Electric Fuel Announces Plan to Form Subsidiary
Electric Fuel Corp. (New York, NY) announced a plan to form a dedicated electric vehicle company. The new wholly owned subsidiary, to be called Electric Fuel Transportation Corp., will focus on commercializing Electric Fuel’s zero-emission zinc-air all-electric hybrid transportation systems.
Electric Fuel announced that it has begun a worldwide search for a president who can gain the backing of the transportation industry and obtain strategic industrial partners and government support for the intermediate phase program that it is now developing. The company is also in preliminary discussions with several financial institutions regarding investments that would be earmarked for the new company as a means of unlocking value to shareholders.
President and CEO Yehuda Harats of Electric Fuel commented, “I believe that with broad-based support we can make a demonstration project of 15 to 20 transit buses a reality in 2003. In order to work towards this goal, we felt it important to establish Electric Fuel Transportation Corp. as an independent operating entity that can raise capital and government support that would be specifically dedicated to an electric vehicle program.”