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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 this year 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 and, Pandor says, the IDC is considering an Optimal Energy application for another R300m in funding.
The IDC has also agreed to put together a team that will help the enterprise get 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 the organisation called 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 & industry's Industrial Policy Action Plan, and consequently the responsibility for government finance is being transferred from the department of science and technology to trade and industry.
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 this year 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 and, Pandor says, the IDC is considering an Optimal Energy application for another R300m in funding.
The IDC has also agreed to put together a team that will help the enterprise get 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 the organisation called 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 & industry's Industrial Policy Action Plan, and consequently the responsibility for government finance is being transferred from the department of science and technology to trade and industry.
