Canadian-based Lithium Electric Vehicle Corp. (LEVC) will qualify for Canadian government incentives on both the national and provincial levels for its research and development efforts toward improving Nevada-based Terra Inventions Corp.’s all-electric vehicle propulsion technology.
The Canadian Scientific Research & Experimental Development (SR&ED) program is said to be one of the most beneficial and most generous R&D incentive programs in the world. Under the SR&ED program, Canadian companies can receive up to 41.5 percent of their R&D expenses reimbursed through the federal and provincial governments.
SR&ED refunds are often reinvested to hire more staff, and to develop new and innovative products, in order to maintain a competitive advantage in the Canadian economy.
In addition to the SR&ED program, other active incentive programs such as the: Green Technologies Demonstration Program (Technoclimat) provides grants or loans for the demonstration of technologies that can reduce greenhouse gas emissions. All of the lithium-ion powered vehicles achieve this goal.
The program can also be used by firms that have licensed technology developed by a Québec institution. Technoclimat works to support the development of technologies that limit or reduce greenhouse gas emissions by improving energy efficiency so as to reduce the consumption of fossil fuels, replacing fuels and fossil fuels with renewable energy and contributing to the development of Québec businesses and the creation of green technology jobs.
Terra Inventions Corp, winner of the 2010 X-Prize, licensed its technology to LEVC and future technological developments will be performed in Canada by LEVC with Terra Inventions having access to such advancements at any time providing both parties agree to a fair price for such future advancements.
Under the terms of the licensing agreement, LEVC will not sell, transfer, gift or trade the Research & Development and Technology that they have been granted access to with anyone; including future advancements in technology achieved by LEVC. This technology is strictly for LEVC’s own use.
LEVC has also been granted a 3 year non-exclusive right to market the Inizio and the Wave II to customers around the world, providing the vehicles are manufactured in Canada.
According to Terra, the Inizio is the world’s fastest all-electric Supercar with speeds of 170 mph, 0-60 mph in 3.8 seconds. The WAVE II is an all-electric commuter car that won first place in the “Side-by-Side” competition at the 2010 Progressive Automotive X-Prize by achieving 204 miles per gallon equivalent to gasoline.