Start-up company Alte converts fleet vehicles to plug-in hybrids, 50,000 mile warranty included
Here's a brief Alte history. Fifteen months ago, the company had little more than a Powerpoint presentation demonstrating its ideas and worked out of a small place in Plymouth, MI. Now, with 185,000 square feet of space in Auburn Hills, MI, 16 employees (expected to be over 300 by 2012) and former Chrysler President Thomas LaSorda and former Chrysler sales executive Steven Landry on the company's board of directors, the future looks bright. Add in $8.4 million in state tax credits and the possibility of a $101 million loan from the Department of Energy, and the ball is rolling in the right direction.
Alte has developed the plug-in powertrain in-house. Converted vehicles will travel 40 miles on a full charge before the gasoline engine springs to life. In most applications, vehicles will have a 400-mile range and return between 80 and 200 percent better fuel economy than non-converted counterparts. Who's buying? The company recently signed a $240 million deal with Gulfstream Coach for 3,000 powertrain kits for shuttle bus use. And, if you still don't believe that the company has a chance, there's one more thing to add: all three founders worked for Tesla Motors back in those early days in 2007 when few believed that the company would ever make it.
[Source: Detroit Free Press]
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