Bannon Autmotive joined federal, state and local officials to announce that it has selected the Syracuse region as the place to manufacture its affordablbe plug-in electric vehicle that will be based on technology developed in the U.S. by Reva Electric Car Company, LTD in India.
The company accepted an offer from NYS, marking the next milestone in the process. In addition, Reva granted exclusive rights for U.S. development and production to Bannon Automotive, pending finalization of its financing commitments.
"Central New York's position as a national leader in green technology, and the support we received from elected officials and economic development agencies were major factors in our decision," said Paul Wilmer, CEO of Bannon Automotive, Inc.
"By locating in New York, Bannon Automotive is helping to establish our State as the global leader in the clean energy economy and builing on the state's initiative to accelerate innovation in the electric vehicle technology through the New York Battery and Energy Storage Technology Consortium," said Governor David A. Paterson."
Bannon is planning to initially invest approximately $40 million, and up to $50 to $75 million over the next five years. Production will start with 100 employees and is expected to reach several hundred by full capacity.
Watch the press conference:
http://videos.syracuse.com/post-standard/2009/10/the_reva_electric_car_news_con.html
