XP Vehicles, Inc. announced today that it had executed an agreement to license an issued US patent disclosing wireless, or broadcast, energy technology. XP intends to develop the technology for wireless charging of electric vehicles and other activities in support of its products. SAN FRANCISCO, Calif. July 12, 2009 XP Vehicles, Inc. announced today that it had executed an agreement to license an issued US patent disclosing wireless, or broadcast, energy technology. XP intends to develop the technology for wireless charging of electric vehicles and other activities in support of its products.
While the technology may sound exotic, companies such as Intel, WiTricity and others are commonly demonstrating this technology today.
The company is not disclosing the patent number publicly but has disclosed the details to investors and federal contacts under NDA.
XP Vehicles, one of the first U.S. Department of Energy, Section 136, AVTM loan applicants to receive notification that their application has been considered substantially complete, announced the scheduling of showcase media opportunities for the demos of their proprietary electric car components.
The company applied for a commercial $40M Department of Energy ATVM loan at the beginning of November 2008 and has been in extensive due diligence review by the U.S Government for the last seven months. Energy Secretary Chu has ordered funds from the program to be dispersed as fast as possible. XP Vehicles expects finalization soon and has also applied for additional loan and grant opportunities and is currently negotiating with investor opportunities.
Since early 2009, XP Vehicles has a standing challenge to every other electric car company to beat its metrics. To date, no other electric vehicle company has accepted the challenge. The XP Vehicles MUV (Mini Utility Vehicle) is targeted at a $20,000.00 base price.
For more information on XP Vehicles, please visit www.myxpcar.com.
About XP Vehicles, Inc.
In development by Clever Industries LLC for nearly a dozen years, with millions of dollars in resources already invested, spin-out XP Vehicles, Inc., is on a mission is to develop the safest, most affordable vehicle with the lowest total cost of operation (TCO) and the best power-to-weight ratio powered by alternative energy.
The company’s founders have extensive industry experience in automotive design, automotive operations, lean manufacturing, new materials, startups and fund raising.
The company is seeking to enter the market with the "vehicles of change offering hope for the new auto industry and the economy as a whole and is committed to establishing as many American jobs as possible, as soon as possible.
About the ATVM Program
The Advanced Technology Vehicle Manufacturing Incentive Program (ATVM) was established under Section 136 of the Energy Independence and Security Act of 2007 and administered by the Department of Energy (DOE). The ATVM is an incentive program which provides loans and grants to automobile and automobile part manufacturers for the cost of re-equipping, expanding, or establishing manufacturing facilities in the United States to produce advanced technology vehicles or qualified components, and for associated engineering integration costs.
XP Vehicles Inc.
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