ReVolt Technology LLC and its CEO James P. McDougall, a member of the CEO - Collaborative Forum, successfully completed negotiations with ARPA-E, the state of Oregon and City of Portland and has secured $11.8 million in funding for expansion into North America.
Revolt, which is developing a powerful, safe and environmentally-sustainable rechargeable zinc-air battery system for electric vehicles, will receive loans and tax credits from the Oregon and Portland authorities that will total $6.8 million. Additional funding includes support from the Oregon Department of Energy’s Small Scale Energy Loan Program (SELP), a program designed to support energy conservation and the development of renewable energy resources.
The company has selected a site in Portland that will serve as its U.S. headquarters and expects to commence operations there in October.
The $6.8 million in funding support from Oregon combines with $5 million in federal funding from the United States Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E). Together, the support garnered from these initiatives will help ReVolt develop strongly in North America.
On behalf of CEO - CF and all of its members, we would like to congratulate James McDougall and the entire ReVolt team and, of course, the state of Oregon and the city of Portland. To quote Mr. McDougall in closing, ""Now the fun begins."
ReVolt CEO James McDougall (2nd from left) at CEO-CF Pan-Euro Meeting 2010
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