New York company to team up with REVA to roll out EVs in 2010

Posted: Oct 27, 2009
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Bannon Automotive, a New York based company, has received a state package of grants and tax incentives worth close to $7 million to build a plant in Syracuse that will churn out electric plug-in hatchbacks as early as late 2010, reports MSNBC.

The company hopes to have their financing in order by the end of this year as they will invest $26.5 million themselves into the facility, and with the help of Sen. Chuck Shumer, they will hopefully obtain another $52 million in federal loans and guarantees.

“Bannon has a licensing deal with Reva Electric Car Co. of Bangalore, India, to assemble the NXR. The car is sold across Asia and Europe. Bannon CEO Paul Wimer says the plant will produce 15,000 to 20,000 cars a year.”, the article stated.

- By: Stephen Calogera

Source: MSNBC


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  • Concerned Friend

    By mid-2008 all five of the funds managed by Fursa Alternative Strategies had suspended redemptions and had gone into liquidation. Most investors believe that Mickey Harley, as manager of the funds, over-leveraged and over-concentrated the funds in a few illiquid positions which subsequently performed poorly. Because of high leverage utilized by the funds, most investors expect to recover little, if anything from their investment. As of March 2010 all the Fursa's funds are still in liquidation and resolution is unclear.

    Mickey Harley is now a Hooters Restaurant franchisee and CEO of Bannon Automotive, a company he formed away from the funds where he is seeking federal and state loans in an attempt to construct and manage a Reva automotive assembly plant in Onondaga County, New York.