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Dearth of financing stalls inventor of 110-mpg engine
Key Excerpts from Article on Website of Toledo Blade (Toledo's leading newspaper)
Posted: June 20th, 2010
http://toledoblade.com/apps/pbcs.dll/article?AID=/20100528/B...
A year ago, hundreds of people flocked to a 100,000-square-foot former factory building in Wauseon's industrial area where a Napoleon, Ohio, inventor promised to begin building engines that would travel more than 110 miles on a gallon of E85 gasoline. But time and the economy have not been kind to Doug Pelmear's plan to revolutionize the American automobile. The factory today is largely dark and empty, Mr. Pelmear's dreams of putting northwest Ohioans back to work are still constrained within two file drawers full of job applications, and his hopes of mass-producing his HP2g engine have fallen victim to a lack of funding. "We can't get the banks to look at us," Mr. Pelmear said yesterday. Mr. Pelmear said he hasn't sought money from more traditional capital sources such as investors, selling stock or bonded indebtedness, because such sources would likely cost him control of HP2g LLC - something he's unwilling to provide. A partnership Mr. Pelmear forged with Revenge Designs Inc., a Decatur, Ind. specialty carmaker that had planned to use his engine in its upcoming "Verde" supercar, dissolved this spring.
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