Going Green, founded in 2008, manufactures a broad range of electric motorcycles and other types of electric vehicles. It distributes its products through an extensive national network of dealers and launched its first service in 2011; it currently operates several initiatives. The company plans to use newly raised funds to reinforce existing projects, commercialize operations, and begin international expansion. The founding team (including Valentín Porta, Miquel Costa and Luis Delgado) together with CEO Gonzalo Alonso hold a significant stake. Prior financings include a €650,000 investment from IESE business angels in 2009 and a €500,000 investment from Fundación José Manuel Entrecanales in 2010. Going Green is a distributor of electric vehicles and related services in Spain, acting as the exclusive importer for Think cars, Vectrix and Oxygen scooters, and Matra electric bicycles. The company was founded in late 2006 by a group of experienced executives and is developing three lines of business: electric vehicles, charging infrastructure, and mobility services. Going Green plans to expand its product range in the coming months to include electric buses. Gonzalo Alonso is the company’s CEO and highlights the firm’s exclusive brand portfolio and nationwide dealer network. Financially, the company has just completed a capital increase through which Fundación José Manuel Entrecanales acquired a 20% stake and will provide both financial and technical support. The Foundation will also collaborate on business development and the promotion of electric mobility in Spain. Going Green is a Madrid-based distributor that for two years has sold electric motorcycles and bicycles from manufacturers including Vectrix, Oxygen and Matra. The company plans to add the 100% electric TH!NK City to its lineup under a contract for 550 units to be delivered by summer 2010. The TH!NK City is described as an urban electric car (two or four seats) with about 180 km of autonomy, a top speed of 130 km/h, a full recharge time of seven hours and a price of €23,000. A syndicate of private investors from the IESE network led by the Catalan investor Edap 2007 invested €650,000 in the company. The four founding partners capitalized €400,000 of loans into the business, bringing the immediate financing round to €1.05 million. Public agency Enisa is expected to grant a €500,000 participative loan in one or two tranches following the capital increase.

Total raised

$1M

Funding rounds

3

Latest round

Equity

Latest activity

Sep 2009