Posts Tagged ‘Flux Power’
Tesla openly admitted to ZEV credit sales in an interesting 2008 letter to the Air Resources Board
by David Herron for Green Transportation Examiner, June 15, 2010
Tesla Motors has released a pile of documents to the SEC in preparation for their upcoming IPO. Several sources are reporting today that the IPO date has been set for June 29, 2010 and that Tesla is hoping for a $1.4 billion valuation of the company. The documents have been a gold mine of business details and insight into Tesla’s operations and business health. One of the nuggets uncovered has been knowledge that Tesla has been selling ZEV credits to Honda. It turns out however that Tesla has openly discussed ZEV credit sales at least as early as 2008.
These credits are issued by the California Air Resources Board (CARB) as an automobile manufacturer makes and sells certain kinds of qualifying vehicles. These credits are for the ZEV mandate passed into law in the early 1990’s and are the way of measuring whether the manufacturers are in compliance with the ZEV mandate. Even in its current relatively neutered state the automobile manufacturers have to take some action to earn ZEV credits to satisfy the ZEV mandate. Partial credits are awarded for hybrid cars, or for neighborhood electric vehicles, for example. On the other hand mega credits are earned for fuel cell cars, and the credits earned for battery electric vehicles are less than the credits earned for fuel cell vehicles.
The basic idea of earning a ZEV credit is it offsets sales of the polluting gasoline or diesel powered vehicles sold by most manufacturers. If, however, a given manufacture has steadfastly spoken against battery electric vehicles, instead speaking highly of fuel cell vehicles, and at the same time fuel cell vehicles are not ready for mass market sales, how is such a manufacturer (Honda) to earn enough ZEV credits? This is free market capitalism at work. Tesla has something it cannot use itself, something that Honda wants, and CARB is allowing the transaction to take place. Indeed after a short bit of online searching one quickly learns this sort of transaction was designed into the system. For example, the New Jersey Low Emission Vehicle program includes provision for a “ZEV Credit Bank” through which manufacturers may “acquire from other manufacturers credits for certain qualifying vehicles” which they “may use the credits to offset the ZEV sales requirements of the LEV program.” Likewise the CARB ZEV Tutorial published in June of 2009 clearly discusses sales of ZEV credits between manufacturers.
The revelation in Tesla’s IPO documents set off a flurry of discussion and speculation. For some it was a shock that Tesla was even allowed to do it. Are they forgetting the similar ideas of trading emissions credits “Cap and Trade”? While the ZEV mandate is not technically a “cap and trade” system, it is has a similar purpose. Others suggested these sales explain why Honda has been so slow to develop a plug-in hybrid or battery EV. Because of ZEV credit purchases they don’t have to actually produce the ZEV’s themselves, they can sponge off Tesla’s efforts.
A blog post dated August 2008 by then- Tesla CEO Ze’ev Drori is an open letter to Gov Schwarzenegger, various state Assembly members, and the Air Resources Board discussing the ZEV credit program and openly discussing Tesla’s sales of their ZEV credits to large vehicles manufacturers (LVM). The subject of the letter is a CARB decision on March 27 2008 to further neuter the ZEV Mandate by lowering the required number of ZEV’s during phase III of the program (the years from 2012 to 2015). Lowering the ZEV requirement from 25,000 vehicles to 7,500 was, Tesla said, an “absurdly low number given the developments in the EV space.” Indeed recent announcements by Nissan and other companies surely demonstrate that 7,500 vehicles is absurdly low if only due to Nissan’s planned production levels.
The letter is interesting considering the events since then. The Aug 2008 date on the letter puts it before the financial meltdown of 2008-9 and smack in the middle of the crisis of high gasoline prices where seemingly everybody was scrambling to find more fuel efficient transportation.
The letter states it is well documented that “the Board was misguided into an erroneous conclusion by a faulty fact finding process” that led them to conclude “no electric car will be commercially available until 2012.” Looking back on that statement we can only say it was very prescient. Tesla has indeed sold over 1,000 electric cars, is well along on their plans to manufacture the Model S (admittedly under a delayed schedule) and several other manufacturers including Wheego, Coda, Nissan, Mitsubishi, GM and Toyota are clearly planning to sell ZEV’s or PHEV’s in the U.S. before 2012. The sales levels seem likely to exceed 25,000 vehicles so, as Tesla’s then-CEO asked, “Whose interest will be served by easing the requirements to a paltry 7,500 vehicles?”
