Wrightspeed announced today it has raised $5 million in first-round financing from a private investor.

The company was founded by one of Tesla&'s cofounders Ian Wright. So far, Wrightspeed has probably been best known for is X1 prototype, which the company calls the &''world&'s fastest street-legal electric vehicle.&'' The X1 was created to demonstrate that electric drive can still deliver the &''extreme performance&'' of a sports car.

The company plans to use the funds to develop an extended-range hybrid electric drive system that it would market to extreme-performance sports cars and medium to heavy-duty trucks.

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Tags: electric cars, electric vehicles

Companies: Tesla, Wrightspeed

People: Ian Wright

Tags: electric cars, electric vehicles

Companies: Tesla, Wrightspeed

People: Ian Wright

Iris Kuo is the VentureBeat's lead GreenBeat writer. She has reported for The Wall Street Journal in Hong Kong, Houston Chronicle, the McClatchy Washington Bureau and Dallas public radio. Iris attended the University of Texas at Dallas and lives in Houston. Follow Iris on Twitter @thestatuskuo (and yes, that's how you pronounce her last name).

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