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Published on: 8/7/2009
Last Visited: 8/9/2009
GARDNERVILLE, NV, Aug 06, 2009 -- SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport commented today on the $2.4 billion in federal funding for electric vehicle manufacturing that President Obama announced during his visit to Indiana.
The funding included about $400 million to buy thousands of plug-in hybrid and all-electric vehicles for demonstration projects, $1.5 billion to foster an advanced vehicle battery industry in the U.S. and about $500 million granted to makers of electric drive components, power system and the other parts needed to make electric vehicles.
SymPowerco President and CEO John Davenport commented, "At SymPowerco, we believe that the funding for electric vehicle manufacturing announced by President Obama signals the beginning of a serious effort on the part of America to become the world leader in not only the research and development of electric vehicles, but also in the development of the resources, technologies and components required for efficient manufacturing of electric vehicles that can then be offered at the lowest cost.
"Federal support can drastically lower the cost of components such as batteries, electronic control systems and electric drives by encouraging early development and adoption of efficient, standardized and mass produced components.
At SymPowerco we believe that this will shorten the timeline to market and substantially lower the cost of commercialization of our Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies because we can expect to couple our unique fuel cell to 'off-the-shelf' components for most of our commercial applications.
Mr. Davenport further stated, "Not only can we benefit from funding granted directly to SymPowerco through our own application processes but we can benefit directly when funding is provided to other corporations and institutions that are developing the components we'll need to advance our own technologies.
It's a win-win situation for the entire industry.