Feb 21 2008
Miles Electric Vehicles announced today a $15,000,000 investment round led by the Los Angeles based private equity fund, Angeleno Group, with participation from existing investors. Funds will be used to advance the development of the all electric MILES XS500 highway speed sedan, which is powered by an advanced technology lithium-ion powertrain, and to expand its leadership in the low speed electric vehicle market.
“Several years ago we made a commitment to do something meaningful to reduce the effects of global warming and to lower our dependence on foreign oil,” said Miles Rubin, Chairman of Miles Electric Vehicles. “Today, we are pleased to announce this investment from Angeleno Group as part of their commitment to funding clean energy technology companies.”
Headquartered in Santa Monica, California, Miles Electric Vehicles was founded in 2005 by entrepreneur Miles Rubin as an all electric, zero emissions vehicle manufacturer. MILES now successfully markets a line of low speed electric cars and trucks that combine the best of United States built motor and controller technology with the most efficient Chinese manufacturing and advanced battery production.
Daniel Weiss, Managing Partner of Angeleno Group, stated, “We are excited to lead the first institutional financing of Miles Electric Vehicles. The company has entered the global electric vehicle market with an innovative, practical approach combining best of breed U.S. and Chinese automobile and battery technology. Miles Rubin, a seasoned and proven entrepreneur, is building a world class company that we are confident will play a leading role in the growing clean transportation industry.”