Echo is a developer of technologies enabling the cost-effective conversion of existing vehicles into hybrids and plug-in hybrids,

Calstart is described by Echo as an industry leader in working with fleets to implement clean fuel vehicle solutions, with manufacturers to develop commercialization strategies, and with public and private sources to obtain seed funding to speed the conversion of fleets to alternative fuels.

“Echo is excited to be a part of Calstart. We recognize and appreciate the outstanding work the organization has done and continues to do to advance innovative transportation technologies,” said Jason Plotke, Echo President and Co-founder. “Our award-winning EchoDrive platform powers solutions that support Calstart’s mission and offer a bolt-on alternative that allows more operators to take advantage of incentives and more vehicles to get to clean technology faster.”

According to Echo, aligning with this organization supports Echo Automotive’s commitment to working with experts in the field to further the cause and adoption of emerging clean technologies.

“We are pleased to have Echo Automotive join Calstart as a member company,” said John Boesel, President and CEO of Calstart. “Fleets in California and beyond will benefit from more cost-effective and fuel-efficient options to address the challenge of rising fuel costs.”

During the same week of May, Echo announced completion of financing with United Fleet Financing, LLC, that provides $3,000,000 of working capital for the Company through a Private Placement Offering and Mezzanine Financing.

“This $3,000,000 infusion of working capital will allow us to ramp up our order fulfillment operations and meet the growing demand for EchoDrive kits more quickly,” stated Dan Kennedy, Echo’s CEO. “We are very pleased by the completion of this financing, the support offered by United Leasing, and the positive response we continue to receive from the marketplace.”

The Company authorized the sale and issuance of up to 2,727,273 units of Company securities to United Fleet in a private placement for the purpose of raising working capital to accelerate the Company’s business plan.

Each unit consists of one share of the Company’s common stock at $0.55 per share and one warrant exercisable to purchase one and one-quarter (1.25) shares of common stock at an exercise price per share of $0.65.

The proceeds will be provided by United Fleet on a tranche basis with monthly installments for nine months starting June 2013.

Additionally, United Fleet and Echo said they consummated a financing and security agreement in which United Fleet agreed to provide an additional $1,500,000 of working capital for Echo through mezzanine financing.

The mezzanine financing is a five year secured note with accrued interest at an annual rate of eight percent. The terms of this note include conversion features at $0.55 per share and warrant rights with a strike price of $0.65. This additional working capital will also be provided to the Company in nine monthly installments starting June 2013.

The post Echo Joins Calstart And Acquires Additional Financing appeared first on HybridCars.com.

No single person, agency, or company can lay claim to birthing the green car revolution. But for the past 20 years infrequently heard of Calstart has been instrumental in advancing the notion of alternative fuel vehicles and related business from hopeful fantasy to a viable industry and an accepted aspect of many of today’s lifestyles.

Founded in 1992, Calstart was the brainchild of Dr. Leon Bell, an engineer that saw an opportunity to utilize the scientific minds of so many that were finding themselves idle following the then-pending wind down of the aerospace industry.

Bell wanted to pool resources with fellow engineers, scientists, and aerospace businesses to find ways to help automakers meet California’s mandate that a percentage of carmakers’ vehicles for sale in the state must be zero-emissions.

To show it could be done, writes Autoweek, Bell built an electric car using technologies from 20 different companies and started showing it off. However, laws sometimes do change, and California’s electric vehicle mandate was shelved.

Following that hurdle, Calstart forged ahead to focus on assisting large-vehicle fleets operations become environmentally friendly. The consortium then pursued big-picture thinking by impacting legislation and forming coalitions benefiting the green energy industry at large.

And now that California is back on board with zero-emissions, courtesy of Governor Edmund (Jerry) Brown’s mandate known informally as the Zero Emission Vehicle (ZEV) Program, Calstart will likely continue a legacy of guiding the clean energy community to new, landmark standards that much of the country, if not the world, will embrace.

Autoweek, Calstart

The post Alternative Energy Consortium, Calstart, Celebrates 20th Anniversary appeared first on HybridCars.com.