Russian Oligarch Michael Prokhorov Embarks on New City Car Venture

What do the New Jersey Nets, the sport of kick boxing, Siberia and cars have in common?

courtesy of mprovhorov.com

Mikhail Prokhorov, the richest man of Russia, who plans to buy the New Jersey Nets NBA franchise, intends to launch a new city car through his company Onexim Group. Edmunds Inside Line reports that the vehicle will sport some kind of “advanced technology,” according to Russian media sources,  which is being interpreted as including a hybrid or fully electric drivetrain. The vehicle will be sold at a very city-budget prices of $12,500.

“The car will be built in the Yarovit Motors plant in Russia, and in order to get the new city car into production, Onexim is putting in an estimated $141 million investment. That’s an amazingly small amount of money to get a new project such as this off the ground, leading many to suggest that it will never happen unless the government gets itself involved somehow.”

Prokhorov has taken an interest in alternative energy for some time. On his site he writes, “The world’s population is growing by millions each year, and our energy needs are rising accordingly. The future of energy will have to accommodate this rapid growth, and will combine traditional forms of energy (such as petroleum and natural gas), as well as “new” sources, like wind, solar and hydrogen power. Hydrogen fuel-cell technology is one of the most exciting advances, and has the potential to provide up to 20 percent of the world’s energy.”

He also defends Russia’s ability to play a role in the future of renewable resources. “It is worth considering how Russia, as a major supplier of oil and gas, can contribute towards new technologies and solutions in this era of renewed environmental responsibility. In Russia today there is an understanding that our resources are not infinite. There is also a growing realization that in order to address current environmental challenges and to provide a sustainable future for all, we must commit to investing in new technology and redouble our efforts to explore alternative technologies.”

courtesy of mprokhorov.com

Prokhorov is into making headlines with his moves. Assuming his pending contract with the Nets franchise moves forward transplanting the Nets to Brooklyn from the Jersey Shore, he will be the first international owner of an NBA team. Prokhorov, an avid sportsman himself, clearly likes a challenge. His father worked as Head of the International Relations Department of the Soviet State Sports Committee, and Prokohorov, who rose to prominence in banking, has inherited a thirst for the game and zest for competition. He is #40 on Forbes list of billionaires.

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Tagged as: Alternative energy, Energy, Mikhail Prokhorov, New Jersey Nets, Soviet Union, technology