V-Vehicle Co.'s founder and chief executive officer Frank Varasano has left the company, the latest in a series of blows to the start-up firm that wants to build fuel-efficient cars in Monroe. Also, a north Louisiana newspaper is reporting that the company has canceled its lease on a former factory site where it wanted to build a new plant...
V-Vehicle Co.'s founder and chief executive officer Frank Varasano has left the company, the latest in a series of blows to the start-up firm that wants to build fuel-efficient cars in Monroe.
Also, a north Louisiana newspaper is reporting that the company has canceled its lease on a former factory site where it wanted to build a new plant and that a Louisiana businessman involved with the project says it has come "unraveled."
The company announced this evening that Raymond Lane has assumed the role of interim chief executive and that the company is looking for a full-time leader. Lane is a managing partner of Kleiner Perkins Caulfield Byers LLP, an investment firm with a large stake in V-Vehicle.
The media statement says the company "remains committed to building cars in Monroe."
The U.S. Department of Energy last week turned down the company's application for a major federally backed loan, which was to form a crucial part of the financing for a 1,400-employee car plant in Monroe. The company has returned money to the state that was paid in incentives for the project.