Ex-Yota CEO’s fund invests in the production of electric vehicles that allow electric cars to consume fuel

    Former deputy head of the Ministry of Communications and the former Yota Group CEO Denis Sverdlov invested in Charge . The company produces hybrid power plants for electric freight vehicles. Strictly speaking, the investment came not from Sverdlov himself, but from his new Kinetik fund. This is the first fund deal in the UK. Its volume is $ 500 million.

    Experts believe that Charge’s choice is not consistent with traditional investment practices in this market segment.

    Charge manufactures propulsion systems that will allow electric vehicles - heavy commercial vehicles, such as buses and trucks, to consume conventional fuel. These technologies will significantly increase the maximum distance that such electric vehicles can move. Sverdlov noted that such a technology would save ordinary fuel consumption three times.

    Kinetik believes that such plants can be delivered at the same cost as conventional internal combustion engines. However, it will not include the price of the battery. “We will seek cooperation with a large number of companies and manufacturers,” said the founder of the fund.

    “For commercial vehicles, conventional electric cars are not enough. Such cars need to work constantly. In the next 15–20 years, such an extended range will be standard, ”Sverdlov explained. According to him, Charge will focus on cars weighing 2.5–26 tons.

    Sverdlov’s desire to invest in “heavy” electric cars is atypical in this market segment. So far, Tesla Motors and other companies involved in the production of electric cars have achieved the greatest success in it , notes the Financial Times.

    Denis Sverdlov until August the year before last served as deputy head of the Ministry of Communications. In the department, he oversaw communication issues, including one of the initiators of MNP - portability of telephone numbers. However, in 2013, he left his post due to a law prohibiting officials from owning assets abroad.

    In 2007, Sverdlov became the CEO of Scartel, and in 2010 he headed the Yota Group, reminds RBC.

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