From today's Akron BJ:
Ohio.com - Electric vehicle sparks interest
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Myers Motors is the 39th company to join the portfolio of JumpStart Inc., the venture development organization that has been trying to accelerate the growth of early stage businesses in Northeast Ohio.
Myers Motors was formed in 2004 by entrepreneur Dana Myers, who purchased the assets of a California-based motors company.
That company had already sold about 250 of the vehicles, which are classified as motorcycles by the Department of Transportation because they use three wheels.
The vehicles can be charged with a household outlet, are qualified for highway travel, and can reach speeds of up to 75 mph.
Over the past three years, Dana Myers said his company has been working with the University of Akron to improve its battery system, and they have doubled the vehicle's range from 30 to 60 miles per charge.
The current single-passenger model, called NmG (No more Gas) sells for $30,000.
But the two-person vehicle will probably cost about 20 percent less, Myers said, because of improvements and new efficiencies.
''Like any other business, you work to get something right, then you work on cost reduction,'' he said.
While he expects there will remain a large market for the single passenger vehicle, a lot of potential customers have expressed the desire for a two-person model.
And a two-person vehicle that drives up to 60 miles a day ''covers 70 percent of all travel people do in the United States,'' Myers said.
Mark Smith, the JumpStart liaison assigned to work with Myers, said he's excited about the company's position in the market.
''There is a race under way to create cost competitive all-electric vehicles, and the Myers Motors team has an incredible head start,'' he said.
''Not only did they inherit a legacy of market knowledge and design from the predecessor company, they are already producing and selling vehicles,'' he said.
JumpStart's investment is also a bet that as the car becomes more affordable, more people will consider making the jump from their traditional cars.
''There is clearly an emerging market for these types of vehicles,'' Smith said.>>