The joint venture's first product will be Think City, an emissions-free, 95% recyclable car with a maximum speed of 65 miles an hour.

Plans call for a U.S. launch in 2009. The cars will be priced below $25,000.

Kleiner Perkins is teaming with Boston-based RockPort Capital Partners and electric-carmaker Think Global to create a company called Think North America.

Now made in Norway, the Think City — about the size of a Toyota Yaris or Honda Fit — runs on sodium or lithium batteries and can travel up to 110 miles on one charge, making it viable for the average American, who commutes 30 miles a day.

"This is not a toy, this is a serious car that is able to be mass-produced and sold," said RockPort managing partner Wilber James.

The two-seater has an option to add two more seats for children up to 14 years of age, Think Global CEO Jan-Olaf Willums said.

The company is negotiating with U.S. utility companies on potential tie-ups that could involve setting up "fueling stations" to charge the cars, following similar models in Europe, the executives said, without disclosing details.

The City's battery now takes about three hours to recharge if plugged in daily, or eight hours if the battery is drained.

Kleiner, known for backing companies such as Google and Amazon, was attracted to the joint venture because the Think City could be sold in big numbers.

Ray Lane, a Kleiner managing partner and chairman of Think North America, said the company hopes to sell 30,000 to 50,000 cars a year within a couple of years.

"It's the only electric vehicle we're aware of ready for mass production and scale up because it's been crash-tested in European and U.S. markets," he said.