The other core bit in the article is a highly technical plea to change the “carry forward provisions” of the ZEV credits earned by “pure ZEV manufacturers”. The argument was that because ZEV credits expire 3 years after the manufacturing year of the car being manufactured, the ZEV credit is highly perishable. The letter calls for a rule change that would change the accounting on the ZEV credits to make them less perishable.
This sort of story is demonstration of why some say emissions credit trading is a modern form of the Indulgences sold by church leaders during medieval times. Supposedly sinners are doomed to eternal damnation in lakes of fire and brimstone (an analogy to global warming?) and during medieval times rich people were allowed to make up for their sins through purchasing indulgences, much like todays corporations are allowed to make up for their pollution through purchasing emissions credits. Whatever benefit there is for Tesla to be selling ZEV credits to Honda a practical result is that Honda did not experience the full weight of incentivization under the ZEV mandate.
Good Stuff Auto to Sell Wheego Electric Cars
ATLANTA (June 8, 2010) – WHEEGO ELECTRIC CARS, manufacturer of all-electric vehicles, today announced it has appointed Good Stuff Auto as its dealer with exclusive rights to sell the Wheego Electric Car product line throughout Marin, Sonoma, Napa, Lake and Mendocino Counties in California.
Good Stuff Auto owners Jim and Barbara Bennett are adding an Electric Boutique to their twenty-year-old dealership. “There is a great deal of interest in Electric Vehicles in our area,” says Jim Bennett. “We think the Wheego Whip is a perfect addition to our Electric Boutique. It’s reasonably priced, stylish and fun to drive – but with no emissions, no gas and no noise. The Wheego vehicles are assembled in California, so we’re also happy about supporting another California business.”
Wheego President Jeff Boyd feels Good Stuff Auto is a good fit for the Wheego brand. “Californians have led the way in Electric Vehicle interest and usage,” says Boyd. “We anticipate tremendous demand for EVs and are excited to have signed Good Stuff Auto. Jim and Barbara Bennett have a proven twenty-year track record of offering their clients a very personal sales and service experience. Seventy percent of their sales are repeat or referral business. They will take good care of our customers, and we are happy to have them join us.”
The Wheego Whip LiFe Full-Speed all-electric car is expected this summer. The Whip LiFe runs on a lithium battery pack, and will go approximately 100 miles on a charge. The retail price on the Wheego Whip LiFe is $32,995; the Whip LiFe qualifies for a $7,500 Federal Tax Credit, and a $5,000 State of California Rebate. The LiFe is anticipated to be the first affordable all-electric car to be widely available in the U.S.
The Wheego Whip LSV (Low-Speed Vehicle) is available now at Good Stuff Auto and other dealers across the country. It runs on sealed lead-acid batteries and qualifies for a 10% Federal Tax Credit in 2010. With a sticker price of $18,995, the Wheego Whip LSV net price is just over $17,000. The Whip LSV is an “around-town” car, with a range of about 40 miles per charge and a maximum speed of 35mph. “The Wheego LSV isn’t going to be a family’s only car,” says Jim Bennett. “But if you commute daily in the LSV and use it for all your local errands, you’ll find you are leaving your ‘thirsty’ car in the garage two-thirds of the time. You’re using far less gas, you’re extending the life of your bigger car, and you’re lessening your carbon footprint. At the end of the summer, we’ll have the highway-ready LiFe available here as well. We are inviting everyone to come in and take the LSV for a spin to get a preview for how the full-speed will feel. We’ll start taking reservations this month for the full-speed. What’s happening in the Gulf of Mexico right now is awakening in people a need to do something positive for the environment, and to begin to move the U.S. toward oil independence and a cleaner future. We are excited about being a part of that positive change.”
Both Wheego Whip models are fully-loaded two-seat compact cars with fit, finish and features that compete with any other subcompact car on the market. Features include remote keyless entry, air conditioning, and MP3 stereo system.
