100 MPG EV Maker Bright Automotive Tells Congress that "Auto Bailout" Funds Must Also be Used to Enable Innovation by Entrepreneurial Companies - TACH Agrees

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Launched from research efforts at Colorado-based Rocky Mountain Institute, Bright Automotive Has Developed a 100+ MPG Plug-In Hybrid Electric Vehicle

Anderson, IN – December 9, 2008 – Reuben Munger, Co-Founder and Chairman of Bright Automotive™, today told Congress that small companies are essential to America’s leadership in next-generation, fuel efficient vehicles. Testifying before the House Select Committee on Energy Independence and Global Warming, Munger said that Section 136 funds must be available to these highly innovative businesses.

Indiana-based Bright Automotive (www.brightautomotive.com) has developed a price competitive, 100 mile-per-gallon plug-in hybrid electric vehicle. The vehicle is the first to demonstrate that dramatic fuel efficiency gains can be made even with larger vehicles. Bright Automotive is on target to begin mass production of the vehicle in 2012 at an annual rate of 50,000 units.

In January 2008, Bright Automotive launched as a stand-alone company, from Colorado-based Rocky Mountain Institute (RMI), building on the creative and expert work of a consortium of visionary organizations, including Alcoa, Duke Energy, Google.org, Johnson Controls, and the Turner Foundation.

Bright Automotive is led by CEO John E. Waters, who formed the company while working at Rocky Mountain Institute, a global thought leader on energy efficiency. Waters is a pioneer in electric vehicles, having invented the battery pack system for General Motors’ first production electric vehicle, the EV1, and subsequent electric and hybrid electric vehicles. He also advanced and commercialized enabling battery technologies, such as lead acid, nickel metal hydride and lithium-ion, and applied them to transportation solutions. He is leading a deeply experienced team of automotive and business professionals committed to answering the nation’s call for energy independence by providing breakthrough transportation solutions.

In his testimony, Munger told the committee, “Section 136 is a critical component of the transformation of the American automotive industry. Tremendous innovation resides within small companies in both vehicle development and specific components, such as batteries. Taxpayer-supported incentives meant to achieve a specific intent must be open to all U.S. companies and should be allocated to programs and companies that provide the greatest return relative to funds invested.”

“Given the history of small businesses as a source of innovation in our country, a set-aside for competitive smaller firms of not less than 20% of the loan authority would ensure that innovation is sufficiently funded,” Munger continued. “Section 136 is the foundation for America’s future leadership in the automotive industry. The Big 3 as well as innovative companies both need Section 136.”

A seasoned investment professional, Munger is Founder and Managing Partner of Vision Ridge Partners. Previously, he served as Managing Director at The Baupost Group, L.L.C., a $16 billion investment firm, where he oversaw the firm's European equity investing.

In discussing Bright Automotive, Munger commented, “We are focused, experienced and have a solid business model to rapidly introduce innovative and sustainable products. Contrary to both existing and new entrants in the automotive industry, we have chosen to immediately ramp to scale and address a larger vehicle class. As our design shows, even a large vehicle can surpass traditional efficiency barriers and achieve five times more miles-per-gallon of gasoline