Phoenix Motorcars were to deliver SUV and SUT vehicles based on the Altairnano Lithium Titanate (LTO) battery. AutoBlogGreen gets the scoop, and what it means.
First was the discovery that Phoenix Motorcars filed for Chapter 11, and then the news that they have DIP-financing and they’re going to try and salvage the company to work in the “alternative fuels” space.
DIP, or debtor-in-possession, financing is becoming increasingly common lately, Chrysler has DIP financing so they can continue to operate and pay certain bills (to keep the electricity on, etc) while they progress through bankruptcy.
We can only speculate as to why PMC never managed to produce units. Companies like Raser were able to build a EREV H3 Hummer (with the help of FEV), so its possible for PMC to create the electric only cars they were offering, its not technically impossible or something for a small company to accomplish this task.
I just hope its not the battery suppliers holding things up. Altairnano has had a hard time of late with Toshiba announcing better LTO batteries for release sometime in the next 18 months, though ALTI stock is up from the 60c range in March to $1.10 range this week, with a high close to $1.50.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.