Tesla Motors in Los Angeles, Calif.
(Credit: Tesla Motors)Tesla Motors has garnered $82.5 million in "Series F" funding for the purpose of expanding its chain of stores in North America and Europe.
The deal was first announced Monday by participating investor Fjord Capital Partners. Tesla Motors then confirmed the deal to several news outlets on Tuesday. Daimler, already a 10 percent investor in Tesla, and Abu Dhabi fund Aabar Investments also contributed to the fund.
The California-based electric-vehicle manufacturer has had stores in Los Angeles and Menlo Park, Calif., for some time. It recently opened stores in New York, Chicago, Miami, London, Seattle, and Munich. It has plans to open a store in Monaco before the end of the year, and has said it's scouting for locations in Washington, D.C., and Toronto.
But don't call them dealerships.
Because the electric cars are light on service work, and don't need things like oil changes, Tesla plans to forgo the traditional dealership/service business model of yesteryear's car industry. Instead the company plans to maintain full retail control over its cars and brand, Tesla announced in early September.
Tesla Motors in Menlo Park, Calif.
(Credit: Tesla Motors)"Tesla takes its showroom cues from Apple, Starbucks and other customer-focused retailers. Tesla stores provide a welcoming spot to surf the Web, test drive cars and learn more about Tesla, the only production automaker selling highway-capable EVs in North America or Europe," Tesla said in statement.
News of the latest funding deal also follows the unveiling of Tesla's production model of the Model S sedan, as well as a tuner version of its Roadster, at the 2009 Frankfurt auto show this week.
The prototype of the Model S was unveiled in March as a way to augment Tesla's lineup with a more "economical" option to its Roadster luxury sports car. The Model S is expected to cost around $50,000--about half the cost of the Roadster.
Big-box retailers are increasingly adding solar panels and wind turbines to sprawling stores to offset rising electricity costs and groom a "green" image.
Last week, Wal-Mart Stores announced it will add wind power to 360 Texas outlets. The company aims to power all stores with renewables eventually. So far, the retailer counting the largest amount of photovoltaics is Wisconsin-based Kohl's. Whole Foods is likely the first big name to add solar panels, starting in 2002 in Berkeley, Calif.
In the latest sign of government support for such efforts, Massachusetts Gov. Deval Patrick called last week for all new malls and massive retailers to install solar panels. That state's rebates of up to 40 percent for photovoltaic installations are among the most attractive in the country for retailers eyeing regional and federal discounts for installing cleaner forms of energy.
This chart tracks some of the most noteworthy developments.
| Company | Begun | Capacity | Companies involved | Where | Estimated CO2 saved | Estimated equivalent resources saved |
|---|---|---|---|---|---|---|
| Whole Foods | 2002 | 2.2 million KW hours/20 years | BP Solar, Princeton Energy Systems, PowerLight, Nextek Power Systems | 24 percent of energy in Brentwood, lighting systems in Berkeley, Calif., 20 percent of energy in Edgewater, N.J. stores | 140,000 lbs/year, 1,650 tons | 440 cars |
| Wal-Mart | 2005 | Wind: 226 million KWH/year Solar pilot: 20 million KW hours/year for 22 sites | Wind: Duke Energy Solar: BP Solar, SunEdison, PowerLight | Wind: 15 percent energy for 350+ Texas stores Solar: 30 percent energy for 22 stores in Hawaii and Calif. | Wind: 139,000 metric tons/year Solar pilot: up to 10,000 metric tons/year | Wind: 25,000 cars/year; 18,000 homes/year |
| Safeway | 2005 | Solar: 10,000 MW hours/year Wind: 87 million KW hours/year |
Unknown | Solar: 23 stores in Calif. Wind: all energy for 300 fuel stations; corporate offices; stores in San Francisco and Boulder, Colo. | 55,000 metric tons/year | Solar: 1,045 cars/year; 4,000 acres trees Wind: 45,000 acres trees |
| BJ's Wholesale Club | 2005 | Solar: 480 KW | Billerica, Evergreen Solar, Solarex | 14 clubs in 6 states | Unknown | Unknown |
| Target | 2007 | Solar: 9 million KW hours/year | Unknown | 20 percent of energy for 18 stores in Calif. | 4,586 tons to date | Planting 292 acres of trees; not driving 11.5 million miles to date |
| Kohl's | 2007 | Solar: 35 million KW hours/year in California alone (total unavailable) | SunEdison | 30 to 40 percent of energy for 50+ stores in N.J., Conn. Md.; 3 in Wis., 25 in Calif.; 4 in Ore. | 28 million lbs./1st year East Coast: 370 million lbs./20 years | California: 2,500 cars/1 year |
| REI | 2008 | Solar: 1.1 million KW hours/year | EI Solutions, Blue Oak Energy, Christenson Electric, Offset Electric | 35 percent of energy for 7 stores in Calif.; 3 in Ore.; Tex., Colo. | 880 metric tons | Powering 117 homes/year |
| North Face | 2008 | Solar: 1 MW | RayTracker, Suntech, EI Solutions, Recurrent Energy | Visalia, Calif., distribution center | 1,300 metric tons/year | 250 cars; saving 11 forest acres/year |
| JC Penney | 2008 | Solar: 4 MW | SunPower, Broadstar Wind Systems | Solar: 25 percent of energy for 5 stores in Calif.; 6 in N.J. Wind power for Reno, Nev. distribution center | 146,000 tons/30 years | 800 cars/30 years |
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