TORRANCE, Calif., Oct. 12, 2012 (GLOBE NEWSWIRE) -- Vision Industries Corp. (OTCBB:VIIC) announces that in a recent Board Meeting, the Southern California Air Quality Management District ("AQMD") moved to recognize the $4.17 million received from the U.S. Department of Energy ("DOE") -- Zero Emission Cargo Transport Demonstration grant and place it into the Advanced Technology Movement Fund. The fund is the authorized regional entity used to administer and finance plug-in hybrid truck projects in California. The meeting's agenda also authorized the Chairman to execute a contract with Vision, whose vehicles were approved by the DOE for demonstration purposes. Vision was the only company selected that used both batteries and hydrogen fuel cells as a range extender. All other offerings were battery-only initiatives.
"Vision is again pleased to have the Department of Energy co-fund a small fleet of 4 Tyrano™ trucks for drayage testing in the Port of Los Angeles and Long Beach. Keeping a footprint in California, a state that has always led the way in zero-emission initiatives, is a strong validation of our technology," says Martin Schuermann, CEO of Vision Industries Corp.
According to recently released Air Quality Board minutes, the DOE award earmarked for Vision is approximately $958,120 ($2.02MM total project cost). This transaction, if concluded, would result in the deployment of four (4) Vision Class 8 Zero-Emission Hydrogen Fuel Cell / Electric Hybrid Trucks, the Tyrano™, in the Port of Los Angeles and Long Beach. The submitted grant proposal is subject to a cost-share between the DOE and the Cleantech Alliance. The strategic alliance of Total Transportation Services, Inc. (TTSI) and Vision Industries have come together as vehicle tester and manufacturer for this California-based drayage demonstration. AQMD will be the administrator for the grant. The full agenda is published on the AQMD website: www.aqmd.gov.
Final contracts with the Department of Energy and AQMD are expected to be signed by mid-December of 2012.
About Vision Industries Corporation
Vision is a developer of zero emission electric/hydrogen hybrid powered vehicles and turnkey hydrogen fueling systems. Vision's proprietary electric/hydrogen hybrid drive system combines the superior acceleration of a battery powered electric vehicle with the extended range provided by a hydrogen fuel cell. For more information on Vision Industries Corp., please visit www.visionindustriescorp.com.
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