HP2g.com of Napoleon announced it will close its manufacturing facility in Wauseon due to a lack of funding, according to its founder and president Douglas Pelmear.

HP2g developed the design for the V-8, 400-HP electric hybrid engine that could reach 100 miles per gallon operating on E-85 ethanol fuel with emissions better than EPA’s 2016 requirements, according to the inventor.

As the project progressed, Pelmear said they had applied for loans from local banks. The State of Ohio was willing to help fund the HP2g project with a bank willing to finance it, but the bank did not meet the required deadline, according to Pelmear.

He reported that the company already had an international patent pending for HP2g, developed a prototype and tested the electronic control, had purchase orders for the electronics called Flex Fuel Chip and plans for manufacturing in place for the electronic control with a US company.

“The HP2g engine is more than just an idea, it’s a reality. It’s a solution for independence from oil and it would create jobs but without funding, it is just another idea shelved,” Pelmear said in a statement to the media.

“It is to my disappointment, the U.S. banking system is willfully doing little than spending our money and they are not investing in small businesses. The banks forgot that their money comes from the depositors. Our government would not have to finance banks and businesses if the banks were doing their job! Need I say; the banking system has failed us all?” Pelmear stated.

Tags: Brief Case, Business, Douglas Pelmear, HP2g

This entry was posted on Friday, January 21st, 2011 at 1:18 am and is filed under Brief Case, Toledo Business Link.
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