Remy International has finalised terms of a US$60.2m grant from the US Department of Energy that, the company said, will allow it to accelerate standardisation and commercialisation of its HVH electric motor technology.
Remy, the largest independent North American manufacturer of electric motors for hybrid and electric vehicles, was nominated for the grant in August 2009 as part of the American Recovery and Reinvestment Act (ARRA) and received conditional approval in December 2009.
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President and CEO John Weber said: “These funds will help Remy establish a strong domestic manufacturing base for electric drive motor technology and accelerate the use of electric drive vehicles with higher fuel efficiency.”
Weber added: “This grant will allow for critical capital and human resource investment to create or protect 1,000 highly skilled jobs in the United States for Remy, its partners and its supply base.”
