The story
Bright Automotive was started in 2008 as the offspring of the non-profit Rocky Mountain Institute (RMI) under the leadership of John E. Waters, who became founding CEO of Bright Automotive. Waters spent years at General Motors and was the inventor of the battery pack used in their first electric vehicle, the GM EV1, in the mid-1990s. Under Waters' leadership, and by the end of 2008, Bright had acquired $17 million of initial funding with plans to obtain a $450 million loan from the US Department of Energy (DOE) $25 billion Advanced Technology Vehicles Manufacturing Loan program. In addition, Waters created a consulting and conversion entity within Bright known as eSolutions and recruited leadership from Mercedes-Benz to lead the effort (Nigel Francis). eSolutions was successful in acquiring a $4 million US Department of Defense (DOD) initiative to design, build, and deliver a plug-in hybrid electric commercial vehicle (PHEV) for off-grid electric generation (i.e., vehicle-to-grid). This successful vehicle program was based on the identical "road-coupled hybrid" (RCH) powertrain of the Bright IDEA.
Due to US DOE stipulations specifically to Bright for the ATVM loan program, in January 2010, Waters et al. led a global effort to align with a major automotive original equipment manufacturer (OEM) to receive the DOE funding. In August 2010, notably, a new branch of General Motors called General Motors Ventures, LLC invested $5 million in Bright Automotive as its first investment in the innovative transportation technology realm. This investment by General Motors Ventures, LLC provided both funds and recognition from the US DOE. Bright spent over 3 years applying, negotiating, and finalizing a loan from the US DOE under their $25 billion Advanced Technology Vehicles Manufacturing Loan Program.
On February 28, 2012, new CEO Reuben Munger announced the company failed to receive a federal retooling loan and their portion of the $25 billion Advanced Technology Vehicles Manufacturing (ATVM) loan program. The company closed operations over the following few days.
From Wikipedia’s article on Bright Automotive, shared under CC BY-SA 4.0.4