clipped from: www.cnn.com   

Silicon Valley racing ahead with electric cars

Thursday, June 29, 2006; Posted: 2:15 p.m. EDT (18:15 GMT)
SAN CARLOS, California (AP) -- Like many Silicon Valley engineers, Martin Eberhard loves cars, especially fast ones. But the self-described "closet gearhead" didn't feel comfortable buying a hot rod that guzzled gas from the Middle East or some other troubled region.
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Ian Wright, founder of Wrightspeed Inc., speeds along the highway in his electric sports car in California.

So three years ago, Eberhard and friend Marc Tarpenning launched Tesla Motors Inc. Their goal: to design a sports car that would go as fast as a Ferrari or Porsche, but run on electricity.

With about 80 employees, Tesla just raised $40 million from high-profile investors including Google founders Larry Page and Sergey Brin and PayPal co-founder Elon Musk. It plans to start selling its first model next year.

"I'm not the only person that would like to buy a car that's beautiful and fun to drive but also remain on the moral high ground," said Eberhard, 45, who sold his previous company, electronic book maker NuvoMedia, for $187 million to Gemstar/TV Guide International in 2000. "None of the energy that goes into an electric car comes from the Middle East."