Dubai's Al Yousuf Group invests in ZAP

Santa Rosa, Calif.-based electric vehicle maker (OTC: ZAAP) ZAP said today that Dubai's Al Yousuf Group invested in the company.

The United Arab Emirates manufacturing and distribution company purchased $5 million ZAP shares.

"We believe there is a big demand for clean transportation in The Middle East and we see ZAP in a position to deliver on that demand," said Hossein Asrar Haghighi, chief finance officer of Al Yousuf Group.

"We are long-term investors in this endeavor and will focus our efforts with ZAP on this important work to contribute to a green community worldwide through different units of our group."

Al Yousuf Group's subsidiary Al Yousuf Motors is a distributor of automobiles, off-road vehicles and boats.

"I am impressed with the technology ZAP is developing - like wheel motors - as well as its management team and we look forward to building a broader business relationship with them," said Eqbal Al Yousuf, president of Al Yousuf Group.

Founded in 1952, the group has partnerships with General Motors, Daihatsu, Daewoo, Suzuki and Yamaha.

ZAP, which started production of its first city speed Xebra cars and pickups last month (see First ZAP Xebras roll off the line in China), recently made a deal with China's Youngman Automotive Group to produce highway speed vehicles (see ZAP going big with China venture).

At the time of the Youngman announcement, ZAP said the venture planned to develop knock down kits for its production line, where the factory in China would build and manufacture the parts, then send the kits to other countries to be assembled there.

Cleantech developments making news in the past 24 hours

• AES raises $1.58B with China Investment
• Patently unobvious
• Dow’s reverse osmosis tech picked for Australian desal plant

View the last week of cleantech developments here | Subscribe to full feed