Electric vehicle maker raises more capital

May 12, 2014
Austin Business Journal

Electric vehicle maker Kenguru Inc. reported raising $815,506 of a planned $3.7 million financing


The Pflugerville company collected the capital from two investors, according to a Friday filing with the U.S. Securities and Exchange Commission


Kenguru, which was founded in 2010 as Community Cars Inc., develops tiny, $25,000 vehicles designed for non-highway driving by wheelchair users


The Austin Business Journal initially reported on the business in early 2011. Later that year, the Pflugerville City Council approved a $100,000 grant for the company to build its vehicles at Pflugerville’s alternative energy business park. It now employs two full-time employees and two part timers, President Stacy Zoern said


Investors include former Dell Inc. Chief Operating Officer Jim Schneider, who is also chairman of Austin-based Horizon Bank


In 2012, Kenguru produced just 15 prototype vehicles and Zoern planned to reach full production in 2013 with 250 vehicles. However, Kenguru ran out of capital to pay for an assembly contractor in Alabama so she spent the year pitching investors


The new round of financing is expected to enable production to start in coming months. Zoern projects Kenguru to produce 50 vehicles by the end of the year


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