Spirit Avert looking to raise $152 million to build mindset EV
Mindset electric car - Click above for a high-res image gallery
The last time we heard from Spirit Avert, the team behind the mindset electric car, the group was said to be investigating the best way to procure adequate funding to produce an initial run of vehicles. At the time, we didn't know how much financing would be required. Now, we do. According to Spirit's latest press release, which is pasted after the break, a total of $152 million needs to be raised "in order to achieve highly profitable mass production of a series of 10,000 electric vehicles."
Mindset's electric car was designed by Murat Günak, who previously worked as a designer with stints at Mercedes-Benz, Peugeot and Volkswagen, and it bears a mild resemblance to the classic VW-powered Karmann Ghia. A 94-horsepower electric motor can reportedly power the vehicle to 60 miles per hour in about seven seconds and on up to a top speed of 87 mph. Range in all-electric mode is 62 miles, after which a single-cylinder internal combustion engine kicks in to keep the fun rolling for another 500 miles or so. Thanks for the tip, Siggy!
Gallery: Mindset electric car
[Source: Spirit Avert AG via Drive Solar]
PRESS RELEASE:
Price fluctuations of the Spirt Avert AG bearer shares over the last few days
It is extremely important to the company to treat all shareholders equally. The press release dated 30 April 2009 (2008 annual result) was published on the background that factors potentially relevant to prices, such as
- the granting of subsidies by the Federal State of Saxony-Anhalt,
- the SAP project "green fleet" in collaboration with mindset ag and
- the mandate of the Bank Sal. Oppenheim for the planned capital
increase of Spirt Avert AG
should be communicated transparently, understandably and correctly.
As part of the roadshow for institutional European investors and in the context of private placement, an "Information Memorandum" is being discussed which will be handed out to interested, qualified investors who sign a non disclosure agreement. This document was prepared in collaboration with Deloitte AG. The core message focuses on fully financing the mindset project in order to achieve highly profitable mass production of a series of 10,000 electric vehicles. It also contains various key figures and parameters that should be made accessible to all shareholders and potential investors:
- The capital requirement of mindset ag, which is wholly controlled by
Spirt Avert AG, is CHF 166 million.
- Financing is to take place by means of two capital increases.
- The planned issue price per bearer share will be CHF 37.00.
- Subscription rights for original shareholders shall be excluded.
- In the first step, Spirt Avert can place up to 1'795'881 authorised
bearer shares.
Further details will be reported at the ordinary general meeting on 3 June 2009. Until the financing stage is complete, the company's executive bodies continue to regard the mindset project essentially as a high-risk project. Subject to the consent of the shareholders, Spirt Avert AG will be renamed as mindset holding ag on 3 June.
Reader Comments (Page 1 of 1)
Matt 5:41PM (5/28/2009)
This somewhat confirms my suspicion that Range Extended EV's can be built with very small generators. Who cares if that little generator has to operate at peak power to keep the proper power level? At least you're not stuck, and you can still do your daily 62 mile commute gas free. I hope these guys make it.
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Chris 6:37PM (5/28/2009)
While not the prettiest car, THIS is what we SHOULD be funding. I'm not a big fan of battery powered cars but this holds promise. 62 miles alone isn't that great but the fact that it has a range extender in the form of a 1cyl engine, makes me believe. I happen to like the 70's retro interior. Now, if we can get these to the market for a competitive price then the era of battery powered cars will begin. 100% battery power most likely won't work for the time being.
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GoodCheer 6:42PM (5/28/2009)
I agree with Matt and Chris. This is a conservatively designed vehicle that will be not appeal to everyone, but will find a market more than big enough to keep a small startup company at full capacity for years. I think all the people who said "I like the idea of the Aptera, but want a 'proper car' with four wheels" would be pretty happy with this.
I'm still not a fan of the exposed rear wheels. Those just seem like needless wind-resistance to me.
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Tohe 8:20PM (5/28/2009)
I like it, it is got iconic potential.
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murc 8:41PM (5/28/2009)
I'm pretty sure I saw that car in the picture dictionary when it was describing fugly.
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RAN 8:44PM (5/28/2009)
I like the AER of this (50+% better than the Volt), and I've always thought that range extenders could be a lot smaller than what every other manufacturer wants to cram into the chassis (I guess GM doesn't have any 1 cyl engines laying around), BUT, those rear wheel openings and fenders gotta go. WTF were they thinking? If they'd just integrate the rear wheels like they did the front, they'd at least have something tolerable to look at.
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Crosius 9:59PM (5/28/2009)
I know I like the engineering in this car.
I'm not sure why I like this car's styling (sort of the unholy offspring of a DeLorean, a Lotus Europa and a Karmann Ghia), but I do.
Now they just need to make it affordable. Please make it affordable.
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hans_solo 10:24PM (5/28/2009)
Pillows on the back seat (pic23). lol
This car has "cult" potential. Lets hope they get the capital to start production. Very nice and strange car.
Can't wait to dump my oil burner.
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contact 3:37PM (5/29/2009)
I really like it. I'm not difficult to please though. I think it's a great looking car and I'd be interested in seeing some numbers on what they estimate the cost to be.
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Tim 10:54AM (5/29/2009)
The more competitors/choices, the merrier as long as I'm not FORCED to buy one against my will or fund a for-profit company with my tax money against my will.
I like choices, but one must also have the freedom to take advantage of and enjoy them.
(I’ll take freedom over security ANY day!)
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NeilBlanchard 11:39AM (5/29/2009)
Hi,
It's great to hear about new design; and they seem to have gotten several things right! The aerodynamics start out right, but seem a little schizophrenic with the good shape and full underpan -- but then having the open wheels; especially the rears with the separate fenders. Overall, cool stuff!
I love the fact of it being a serial hybrid -- this seems to be the obvious and best choice for the immediate future when longer range is required. The Aptera 2h is the only other one I know of that is an (intended) production car -- it is purported to get a minimum of 130mpg! There was/is the converted Mini with four 160HP hub motors, and a little 2 cylinder 250cc engine to charge the batteries -- 640HP and ~85mpg possible! What not to like?
Sincerely, Neil
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