In today’s pricing terms, South Africa’s Joule electric vehicle will sell at between R235 000 to R285 000, with the battery, the most costly component of the car, leased at an additional R1 500 a month, says Optimal Energy spokesperson Jaco van Loggerenberg.

The car will be in showrooms in 2013.

This means Joule buyers will not own the lithium-ion battery, but only the vehicle body. It also means that owners may be able to swap a depleted battery for a fully charged one in around a minute, instead of waiting for the battery to charge – if such a system is introduced along with the Joule.

Many vehicle producers worldwide are looking at introducing similar payment models to ensure the successful roll-out of the electric vehicle, which is more expensive at point of sale than vehicles powered by internal combustion engines.

However, electric vehicles require no fuel, and have much longer service intervals, as they have less moving parts.

Optimal Energy is working towards the large-scale manufacture of fully-electric cars for local and exports markets. The company is headquartered in Cape Town.

Designed by South African-born Keith Helfet, Joule has been developed from a static display model and engineering prototype into a pre-production prototype by Italian design house, Zagato’s Total Design Centre.

The first test Joules are being hand-built near Port Elizabeth by Hi-Tech Automotive, which is responsible for building a marketing and test fleet of about a hundred vehicles. These will double as research and development units, some of which will be on South African roads by the start of the Soccer World Cup in June.

Full-scale production of Joule will begin at the end of 2012.

Key design goals for the finished product include a range of 230 to 300 km before recharging is required, a freeway cruising capability, as well as seating for five.

Likely service intervals will be 40 000 km or two years.

MOUs SIGNED WITH GERMAN, SOUTH KOREAN FIRMS

Optimal Energy has signed a memorandum of understanding (MOU) with EDAG, a German automotive full service supplier, to industrialise the Joule.

Optimal Energy has also signed a MOU with Energy Innovation Group (EIG), a South Korean lithium-battery cell supplier, to explore the potential of setting up a manufacturing facility in South Africa for the non-exclusive supply of battery cells to Optimal Energy.

The Industrial Development Corporation of South Africa (IDC), as potential investor, is party to this memorandum.

The IDC is an investor in Optimal Energy.

Optimal Energy has also mandated a consortium of advisors (International SPC, PricewaterhouseCoopers and Axelcium) to do financial optimisation and capital raising during the industrialisation phase.

Once production of Joule begins, CEO Kobus Meiring estimates that Optimal Energy, which currently employs more than a hundred people, will increase head-count to around 2 300 employees, with a further 8 000 people to be employed in various related and support industries.

“We are in the process of selecting a site for our first assembly and manufacturing plant. The location of the plant will be announced later this year.”