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PHOTO CAPTION: Optimal Energy Joule all-electric car.

South African Electric Car Developer Close Its Doors

Optimal Energy was unable to secure R7 Billion funding to complete development and commercialization of its Joule electric car.

Published: 26-Jun-2012

South Africa’s electric car developer, Optimal Energy, would close its doors, the company said in a statement released on the weekend.

Over the last few months, the board and management of the Cape Town-based company, together with the Industrial Development Corporation (IDC) and the Technology Innovation Agency (TIA), had been working on a revised strategy for Optimal Energy, following the company’s failure to secure the about R7-billion funding required for the development and industrialisation of its Joule electric passenger car.

The new strategy would have used the existing intellectual property developed by Optimal Energy for the Joule to develop an electric bus.

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