If you tilt it, they will come

Los Angeles-based Venture Vehicles said it raised $6 million in funding from NGEN Partners late last week, moving the company closer to introducing a unique, tilting, three-wheeled hybrid to North America.

The company's VentureOne will be a new version of the slim Carver One by The Netherlands' DVC Technologies. DVC, which licensed its technology to Venture Vehicles, has only produced about 30 of its vehicles so far.

DVC holds a minor stake in Venture Vehicles, but was not an investor in this round of funding.

The more streamlined, and iPod-friendly, North American version is expected to start selling in California in the first quarter of 2009 for about $20,000.

"The amount of capital required is a fraction of the traditional motor company," Howard Levine, Venture Vehicles co-founder and acting CEO, told the Cleantech Group.

The three-wheeler, which looks like the cockpit of a fighter jet on wheels, is classified as a motorcycle by the U.S.'s National Highway Traffic Safety Administration. And, like a motorcycle, it will cost a lot less to produce than a car.

Check out the lean-to action >>

The first year of sales will only be in California, with a limited production of about 4,000 VentureOnes, but things are expected to ramp up after that.

"We can churn out around 18,000 to 25,000 per year," said Ian Bruce, co-founder and executive VP of design and engineering at Venture Vehicles.

Bruce said the company is planning on setting up production in the States. He said they can make the VentureOnes for "under $200 for assembly on each vehicle."

The Series A funding will go toward a new design for the vehicle, which will bring hybrid and full electric versions to drivers. The original Carver One runs on unleaded.

Venture Vehicles said it plans to use a lithium ion battery from Massachusetts-based A123Systems.

All three of its models, two hybrid and one electric, will have room for two and are expected to exceed 100 miles per gallon in fuel efficiency, with the hybrids hitting speeds of over 100 miles per hour. The electric VentureOne will be limited to about 75 miles per hour in order to extend its range

The hybrids are expected to have a range of 300 and 350 miles. The electric should run for 120 miles between charges.

"The DVC technology is very mature," said Bruce, adding, "it's already been EU approved."

With one wheel in front and two wheels in back, the technology will allow the VentureOne to lean into curves, at ever increasing angles, depending on the speed.

But only the front wheel and the cockpit lean into the asphalt. The small rear section, with the powertrain and the rear wheels, stays level no matter how hard you make your turns.

"It was developed over a 10 year period, at a cost of over $10 million dollars," said Bruce of DVC's system.

Unlike a motorcycle, the VentureOne is in charge of the leaning, not the driver. So even though drivers will need a motorcycle license to get behind the wheel, it should be a much easier drive, with no danger of leaning over too much.

And while three-wheelers are new to the States, the chief engineer on the VentureOne has plenty of experience.

Chris Norris was responsible for the GX3 three-wheeled concept vehicle, which Volkswagen showed off last year at the Los Angeles Auto Show, but decided not to release.

The VentureOne could give Tesla Motors' roadster a run for its money in the category of eye catching, if not in trunk space.

Tesla, which took in $45 million in Series D funding in May, plans to start production on its roadster this fall (see Ira Ehrenpreis joins Tesla's board, co-leads new $45 round).

And what does the future hold for the VentureOne?

"It's safe to say that we are planning to do a Series B round probably later in the year, or first quarter of next year," said Levine.

And then?

"Maybe two years out, we're thinking about creating a formula-class vehicle," said Bruce.

Look out, Tesla.

Cleantech developments making news in the past 24 hours

• Generating energy underwater from good vibrations
• Indian companies order 300MW in wind power
• Beijing meets "blue sky days" target early
• Finland, Vietnam launch fish fuel project

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