Monday, February 22 2010
A milestone partnership that involves electric van producer Modec based in Coventry and Navistar, an US based manufacturer of trucks, buses, and RVs was given hearty approval by Pat McFadden, UK Business Minister when he visited the company in the early part of December of last year.
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The deal that was signed early on in December will have the two companies working together to produce total-electric trucks for sale in both North and South America. The President of the United States, Barack Obama, gave a grant of £23 million for the joint-project earlier in 2009.
Modec was awarded a £4 million government loan that it received from Advantage West Midlands previously in 2009 in order to carry out their business plan. Modec was happy to receive the government help during such a harsh financial environment that has made raising money very challenging.
Modec is the first firm on the globe to scheme and construct an electric commercial vehicle from beginning to end rather than just place a battery onto a pre-existent vehicle.
The Business Minister Pat McFadden stated that firms such as Modec play an important part in Government’s dream of low carbon production and in assisting the United Kingdom’s automotive industry to manage the change from traditional to electric drive technologies. It is vital that UK firms are in the lead in these types of technologies now in order to procure the jobs of tomorrow.