$79 Million Order for Zap Electric Cars

Electric car pioneer ZAP has received an order for $79M from a Chicago-based start-up, The Electric Vehicle Co. (EVC).

EVC was founded to promote economical non-polluting electric transportation and is being funded by two hedge funds, Diversified Equity Funding L.P. and Diversified Strategies Fund LLC, which both have an investment interest in ZAP. EVC will focus on sales of electric vehicles to municipalities, distributors, university campuses, auto and recreational dealers, foreign countries and the military. Additionally, the company has the goal of developing the first retail chain committed to the sale of all electric vehicles.

“We believe this order, which constitutes thousands of vehicles, is the largest order for consumer electric vehicles in history,” says Steve Schneider, CEO of ZAP.