Iceland sees exciting project with electric cars fueled by geothermal electricity
Icelandic investment company Northern Lights Energy enters agreement with electric car manufacturer Reva to market its products in Iceland.
According to a recent release, “Venture capital-backed electric car manufacturer Reva has entered into an agreement with Northern Lights Energy (NLE), an Icelandic investment company, to market its products in Iceland. As part of the agreement, NLE will have an exclusive distribution right for the newly launched model of Reva car – NXR.”
This piece of news is fantastic as it shows how geothermal energy can help Iceland become more independent from imported oil, which has and continues to be a big financial burden to the economy.
According to the release, “The sales and marketing of the car will commence in the second half of 2010 , said a company statement. NLE will also market the follow-up models of NXR, which will be launched in sports category in 2011.
Prior to that, Reva has entered into a joint venture agreement with auto major General Motors India to provide the electric power train and energy management systems for latter’s new Chevrolet Spark car brand.
Reva is the brand of Reva Electric Car Company, a Bangalore-based company formed as a joint venture between Maini Group of India and AEV LLC of California. The company got funded from US investors such as Global Environment Fund and Draper Fisher Jurvetson (DFJ).”
Source: VC Circle