Mission Motors Announces Series B Financing Led by Warburg Pincus
Funds will be used to commercialize EV technology offerings to vehicle manufacturers
August 17, 2011, PR Newswire – Mission Motors, a developer of cutting-edge electric vehicle technology, today announced that it had closed on a $9.0 million dollar Series B financing round led by Warburg Pincus, a leading global private equity firm.  Warburg Pincus is making an initial investment of $7.5 million in the company and Infield Capital is following on to its original investment in Mission.  Warburg Pincus has the right to make additional investments periodically, up to a total of $50 million, at its discretion.
The Series B round brings Mission’s total to-date funding to $15.0 million. Proceeds from the financing will support the commercialization of Mission’s electric powertrain technologies and allow the company to expand its partnerships with original equipment manufacturers (OEMs).