ZAP (ZAAP.OB) has received a $79 million order for electric vehicles from Chicago-based start-up, The Electric Vehicle Company.
The Electric Vehicle Company (EVC) is being funded by two hedge funds, Diversified Equity Funding, L.P. and Diversified Strategies Fund, LLC, which also have investments in ZAP.
EVC will sell electric vehicles to municipalities, distributors, university campuses, auto and recreational dealers, foreign countries and the military. Its goal is to develop the first electric vehicle retail chain. The two funds have committed the funding necessary to develop the marketing organization. The hedge funds will also provide financing for the purchase of ZAP vehicles by fleets and municipalities.
“We believe this order, which constitutes thousands of vehicles, is the largest order for consumer electric vehicles in history,” said Steve Schneider, Zap CEO.
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