Wheego Electric Cars, which launched its two-seat vehicle, The Whip, earlier this year, is raising a $2.5 million financing, according to a regulatory filing. he company spun-out from Ruff & Tuff Electric Vehicles in 2009, raised $1.2 million debt in August from existing investors. Investors can later ask for repayment of the loan or convert it to stock, says McQuarry.
It disclosed the plans for the $2.5 million raise in a filing with the U.S. Securities and Exchange Commission.
The first version of the Whip has a maximum speed of 35mph and retails for about $19,000. It takes about eight hours to charge via a conventional outlet. A dual charger that uses an outlet similar to one used for a home clothes dryer, would do the job in about 40 percent less time.
