UQM Technologies Gets Federal Grant to Help Build Coda EV Propulsion System
By John O'Dell January 20, 2010
Every little bit helps.
Colorado-based UQM Technologies said it has received a $45.1 million "cost-shared" grant form the federal energy Department to help it finance development and manufacture of the propulsion system for the upcoming Coda electric car, slated to be launched late this year with California-only sales.
UQM said the funding entitles it to a 50 percent match up to the grant limits for its expenditures for facilities, manufacturing equipment and product engineering - and could require reimbursement if the facilities built with the funding are later sold by the company.
The Coda, developed by Southern California-based Coda Automotive and being built in China under contract, is to be sold initially in California with a slow national rollout in subsequent years.
Limiting initial sales to a single state will enable Coda to develop and perfect its marketing and service organization concurrently, the company says.
Presuming Coda meets sales goals for its $45,000, five-passenger electric sedan (right), the policy also will enable the nascent EV maker to build up a backlog of California EV credits that can be sold to other automakers that can't - or won't - meet the state's requirements for producing their own zero emissions vehicles in coming years.
Funds from sales of the EV credits would help Coda finance its market expansion.
UQM has been contracted to provide its proprietary Power Pulse electric drive system for the Coda electric sedan. It consists of a 134-horsepower electric motor and related power management hardware and software.
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