California based ZAP Inc. announced Monday that it has received $25 million in new financing from Silicon Valley investment group Cathaya Capital Inc.. Currently producing several low-speed electric fleet and personal vehicles, Zap plans to begin production of the Alias, it's highway-capable electric three-wheeler, in 2010.

The company says that it will use a portion of the $25 million to pursue longer-term production commitments and to accelerate deliveries of trucks and vans to fill fleet orders. "This is a critical juncture for Zap as we now have the means and resources to begin addressing the opportunities at hand on a global basis and to fully realize the leadership position possible in the electric vehicle marketplace." said CEO Steven Schneider.

[SOURCE: Silicon Valley Business Journal]