aria Analytics, Logos Energy, MAR Systems, MesoCoat, reXorce Thermionics, RSP Tooling, Stanton Advanced Ceramics, and Wireless Environment.
About Myers Motors LLC
Myers Motors (www.myersmotors.com) develops, manufactures, and sells the most affordable all-electric vehicle in America today. Its single passenger vehicle, the NmG ("No more Gas"), is able to meet the needs of the 70 million daily commuters who travel under 50 miles per outing on a single charge. Able to reach highway speeds of up to 75 miles per hour, the NmG uses one-quarter the energy of existing hybrids, recharges with a standard 110 volt household outlet, costs users approximately
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) is a nationally recognized venture development organization that accelerates the progress of high potential, early-stage businesses and includes a special focus on diverse entrepreneurs working in the highest growth industries. Through the depth of its entrepreneurial team and the breadth of its high value resources, JumpStart improves client success in achieving significant milestones, including raising the follow-on capital necessary to create wealth. JumpStart strives to create a more prosperous future for
SOURCE JumpStart, Inc.