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November 16, 2007 |
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CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings The Chrysler Foundation has announced plans to donate US$150,000 to NextEnergy, Inc., in support of the organization's alternative fuel testing program. NextEnergy, based in Detroit, was founded to encourage alternative energy technologies that positively contribute to economic competitiveness, energy security, and the environment. "This grant is an extension of Chrysler's commitment to being a good neighbour in all the places where we build and sell our vehicles," said Chrysler LLC's Senior Vice President -- External Affairs and Public Policy, Frank Fountain. "It's a priority for Chrysler to increase the use of alternative fuels by investing in research into biodiesel technology and helping to develop industry standards for biodiesel fuel." The alternative fuel-testing platform allows fuels to be tested for their stability and efficiency before trying them out in vehicles or other power generators. The fuel-testing platform can also be used to advance the development of hydrogen and natural gas as alternative fuels. "Chrysler's commitment to creating new fuelling options has helped move automotive applications for alternative energies to a new level," said NextEnergy's Chief Executive Officer, Jim Croce. "With The Chrysler Foundation's grant, we have been able to complete a testing platform that helps check out the viability of new bio and synthetic fuels as they progress from concept to use in vehicles and power generators." Chrysler LLC is also a partner in two additional projects now underway at NextEnergy, the National Biodiesel Energy Lab and a biofuels infrastructure program through the U.S. Department of Labor & Economic Growth. The National Biodiesel Energy Lab is developing standards for biodiesel use in vehicles. A national standard is necessary to allow OEM's to warranty their vehicles for use with B5 to B20 fuels. The lab is also working to develop the next generation of biodiesel fuels and involves research along the fuel's whole life, from agricultural seed research all the way to vehicle testing in the field. The Department of Labor & Economic Growth project is an initiative to expand biofuel infrastructure throughout the country. As a partner with NextEnergy, Chrysler is providing cost-sharing support to assist in expanding the number of biofuel pumps throughout Michigan. NextEnergy NextEnergy -- visit http://www.nextenergy.org -- is a non-profit corporation, located in Detroit's TechTown, and was founded to enable the commercialization of energy technologies that positively contribute to economic competitiveness, energy security, and the environment. The Chrysler Foundation Now in its 54th year, The Chrysler Foundation is the primary source of charitable grants made by Chrysler. The Foundation annually supports hundreds of charitable organizations with an emphasis on community growth and enrichment, education, arts and culture, public policy, youth development and disaster relief programs throughout the United States and, increasingly, the world. The Foundation's Good Neighbour, Good Citizen(R) programs make a positive, lasting investment in local communities where our employees, customers and neighbours live. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/ -- produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler is a unit of Cerberus Capital Management. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. |
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