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Remy Receives DOE Funds

August 7, 2009

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Remy International has been awarded a U.S. Department of Energy grant for $60.2 million to develop a standardized platform of hybrid electric motors and controls.
The grant is part of a larger $2.4 billion infusion to accelerate the manufacturing and distribution of new U.S. batteries and electric vehicles.

"This is outstanding news as it accelerates our growth strategy," said John Weber, president and CEO of Remy. "This reconfirms Remy's technology in hybrid electric motors and will accelerate our leadership position in the market."

Remy applied for the grant along with Phoenix International, which will help produce a full line of standard electric motors and power electronics. The funds will go toward creating or protecting nearly 1,000 jobs in the U.S. for Remy, its partners, and its supply base. In addition, a strong domestic manufacturing base for electric drive motor technology will be established. Remy hopes the effort will accelerate the use of electric drive vehicles with higher fuel efficiency.

More info: www.remyinc.com

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