The News

ReVolt Technology LLC Announces Successful Completion of Negotiations of $5 Million ARPA-E BEEST Award and Approval of $6.8 million in Loans and Tax Credits from the State of Oregon and City of Portland

27/08/2010

ReVolt selects headquarters site in Portland Urban Renewal Area

Portland, Oregon, August 27, 2010 - ReVolt Technology, LLC, a technology company which has developed a rechargeable zinc-air battery, today announced that it has been approved to receive a package of loans and tax credits from Oregon and Portland authorities totaling approximately $6.8 million, including support from the Oregon Department of Energy’s Small Scale Energy Loan Program (SELP), which is intended to promote energy conservation and renewable energy resource development.  Upon final closing, the SELP funding and incentives will further enhance ReVolt’s research and development work in a public-private partnership producing cutting-edge battery systems for electric vehicles. 

ReVolt has selected a site in Portland’s Airport Way Urban Renewal Area, at 12021 NE Airport Way, Suite G, to serve as its headquarters and expects to begin battery development and HQ operations there in October, supporting approximately 150 jobs between 2010 and 2015.

ReVolt’s recent commitment of $6.8 million in funding support from Oregon, combined with the $5 million in federal funding from the U.S. Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E), will catalyze and propel ReVolt’s North American business development efforts.  Under ARPA-E’s “Batteries for Electrical Energy Storage in Transportation,” or “BEEST” program, ReVolt will develop a powerful, safe and environmentally-sustainable rechargeable zinc-air battery system for electric vehicle applications.

 “We are extremely pleased to receive this generous package of financial support from Oregon and Portland.  These funding milestones will help us continue executing according to plan as we expand our team, operations and business strategies in North America,” said ReVolt Technology CEO James P. McDougall.  “The SELP and PDC loan programs combined with BETC tax credits are among the key clean technology economic development incentives that led us to choose Oregon for our headquarters.  This additional capital will help us develop important clean energy technologies for the future here in Portland, beginning with rechargeable zinc-air flow batteries fostering energy independence and next-generation electric vehicles.”