The V-drive on the Crosley block was developed by Aerojet General circa1952. Rights to the block and the V-drive went to Twin Coach - Fageol Products in
Kent, Ohio around 1953, and they produced the V-drive, pumps, generators and engines, OEM & Kit. In 1954, Fageol developed the Outboard version, then the VIP followed in 1955...The full timeline is as follows:

The Crosley story goes something like this:
1940    Lloyd Taylor developed "Tin" block made from sheet metal stampings
1941    "Tin Block" Paul Klotsch from Crosley noticed the unit
1942    Crosley purchased "COBRA" = Copper Hydrogen Brazed assembly
        Apparently Crosley cleaned out all of Lloyd Taylor's
        business and personal property.  Unpleasant
1943    Used by Military during war
1944    Mil Generators, pumps, auxiliary uses
1945    Crosley planned use in small car
1946    Small car development, sales
1947    Small car development, sales
1948    Crosley sold 29,000 units
1949    Crosley iron block CIBA
1950    Crosley auto ceased
1951    Aerojet General obtained total rights to engine, car & all
1952    Vee drive (V-drive) developed by Aerojet General
1953    Rights to engine and applications went to Twin Coach (Fageol)
        Produced engines, pumps, generators and V-drives
1954    Fageol Products (Div of Twin Coach) developed Outboard
        (V-drive belts were power-limiting)
1955    Fageol Products developed VIP (Vertical Inboard Power)
1956    Fageol marketed V-drive, VIP, Outboards and Pumps.
        Generators and some marine applications had Pepco Superchargers
1957    Ray Fageol (son of Lou) moved to San Diego with Marine 44 business
        Partnered with Bud Crofton.  Crofton partner solved pump problems.
1958    Lou Fageol moved back (retired) to San Diego.
1959    Lou & Ray Fageol sold all rights to Bud Crofton
1960    Crofton got Military parts contracts, made Bug Car, Outboards,
1961    Sold Outboard to Homelite
1962    55 Hp derivative of block, Aluminum castings
1963    more development, sales
1964    Homelite outboards
1965    Homelite outboards
1966    Sold Outboard to Dick Fisher - his Boston Whaler made Bearcat-55
...     Bearcat sales
1972    ceased

This information is provided by John Fageol

For more information follow this link.