South Africa's Electric Car Company Unplugs
Optimal Energy, South Africa's electric car developer, will close its doors due to "slow availability of funding," the company said in a statement.
Earlier this year, the seven-year-old Cape Town company failed to secure the R9 billion (US$1.06 billion) worth of funding required for development and commercialization of its Joule electric passenger car.
...
"Although successfully launched in Paris in 2008 and Geneva in 2010 and attracting the interest of more than 130 distributors worldwide, the development of the Joule EV has been hampered by the slow availability of funding," the company said in its statement.
...
But these discussions did not bear fruit. The parties concluded that although "the project is technically possible, there were several commercial risks that threatened the success of the project."
So many talked a good game, but none, or very little, wanted to take the risk and put their money where their mouth is.
Wherever in the world, electric cars are not wanted on a wide scale.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
