You might be familiar with the company through its other electric car, the Inizio. That car, a 159mph (257km/h) sports car with a sub-4 second 0-62mph (100km/h) time, is not targeted at the average buyer with its $139,000 price tag.
The new car, built to win the Automotive X Prize, could be on the streets by 2010. If it does claim the top trophy at the X Prize contest, it will gain another $7.5 million to help with development and production of the car. At this point, however, EV Innovations hasn't decided which of its cars it will enter.
Either way, it looks like the company will have a solid shot at the title.