Friday, February 22, 2008

Miles Electrical Vehicles Scores $15M

Santa Monica-based Miles Electric Vehicles, which is developing plug-in electrical vehicles, said today that it has raised $15M in an investment round from Angeleno Group and other investors. The firm said that it will use the funding to advance development of the company's MILES XS500 highway speed sedan. The firm said that its sedan will have a range of over 120 miles per charge and reach speeds of over 80mph. Miles Electrical Vehicles is headed by Miles Rubin, and was founded in 2005. Miles Electric Vehicle currently sells low-speed, electric vehicles to college campuses, NASA, and other organizations. The company joins other local electric and hybrid car firms which have raised venture funding in recent months, including Aptera Motors (Idealab), Venture Vehicles (NGEN, DVC), and Fisker Automotive (Kleiner Perkins, Palo Alto Investors). More information »