Electric Motors Corporation (EMC) Receives First Indiana Incentives to Launch Electric Automotive Technology

WAKARUSA, Ind.--With today’s announcement of financial and civic support, Electric Motors Corporation (EMC) has taken a leadership role in bringing a public-private partnership to the State of Indiana uniquely designed to capitalize on the existing economic, physical, and human assets of the northern Indiana area.

Indiana Governor Mitch Daniels joined EMC CEO Wil Cashen in announcing the State of Indiana’s offer to provide $4.6 million in tax credits and up to $200,000 in training grants based on the company’s job creation plans. This is the State’s first such grant under the state’s incentive program to a company in the electric drive systems category.

This announcement comes on the heels of last night’s joint resolution by the City of Nappanee and Town of Wakarusa to support EMC’s plans for an electric vehicle industrial development park in Wakarusa and expanding to Nappanee. The joint resolution was passed at the first joint session in the history of the two municipalities.

Mr. Cashen and Governor Daniels were also joined today by executives from Gulf Stream Coach to announce EMC’s partnership with Gulf Stream and their plan to launch electric vehicle production in the City of Nappanee. It is anticipated that the partnership will create more than 1,600 jobs in the area by 2012.

EMC, which develops and manufactures electric power drive systems for electric and hybrid vehicles, has partnered with RV manufacturer, Gulf Stream Coach, to produce a light-duty electric pickup truck. Together, the companies plan to invest in building renovations, machinery and equipment to site manufacturing facilities in Wakarusa and Nappanee.

These new electric pickup trucks use electric power drive technology that is clean, efficient, reliable and can be up-fitted into current vehicle models as well as future advanced technology electric plug-in and hybrid models.

EMC has sought funding through the U.S. Department of Energy’s program which provides loans and grants to automobile and parts manufacturers for the cost of re-equipping, expanding or establishing manufacturing facilities in the United States to produce advanced technology vehicles or qualified components. The Indiana Economic Development Corporation and the Elkhart Economic Development Corporation provided support for the company’s request.

“In an effort to execute on Governor Mitch Daniel’s program of bringing the State of Indiana into the future of electric vehicle manufacturing as a major supply source, on a global basis, we at EMC applaud the two cities of Wakarusa and Nappanee, and Elkhart County, Indiana for having the vision to fight unemployment and build a future prosperity,” said Wil Cashen, chief executive officer of Electric Motors Corporation. “Our participation in this effort should help accomplish the task of Indiana becoming a premier EV capital.”