About Wheego Electric Cars
Wheego Electric Cars is an innovation-driven and environmentally-conscious manufacturer of Electric Vehicles (EVs). Under the leadership of Mike McQuary, CEO and former MindSpring entrepreneur, Wheego Electric Cars has become a leader in the integration of advanced technology components. Wheego Electric Cars is one of the first EV companies to deliver affordable fully capable, street-legal electric cars for everyday consumer use. For more information about Wheego, visit the company website at wheego.net.
About Good Stuff Auto
Good Stuff Auto, owned by Jim and Barbara Bennett, is located at 1089 Santa Rosa Avenue in Santa Rosa, California. For more information about Good Stuff Auto, visit the company website at http://www.goodstuffauto.com or call 707-568-2515.
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Wheego Eyes $5M on Home Stretch to Full-Speed Electric Car
by Josie Garthwaite for Earth2Tech, May 4, 2010
Wheego Electric Cars launched its first model, a low-speed electric two-seater dubbed the Whip, last year. But the tiny 5-person startup aims to start selling a battery powered car capable of highway speeds within a few months. And according to a recent filing with regulators, Wheego plans to sell up to $5 million in equity to make a final dash to production of the full-speed model.
Wheego CEO and Chairman Michael McQuary (former president of MindSpring, and later EarthLink following the companies’ merger), told us today he expects Wheego to become profitable within the first year of launching the full-speed model, at a run rate of 2,000 cars per year. He told us today that the $5 million in funding would go toward final tooling and production of the so-called Wheego LiFe (after the battery chemistry: lithium iron phosphate), which is now “undergoing final crash testing.”
The currently available Whip is limited to 25-35 MPH, and sells for around $19,000 (before federal and state incentives). It’s built with a chassis based on Noble platform from China’s Shuanghaun Auto , and runs on a lead-acid battery that gives the car about 40 miles of range on a full charge. As a low-speed or neighborhood electric vehicle (NEV), the Whip faces less rigorous safety testing than the upcoming model designed for highway driving.
But the LiFe will go up to 65 MPH and have a range of around 100 miles per charge, according to Wheego. Assembled in Ontario, Calif., the car will use battery packs from Flux Power, a Vista, Calif. company led by Aptera co-founder Chris Anthony (Flux uses battery cells from a variety of suppliers). McQuary says the LiFe will go for around $32,500 before incentives and “should be on the road in mid-summer.”
That price tag could make the LiFe a tough sell, given that Nissan plans to offer quite a bit more car and brand recognition for about the same cost. The 5-seat Nissan LEAF sedan, scheduled to roll out in late 2010, will go for $32,780 before incentives.
Launched in June 2009 as a spin-off from recreational vehicle maker Ruff & Tuff Electric Vehicles (RTEV), Wheego filed to raise $2.5 million in equity financing a few months later. The company plans to take an increasingly rare approach among electric car startups looking to set up and scale up manufacturing: bypassing Uncle Sam. McQuary told us today Wheego does not have any applications for federal funds in the works. Rather, he said, “We are privately funding everything.”
Here’s a video by Wheego showing the LiFe in action:
http://www.youtube.com/watch?v=De815YpTBic
Images courtesy of Wheego
Wheego Electric Cars Selects Flux Power as Supplier for Lithium Batteries
Auto-Mobi, January 31, 2020
Wheego Electric Cars (http://www.wheego.net), manufacturer of all-electric cars today announced it has selected California-based Flux Power (http://www.fluxpwr.com) as its premiere lithium battery supplier.
A prototype of the Wheego Whip LiFe is on display this week at the Washington D.C. Auto Show. The all-electric car, with a top speed of 65 miles per hour, will be ready to ship to consumers this summer.
“The right power system is critical to the success of the car,” said Wheego CEO Mike McQuary. “The battery system needs to be powerful, fully tested, reliable, safe and intelligent. The supplier needs to be able to scale production to meet our expected demand, and to be constantly innovating so our cars remain at the forefront as lithium technology develops. Our goal is to build the best electric cars in the world, and we are confident that Flux Power and the batteries they produce will help us get there.”
“This summer, Wheego will beat all the major auto suppliers to the U.S. market with a high-quality, affordable all-electric car,” said Flux Power CEO Chris Anthony. “Consumers have been clamoring for a reasonably-priced electric car, and we are excited that Flux Power will help deliver the range and reliability that will blaze the trail for this industry.”
