Small companies developing hybrid and electric sports cars with Ferrari-rivaling performance may seem fairly common these days, and the latest entrant into this growing market segment--Izaro GTE--seems determined to follow in the footsteps of other fledgling green sports car start-ups. Izaro is based in Spain and its proposed GTE is a new sports car project that the company hopes to offer as both a hybrid and all-electric vehicle.

If you’re thinking the GTE’s proportions look familiar, then you would be correct. Its underpinnings are based on the ever-popular Factory Five Racing GTM chassis, which has spawned several hybrid and electric car concepts already, including one with a jet-turbine engine.

As for the Izaro GTE, it will be constructed from a mix of aluminum, magnesium and high-strength steels and in hybrid configuration should develop a peak output of 416 horsepower. The all-electric version will be even more potent thanks to a 495 horsepower output, and both models will benefit from the use of lithium-ion batteries.

According to its makers, the hybrid GTE will have a total range of 428 miles, while the all-electric version will be able to cover 155 miles. Top speed is a claimed 174 mph and the 0-60 mph run is said to be achievable in under four seconds.

More details are set to be released closer to the Izaro GTE’s scheduled launch towards the end of the year but we wouldn’t be surprised if the project turns out to be vaporware--just like the many others that have come before it.