ESCONDIDO, CA, June 17, 2010 - TransPower, an advanced clean energy technology company focused on development of large battery-electric trucks, announced today that it has been selected as a semifinalist in the 2010 Cleantech Open, a prestigious nationwide competition.
TransPower was one of eight California companies selected as semifinalists in the Transportation category of the Cleantech Open. As a semifinalist, TransPower will receive tens of thousands of dollars worth of products and consulting services from Cleantech Open sponsors and volunteers, including a suite of software design tools from Autodesk, a major sponsor. TransPower will also have the opportunity to present its business plan to potential investors as it advances in the Cleantech Open competition.
TransPower CEO Michael Simon stated, “This is a significant step forward in TransPower's efforts to develop and secure financing for demonstration of the next generation of battery electric drive technology, which will enable even the largest Class 8 “semi” trucks to operate on zero-emission electric power. This has the potential to yield tremendous environmental benefits and accelerate the world's independence from oil and other fossil fuels.”
TransPower's electric drive system utilizes a proprietary “Power Conversion and Control System” (PCCS) to regulate the flow of energy from a large battery pack to powerful drive motors. TransPower has strategic relationships with suppliers of low-cost lithium battery modules, proven drive motors, and advanced technology power conversion devices. By integrating these components with its own PCCS, TransPower creates a powerful, reliable, and cost-effective solution for powering trucks that completely eliminates harmful emissions, and that offers potentially lower life cycle costs than conventional diesel or natural gas engines or hybrid drive systems.
TransPower is an early stage company that has been performing engineering studies and market analyses relating to electric Class 8 trucks since 2007. Since late 2009, TransPower has focused its efforts on development of an integrated electric drive system built around a proprietary “Power Conversion and Control System” (PCCS), and has negotiated strategic supply agreements to acquire best-in-class electric motors, battery modules, and other key components. TransPower's CEO Michael Simon was the principal founder of ISE Corp., a leader in hybrid-electric drive technology and an active supporter of TransPower's electric truck initiative. For more information, contact [email protected] or visit www.transpowerusa.com.
About the Cleantech Open
The Cleantech Open is the world's largest cleantech business competition. Its mission is to find, fund and foster entrepreneurs with big ideas that address today's most urgent energy, environmental and economic challenges. The program provides the infrastructure, expertise and strategic relationships to turn clever ideas into successful global cleantech companies. Since 2006, through its one-of-a-kind annual business competition and mentorship program, the Cleantech Open has enabled hundreds of clean technology startups to bring their breakthrough ideas to fruition, helped alumni contestants raise over $260M, and created an estimated 1,200 green collar jobs. Fueled by a network of more than 600 volunteers and sponsors, the Cleantech Open unites the public and private sectors in a shared vision for making America's cleantech sector a thriving economic engine. For more information, visit www.cleantechopen.com, and follow @cleantechopen on Twitter.