Electric car maker Ozark Electric Cooperative (OESC) has raised $10 million in seed funding led by Andreessen Horowitz.OESF is a joint venture between the Ford Motor Company and Ford, with Ford owning a 30% stake.
OESF plans to begin production in 2020.
The company says its goal is to have 1,000 vehicles on the road by 2021, and that it will be using a combination of hybrid, electric and fuel cell technology.
The company plans to offer two different electric vehicles: a “sustainable” model, in which the battery lasts 10 years, and a “hybrid” model that will last 30 years.
The sustainable model will be available as a 2018 model, and the hybrid will be released as an “in-vehicle” option later this year.
The hybrid will come with a “zero-emission” engine, according to OESC, which is designed to make driving less of a chore.OBSC says the company’s goal is not to compete with Tesla Motors, but rather to offer better service and more value for customers.
The goal is also to lower the cost of ownership and lower the maintenance and repair costs.
The new funding is part of OESM’s $30 million Series A round, which was led by Fidelity Investments and led by a group of investors including Union Square Ventures, Founders Fund, Sequoia Capital and Greylock Partners.