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  • Portfolio News
  • 27 July 2010
  • 22 min read
  • Words: Northzone

ReVolt Announces Successful Completion of Negotiations of $5 Million ARPA-E BEEST Award and Approval of $6.8 million in Loans and Tax Credits from the State of Oregon and City of Portland

(Portland, Oregon, 27/08/2010)- ReVolt Technology, LLC, a technology company which has developed a rechargeable zinc-air battery, today announced that it has been approved to receive a package of loans and tax credits from Oregon and Portland authorities totaling approximately $6.8 million, including support from the Oregon Department of Energy’s Small Scale Energy Loan Program (SELP), which is intended to promote energy conservation and renewable energy resource development. Upon final closing, the SELP funding and incentives will further enhance ReVolt’s research and development work in a public-private partnership producing cutting-edge battery systems for electric vehicles.

ReVolt has selected a site in Portland’s Airport Way Urban Renewal Area, at 12021 NE Airport Way, Suite G, to serve as its headquarters and expects to begin battery development and HQ operations there in October, supporting approximately 150 jobs between 2010 and 2015.

ReVolt’s recent commitment of $6.8 million in funding support from Oregon, combined with the $5 million in federal funding from the U.S. Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E), will catalyze and propel ReVolt’s North American business development efforts. Under ARPA-E’s “Batteries for Electrical Energy Storage in Transportation,” or “BEEST” program, ReVolt will develop a powerful, safe and environmentally-sustainable rechargeable zinc-air battery system for electric vehicle applications.

“We are extremely pleased to receive this generous package of financial support from Oregon and Portland. These funding milestones will help us continue executing according to plan as we expand our team, operations and business strategies in North America,” said ReVolt Technology CEO James P. McDougall. “The SELP and PDC loan programs combined with BETC tax credits are among the key clean technology economic development incentives that led us to choose Oregon for our headquarters. This additional capital will help us develop important clean energy technologies for the future here in Portland, beginning with rechargeable zinc-air flow batteries fostering energy independence and next-generation electric vehicles.”

“It’s great to see ReVolt Technology and the state coming together to create jobs and clean energy technology,” said U.S. Senator Jeff Merkley (D-OR). “Oregon’s technology sector has always been a source of local pride, and ReVolt’s development of cutting-edge rechargeable batteries helps bring us one step closer to realizing our country’s clean energy future.”

“We can now add ReVolt to the growing list of companies that are coming to Oregon and bringing jobs with them,” said U.S. Senator Ron Wyden (D-OR). “This is further evidence that Oregon’s commitment to innovative clean-energy technologies is paying off and that the partnership between federal, state and local governments to support innovative private sector businesses is succeeding in growing family wage jobs in the state.”

“ReVolt’s announcement that they have secured crucial financing is an exciting affirmation of the federal, state, and local commitment to building Oregon’s clean energy economy,” said Congressman Earl Blumenauer (D-OR). “It is particularly welcome news that they are locating in my Congressional District on NE Airport Way. I look forward to monitoring their progress in advancing the development of clean, renewable technology and in creating new jobs for Oregonians.”

“I worked to bring ReVolt to Oregon because our state needs high-wage, private sector jobs,” said Congressman David Wu (D-OR). “Today we celebrate this wonderful news. Tomorrow, we get folks back to work and start manufacturing the next-generation products that will protect our environment and move our country forward.”

“We are pleased to welcome ReVolt to Oregon and look forward to partnering with the company as we develop our clean energy economy,” said Oregon Governor Ted Kulongoski. “This investment will mean jobs immediately for Oregonians, with the promise of more in the future. In addition, the battery technology research and eventual manufacturing that ReVolt plans will help Oregon remain a global leader on electric vehicles.”

“I’m tremendously excited by ReVolt’s decision to locate in Oregon,” said Oregon State Representative Tobias Read (D-Beaverton), Chair of the Oregon House Committee on Sustainability and Economic Development. “ReVolt is a great fit for Oregon’s economic strategy and will contribute immeasurably to our energy security and independence goals. While too many Oregonians are still unemployed and underemployed, the 150 family wage jobs ReVolt is bringing to our state is an indication that our future looks bright.”

“Oregon is doing what it takes to get our economy back on track, and ReVolt’s decision to relocate here in Oregon is proof positive that we are a good place to grow a business,” said Oregon House Speaker Dave Hunt (D-OR). “Oregon’s commitment to clean energy technology, combined with all the quality of life benefits we offer, merges perfectly with ReVolt’s dedication to growth and innovation.”

“ReVolt had many options for locating its headquarters. They picked Oregon because our state is an ideal place to prosper in the next 50 years. ReVolt is investing here because they’re focused on looking forward, and they see that we share their vision for clean technology and an innovative work force,” said Oregon House Majority Leader Mary Nolan (D-OR).

“Welcome to Portland, ReVolt!” exclaimed Portland Mayor Sam Adams. “As a company on the cutting edge of the electric-vehicle industry, ReVolt is bringing to Portland its commitment to innovation and Portland is one step further down the road to being America’s EV hub. ReVolt is joining a bright, collaborative and exciting business community, and creating great jobs for our talented workforce.”

“The North American market is an essential part of ReVolt’s corporate development and strategic business plans,” McDougall added. “Securing this additional support and endorsements will help us execute as we build on Oregon’s clean technology ecosystem and benefit from this city and state’s amenities and advantages driving sustainability, new technology and innovation.”

Using zinc, a globally-abundant industrial mineral, ReVolt’s rechargeable batteries offer superior energy performance – up to triple the energy density of lithium-ion – at a significantly lower price. ReVolt’s durable zinc-air batteries pose zero heat and volatility risks during operation, making them well-suited for many vehicle applications prioritizing safety and performance. When fully depleted, the batteries degrade into environmentally-benign compounds.


About ReVolt Technology LLC

ReVolt Technology LLC (www.revolttechnology.com) is a technology company, which has developed a rechargeable zinc-air battery designed to enable more high-power consumer devices, electric vehicles and grid-scale renewable energy storage. Founded in 2004 on pioneering research performed at SINTEF, the largest independent research institute in Scandinavia, Revolt is backed by financial and strategic investors including Northzone Ventures, RWE Innogy, SINTEF, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Venture.