The initial Wheego offering is the Whip LSV, which is available now. The Whip LSV is an all-electric low speed vehicle which can drive on roads with posted speed limits of 35 miles per hour or less. The full-speed Wheego Whip LiFe runs on Lithium batteries. It is expected to go approximately 100 miles on a charge, and will be fully crash-tested and highway-ready. Both cars in the Wheego Whip line are fully-loaded two-seat subcompact cars with fit, finish and features that compete with any other subcompact car on the market. The Wheego line is sold through a nation-wide dealer network.
About Flux Power Incorporated:
Flux Power, a spin-off of LHV Power (formerly known as HiTek Power
Corporation) has developed innovative high power battery cell management systems that have proven to greatly extend cycle life. Flux Power couples this with a robust communication system to provide accurate and timely data on numerous cell metrics. To display all of this data, Flux Power has a suite of display systems and diagnostic utilities to help clients get the most value out of the information available. In addition, Flux Power has smart charging systems that are versatile and stackable to multiple charging configurations, while communicating directly with each cell to make sure the most beneficial charge is available. Flux Power has manufacturing capabilities in both Asia and the US with ISO-9001 quality to assure superior products to many different industries.
About Wheego Electric Cars
Wheego Electric Cars is an innovation-driven and environmentally-conscious manufacturer of Electric Vehicles (EVs). Under the leadership of Mike McQuary, CEO and former MindSpring entrepreneur, Wheego Electric Cars has become a leader in the integration of advanced technology components. Wheego Electric Cars is one of the first EV companies to deliver affordable fully capable, street legal all-electric cars for everyday consumer use.
For more information about Wheego, visit the company website at http://www.wheego.net.
Flux Power Wins Wheego
by SocialTECH, January 29, 2010 San Diego-based Flux Power, the battery management technology spinout of LHV Power, said late Thursday that it has signed a battery supply agreement with electric car maker Wheego Electric Cars. Flux Power said it wil provide energy storage systems for Wheego’s vehicle systems, including both its Full Speed Vehicles (FSVs) and Low Speed Vehicles (LSVs). Financial details of the deal were not disclosed. Flux Power develops battery technology based on extending the life cycle of Lithium batteries. Wheego’s FSV has a top speed of 65 mph and a range of 100 miles.
Flux Power Selected as Advanced Energy Storage System Provider for Wheego Highway Speed EVs
Earth Times, January 29, 2010 SAN DIEGO – (Business Wire) Flux Power Incorporated, a developer of advanced energy storage technologies, today announced a battery supply agreement with Wheego Electric Cars, a new American automaker building environmentally conscious electric vehicles. The supply agreement is for energy storage systems for Wheego’s new Full Speed Vehicles (FSVs) as well as their premium Low Speed Vehicles (LSVs). The Wheego Whip LiFe FSV, which was announced this week and is expected to ship this summer, will be one of the cleanest, most energy efficient highway capable cars in the world. This new vehicle offers superior style and performance while utilizing Flux Power’s advanced energy storage solutions to give it maximum agility and range.
Flux Power will provide Wheego Electric Cars with advanced energy systems that combine high power and energy density with excellent safety and life cycle performance. These systems include Flux Power’s “Cell Guard™” Technology that extends the life of lithium batteries.
“Wheego Electric Cars selected Flux Power because of the company’s ability to meet our performance and durability metrics along with their capacity to rapidly scale to our volume production,” said Wheego CEO Mike McQuary. “Flux Power’s technology has allowed us to develop the world’s most environmentally friendly cars which don’t sacrifice style, safety, or performance.”
The supply agreement provides that Flux Power is the selected advanced energy storage system supplier for Wheego Electric Cars. Flux Power is manufacturing energy storage modules in Southern California and working with Wheego at their Atlanta, Georgia, facility for durability and impact strategy development work.
“It has been great to work with Wheego throughout their vehicle development process. After seeing how great their EVs have performed in range and preliminary safety testing, it shows us how well Wheego has engineered these vehicles,” said Chris Anthony, CEO of Flux Power. “Flux Power is excited to help an innovative American company like Wheego advance the future of transportation, reduce America’s dependence on foreign oil, and decrease greenhouse gas emissions.”
