Remy International, Inc. Will Receive Department of Energy Grant for $60.2 Million
PENDLETON, Ind., Aug. 5, 2009 -- The United States government today announced $2.4 billion in grants to accelerate the manufacturing and deployment of the next generation of U.S. batteries and electric vehicles. Remy International, Inc. was among the grant winners and will receive $60.2 million to establish a standardized platform of hybrid electric motors and controls.
"This is outstanding news as it accelerates our growth strategy," said John Weber, President and CEO of Remy International, lnc. "This reconfirms Remy's technology in hybrid electric motors and will accelerate our leadership position in the market."
The DOE grant awarded to Remy and its co-applicant, Phoenix International (a John Deere company), will allow for critical capital and human resource investments to produce a full line of standard electric motors and power electronics. This investment will create or protect nearly 1,000 highly skilled jobs in the United States for Remy, its partners, and its supply base. It will also establish a strong domestic manufacturing base for electric drive motor technology and accelerate the use of electric drive vehicles with higher fuel efficiency.
Remy is the largest North American hybrid electric motor manufacturer with industry leading technology and intellectual property. Its hybrid electric motor platform can be used in passenger vehicles, trucks and heavy equipment vehicles.
About Remy International, Inc.
Remy International, Inc., headquartered in Pendleton, Indiana, is a leading global manufacturer, remanufacturer and distributor of Remy brand starters, alternators and hybrid power technology and Delco Remy brand heavy-duty systems. To learn more, visit the Remy brand website at www.remyinc.com.