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Jun 162009

From Green Right Now Reports

Myers Motors LLC, the Ohio company that makes a unique one-person electric vehicle, is getting a $250,000 investment from JumpStart Ventures.

The company, based in Tallmadge, Ohio, builds the NmG (“No more Gas”), which is classified as a motorcycle according to the Department of Transportation because of its three wheels. The all-electric vehicle, which sells for $29,995, goes 60 miles on one charge and is recharged using the same alternating current (AC) available in household outlets. The NmG can be used on highways, where it reaches speeds of up to 75 miles per hour.

Myers says the NmG meets the needs of the 80 percent of Americans who commute to and from work alone, and accommodates nearly half of Americans’ travel needs beyond work, which include errands and other day-to-day activities done solo as well.

Myers Motors was formed in 2004 by CEO Dana Myers, when he purchased the assets of a California-based motor company. Over the past few years, Myers has been collaborating with the University of Akron to further develop the battery technology and battery management system (BMS) used to power the vehicle. Myers Motors is enhancing its BMS to be more efficient and cheaper than systems used in other electric vehicles. Since working on the technology, the company has already doubled the travel range of the vehicle per charge, from 30 to 60 miles.

JumpStart Inc. is a Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses. Myers said it plans on using JumpStart’s investment to build out its two-seat prototype vehicle and develop its intellectual property strategy.

JumpStart Venture Partner Mark Smith will be working with the company and is excited about its position in the market. “There is a race underway to create cost competitive all-electric vehicles and the Myers Motors team has an incredible head start,” said Smith. “Not only did they inherit a legacy of market knowledge and design from the predecessor company, they are already producing and selling vehicles. And the two-passenger vehicle (called NmG2) currently under development will provide Myers Motors with a significant competitive advantage in this quickly emerging market.”

“Our battery system is the next step toward realizing the dream of electric vehicles: inexpensive travel that avoids the geo-political and environmental ravages inherent in America’s dependence upon oil for its transportation needs,” said CEO Myers.