The Wheego Whip FSV has a target range of 100 miles on a single charge of Flux Power’s lithium storage system and features intuitive interior styling and beautiful exterior looks. With a top speed of 65 mph, it is also a nimble vehicle with space enough for two, ample storage and creature comforts.
About Flux Power Incorporated:
Flux Power, a spin-off of LHV Power (formerly known as HiTek Power Corporation) has developed innovative high power battery cell management systems that have proven to greatly extend cycle life. Flux Power couples this with a robust communication system to provide accurate and timely data on numerous cell metrics. To display all of this data, Flux Power has a suite of display systems and diagnostic utilities to help clients get the most value out of the information available. In addition, Flux Power has smart charging systems that are versatile and stackable to multiple charging configurations, while communicating directly with each cell to make sure the most beneficial charge is available. Flux Power has manufacturing capabilities in both Asia and the US with ISO-9001 quality to assure superior products to many different industries. www.FLUXpwr.com
Flux and Flux Power are trademarks or registered trademarks of Flux Power Inc. in the United States and/or in other countries. All other brands, products or service names are or may be trademarks, registered trademarks or service marks of, and used to identify, products or services of their respective owners.
Flux Power Incorporated
Sarah Mori, Media Relations
866-972-FLUX
Sarah@FLUXpwr.com
Wheego Electric Cars Selects Flux Power as Supplier for Lithium Batteries
Atlanta, GA, January 29, 2010 — Wheego Electric Cars, manufacturer of all-electric cars today announced it has selected California-based Flux Power as its premiere lithium battery supplier.
A prototype of the Wheego Whip LiFe is on display this week at the Washington D.C. Auto Show. The all-electric car, with a top speed of 65 miles per hour, will be ready to ship to consumers this summer.
“The right power system is critical to the success of the car,” said Wheego CEO Mike McQuary. “The battery system needs to be powerful, fully tested, reliable, safe and intelligent. The supplier needs to be able to scale production to meet our expected demand, and to be constantly innovating so our cars remain at the forefront as lithium technology develops. Our goal is to build the best electric cars in the world, and we are confident that Flux Power and the batteries they produce will help us get there.”
“This summer, Wheego will beat all the major auto suppliers to the U.S. market with a high-quality, affordable all-electric car,” said Flux Power CEO Chris Anthony. “Consumers have been clamoring for a reasonably-priced electric car, and we are excited that Flux Power will help deliver the range and reliability that will blaze the trail for this industry.”
The initial Wheego offering is the Whip LSV, which is available now. The Whip LSV is an all-electric low speed vehicle which can drive on roads with posted speed limits of 35 miles per hour or less. The full-speed Wheego Whip LiFe runs on Lithium batteries. It is expected to go approximately 100 miles on a charge, and will be fully crash-tested and highway-ready. Both cars in the Wheego Whip line are fully-loaded two-seat subcompact cars with fit, finish and features that compete with any other subcompact car on the market. The Wheego line is sold through a nation-wide dealer network.
About Flux Power Incorporated:
Flux Power, a spin-off of LHV Power (formerly known as HiTek Power
Corporation) has developed innovative high power battery cell management systems that have proven to greatly extend cycle life. Flux Power couples this with a robust communication system to provide accurate and timely data on numerous cell metrics. To display all of this data, Flux Power has a suite of display systems and diagnostic utilities to help clients get the most value out of the information available. In addition, Flux Power has smart charging systems that are versatile and stackable to multiple charging configurations, while communicating directly with each cell to make sure the most beneficial charge is available. Flux Power has manufacturing capabilities in both Asia and the US with ISO-9001 quality to assure superior products to many different industries.
http://www.FLUXpwr.com
About Wheego Electric Cars
Wheego Electric Cars is an innovation-driven and environmentally-conscious manufacturer of Electric Vehicles (EVs). Under the leadership of Mike McQuary, CEO and former MindSpring entrepreneur, Wheego Electric Cars has become a leader in the integration of advanced technology components. Wheego Electric Cars is one of the first EV companies to deliver affordable fully capable, street legal all-electric cars for everyday consumer use.
For more information about Wheego, visit the company website at http://www.wheego.net.
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