ALTe LLC Approved to Receive an $8.4 Million MEDC Tax Credit for Electric Powertrain Development, New Facility in Auburn Hills

"This project further boosts our ongoing efforts to diversify the state's economy," Governor Granholm said. The High Technology MEGA tax credit from the Michigan Economic Development Corporation will lead to the creation of over 300 Michigan jobs.

News provided by

ALTe LLC

Feb 26, 2010, 03:33 ET

BLOOMFIELD, Mich., Feb. 26 /PRNewswire/ -- Today, Michigan-based electric powertrain company ALTe LLC was approved to receive a tax credit valued at $8.4 million over seven years from the Michigan Economic Development Corporation's (MEDC) Michigan Economic Growth Authority (MEGA) board.

"We're pleased that ALTe has chosen Michigan and Auburn Hills for its new assembly facility, potentially generating more than a thousand new jobs in southeast Michigan," said Governor Jennifer M. Granholm. "This project further boosts our ongoing efforts to diversify the state's economy, and shows that businesses are continuing to choose Michigan because of our highly-skilled workers and competitive business climate."

ALTe also secured a 185,000-square-foot Development and Manufacturing facility in Auburn Hills, Mich. At full production, the facility will produce up to 90,000 powertrains each year, and will create over 300 jobs.

"We are so proud to be headquartered in Michigan, and to have the support of the MEDC and MEGA," said John Thomas, CEO of ALTe LLC. "To further demonstrate our commitment to this great state, we have invested in our new Auburn Hills facility, which will bring hundreds of jobs to Michigan."

In March, ALTe will present at the 2010 National Truck Equipment Association (NTEA) Work Truck Show and Green Truck Summit. CEO John Thomas will speak at the Green Truck Summit at 4:30 pm on March 9, as well as at a press conference held at the ALTe booth at the Work Truck Show (4663 & 4664) at 2 pm on March 11. For more information about the Work Truck Show and Green Truck Summit, visit www.ntea.com.

About ALTe LLC

ALTe LLC is an engineering and technology company committed to leading the evolution of the automobile industry from gasoline-powered vehicles to electric technology. With a unique combination of Detroit and Silicon Valley automotive engineering experience, the ALTe team is dedicated to innovation, excellence in engineering and operations, and advancing sustainable mobility for mankind. For more information, visit www.altellc.com.