Publications
Partners
Cape Town – The department of science and technology has already invested R114.5m in Optimal Energy, the company developing the Joule electric car, said Minister Naledi Pandor in response to questions from the DA in parliament on Tuesday.
A final payment of R13.5m will be paid at the end of August. According to Pandor, the department will not pump any more money into the project. Future investment in the project will be facilitated via the Industrial Development Corporation (IDC). Agencies like the East London Industrial Development Zone and the Eastern Cape Development Corporation are also considering further funding.
According to Pandor, the apparent delay in the last couple of payments to Optimal Energy came about after the creation of a new technology innovation agency. In January 2010 the department's innovation fund, which initially facilitated investments in new projects like the Joule, was incorporated into the new agency.
Optimal Energy has already received R80m from the IDC which, according to Pandor, is considering an application for a further R300m in funding.
Export hopes
The IDC has also agreed to put together a team to help the enterprise obtain further financing for the production stage of the Joule.
Optimal Energy is looking to assemble the vehicle either at East London's Industrial Development Zone or at the Coega Industrial Development Zone near Port Elizabeth.
The aim is to market the Joule from 2013 onwards. Optimal Energy is reportedly negotiating with Better Place, which is establishing battery-recharge infrastructure for electric vehicles with a view to exporting the Joule to Denmark, Israel and Australia.
Pandor's answer indicates that the Joule project is part of the department of trade and industry's Industrial Policy Action Plan. The responsibility for government finance is therefore being transferred from the department of science and technology to that of trade and industry.
- Sake24.com
A final payment of R13.5m will be paid at the end of August. According to Pandor, the department will not pump any more money into the project. Future investment in the project will be facilitated via the Industrial Development Corporation (IDC). Agencies like the East London Industrial Development Zone and the Eastern Cape Development Corporation are also considering further funding.
According to Pandor, the apparent delay in the last couple of payments to Optimal Energy came about after the creation of a new technology innovation agency. In January 2010 the department's innovation fund, which initially facilitated investments in new projects like the Joule, was incorporated into the new agency.
Optimal Energy has already received R80m from the IDC which, according to Pandor, is considering an application for a further R300m in funding.
Export hopes
The IDC has also agreed to put together a team to help the enterprise obtain further financing for the production stage of the Joule.
Optimal Energy is looking to assemble the vehicle either at East London's Industrial Development Zone or at the Coega Industrial Development Zone near Port Elizabeth.
The aim is to market the Joule from 2013 onwards. Optimal Energy is reportedly negotiating with Better Place, which is establishing battery-recharge infrastructure for electric vehicles with a view to exporting the Joule to Denmark, Israel and Australia.
Pandor's answer indicates that the Joule project is part of the department of trade and industry's Industrial Policy Action Plan. The responsibility for government finance is therefore being transferred from the department of science and technology to that of trade and industry.
- Sake24.com
