ALTe adds directcor: Auburn Hills-based ALTe LLC, the technology company and mass producer of hybrid and electric powertrains, announcee the addition of Simon H. Ahn to its board of directors. Ahn is an attorney with 20 years of business law experience and has been managing partner and counsel for the law firm of Ahn and Associates LLC since 1996. In addition to being the largest investor of ALTe, Ahn is also the principal and owner of Green Detroit Regional Center and represents the investors’ interest of SMS Investment Group LLC. ALTe has partnered with the Green Detroit Regional Center, a United States Citizenship and Immigration Services (USCIS) approved regional center, to provide exclusive EB-5 investor visas to qualified foreign investors. ALTe qualifies for TEA, a Targeted Employment Area, and the project is pre-approved by USCIS. GDRC and ALTe have authorized SMS Investment Group, LLC to capitalize ALTe for an amount up to $20 million in two phases. “I have committed my funds and network to the cleantech sector,” Ahn said. “ALTe came to my attention as one of the most significant plays in that space while offering very attractive returns. Further, I found the management team and board are excellent, the business model is scalable globally, and somebody had to break the chicken or the egg syndrome plaguing the industry.” ALTe is the developer of a range extended electric powertrain used to repower light commercial vehicles. The system is retrofitted into existing fleet vehicles and used in “glider” applications to dramatically increase their fuel economy and lower emissions. Designed to replace a base V-8 internal combustion engine powertrain, the system’s patented technology improves fuel economy from 80 to 200 percent. ALTe is currently in development testing of its systems and is taking advanced orders for vehicle shipments. More at www.altellc.com.
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