Syracuse representatives working on financial deal
REVA electric car. North American manufacturing of this green friendly auto could be coming to the Syracuse area.
SYRACUSE -- An announcement is scheduled for Friday to let the community know about plans to bring electric car maker Bannon Automotive to Central New York to produce REVA electric cars. The company, based on Long Island, has secured licensing to build the cars that are currently made only in India. The next step is putting together a package of financial assistance from New York State, the Federal government and M&T Bank.
Congressman Dan Maffei represents Onondaga County, where the cars will be manufactured. Earlier this month he toured Energy Secretary Steven Chu through the Syracuse Center for Excellence where the two talked about the federal assistance needed to bring the REVA plant to Central New York. Maffei said, "this is exactly the kind of development we want to see. It's 21st century. It's green technology. It's high skilled manufacturing. I'm working hard with Senator Schumer and many others to do everything we can to attract them here."
The financial package includes $12 to $15 million from New York State. Federal backing includes a $40 million low interest loan from the Department of Energy and millions more from a loan through M&T Bank that would be backed by the Department of Agriculture.
Senator Charles Schumer is deeply involved in obtaining the funding. He is tempering the story by reminding people the challenges of the financial markets today. He said, "There are no guarantees don't break out the champagne just yet, but we're on the path to something very good."
If the plant does begin operations it will employ 120 workers initially and could ultimately grow to 250 in a state of the art green-friendly manufacturing facility.
