Ira Ehrenpreis joins Tesla's board, co-leads new $45M round

Ira Ehrenpreis, leader of Technology Partners' cleantech practice, is to join the board of Tesla Motors in connection with a new $45 million Series D investment round announced today.

The round was co-led by Technology Partners and Elon Musk, former PayPal co-founder and now CEO of Space Exploration Technologies (SpaceX.)

An additional investment was made by Capricorn Investment Group, a private investment firm. All major investors from prior rounds of financing fully participated, including VantagePoint Venture Partners, Draper Fisher Jurvetson, JP Morgan Bay Area Equity Fund, Valor Equity Partners and Compass Venture Partners.

Ira is a recognized name in cleantech and venture capital circles. He has served as chairman of the Cleantech Venture Network Advisory Board, chairman of the Clean-Tech Investors Summit and on the Board of the National Venture Capital Association (NVCA).

The new financing will be used for the continued development of Tesla's WhiteStar, a 4 door, five passenger sports sedan planned for 2010, the establishment of company-owned sales and service infrastructure, and mass production of the Tesla Roadster, a stylish, high performance premium electric vehicle car which the company anticipates shipping to customers this fall. The company has taken over 400 reservations for the Roadster.

"Tesla Motors is positioned as a leader in the fast-growing marketplace for alternative fuel vehicles. By developing zero-emissions cars that also deliver great styling and high performance, Tesla has broken the compromise that previously existed between desirability and responsibility," said Ira Ehrenpreis of Technology Partners. "The best way to gain mass adoption of clean technology is to generate consumer demand for it."

Tesla plans to eventually offer a full line of zero-emissions vehicles, and currently employs more than 200 people, including teams in California, Michigan, the U.K. and Taiwan.