TTP Carbon Trust Incubator Helps Car Maker Raise $3.6M

Feb 11 2009 | 6:51am ET

TTP, an independent technology development company, has helped the UK company Axon raise GBP 2.5 million ($3.6 million) from “an international green investor” and the UK government for the development of its low-emissions Axon hatchback.

The first round of investment was raised through TTP’s Carbon Trust incubator service.

Axon is developing a 100mpg city car using existing engine technology and carbon fiber material advances. The company says its cars will use current low-emission gas engines and advanced transmission units and can therefore be in production years before hybrid or alternative-energy vehicles are available in large volumes.

Axon’s next step will be taking the working prototype to full production and further developing the carbon-fiber chassis, which is key to the car’s low-cost and lightweight construction.

The UK government’s Technology Strategy Board has kicked in over GBP 2 million ($2.9 million) of Axon’s current funding round, specifically for the development of a plug-in hybrid version of the city car. Axon Automotive expects to raise a further GBP 5 million ($7.2 million) later this year as the car moves toward initial production.


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