Bright Automotive(TM) Tells Congress that 'Auto Bailout' Funds Must Also be Used...

Bright Automotive(TM) Tells Congress that 'Auto Bailout' Funds Must Also be
Used to Enable Innovation by Entrepreneurial Companies
Launched from research efforts at Colorado-based Rocky Mountain Institute,
Bright Automotive Has Developed a 100+ MPG Plug-In Hybrid Electric Vehicle

ANDERSON, Ind., Dec. 9 /PRNewswire-USNewswire/ -- Reuben Munger,
Co-Founder and Chairman of Bright Automotive(TM), today told Congress that
small companies are essential to America's leadership in next-generation, fuel
efficient vehicles. Testifying before the House Select Committee on Energy
Independence and Global Warming, Munger said that Section 136 funds must be
available to these highly innovative businesses.
Indiana-based Bright Automotive (http://www.brightautomotive.com) has
developed a price competitive, 100 mile-per-gallon plug-in hybrid electric
vehicle. The vehicle is the first to demonstrate that dramatic fuel efficiency
gains can be made even with larger vehicles. Bright Automotive is on target to
begin mass production of the vehicle in 2012 at an annual rate of 50,000
units.
In January 2008, Bright Automotive launched as a stand-alone company, from
Colorado-based Rocky Mountain Institute (RMI), building on the creative and
expert work of a consortium of visionary organizations, including Alcoa, Duke
Energy, Google.org, Johnson Controls, and the Turner Foundation.
Bright Automotive is led by CEO John E. Waters, who formed the company
while working at Rocky Mountain Institute, a global thought leader on energy
efficiency. Waters is a pioneer in electric vehicles, having invented the
battery pack system for General Motors' first production electric vehicle, the
EV1, and subsequent electric and hybrid electric vehicles. He also advanced
and commercialized enabling battery technologies, such as lead acid, nickel
metal hydride and lithium-ion, and applied them to transportation solutions.
He is leading a deeply experienced team of automotive and business
professionals committed to answering the nation's call for energy independence
by providing breakthrough transportation solutions.
In his testimony, Munger told the committee, "Section 136 is a critical
component of the transformation of the American automotive industry.
Tremendous innovation resides within small companies in both vehicle
development and specific components, such as batteries. Taxpayer-supported
incentives meant to achieve a specific intent must be open to all U.S.
companies and should be allocated to programs and companies that provide the
greatest return relative to funds invested."
"Given the history of small businesses as a source of innovation in our
country, a set-aside for competitive smaller firms of not less than 20% of the
loan authority would ensure that innovation is sufficiently funded," Munger
continued. "Section 136 is the foundation for America's future leadership in
the automotive industry. The Big 3 as well as innovative companies both need
Section 136."
A seasoned investment professional, Munger is Founder and Managing Partner
of Vision Ridge Partners. Previously, he served as Managing Director at The
Baupost Group, L.L.C., a $16 billion investment firm, where he oversaw the
firm's European equity investing.
In discussing Bright Automotive, Munger commented, "We are focused,
experienced and have a solid business model to rapidly introduce innovative
and sustainable products. Contrary to both existing and new entrants in the
automotive industry, we have chosen to immediately ramp to scale and address a
larger vehicle class. As our design shows, even a large vehicle can surpass
traditional efficiency barriers and achieve five times more miles-per-gallon
of gasoline."
SOURCE Bright Automotive

Don Marshall for Bright Automotive, +1-202-429-4932,
donmarshall@rationalpr.com