Atlanta, GA (PRWEB) July 1, 2009
Atlanta based Pinwheel GT today announced that they have withdrawn from the Progressive Insurance Automotive X PRIZE competition citing financial and development difficulties. "We are a small 2009 start up, and while our hopes had been high that we would have been able to compete, the reality of the state of our financing and our immaturity as a business endeavour shaped our decision to withdraw," said Matthew Williams, founder and president Pinwheel GT, LLC. "We had the right kind of technology you want to see in the competition, but are simply not at the stage, as a company, as many of the other teams. Our compressed air/electric hybrid design with atmospheric CO2 scrubber subsystem, would have been a compelling and unique offering for the competition. Our target for a future production vehicle is to remove up to 2 tons of CO2 per year per vehicle with our CO2 scrubber. Like many zero emissions vehicles, our negative emission vehicle's energy would in part be dependent on energy from the grid, which of course impacts the vehicle's overall emission efficiency. We were also looking forward to showcasing other innovations in the competition. A thirty second high speed refueling process would make refueling at service centers faster than pumping gas, and much faster than many other alternative fuel vehicles' refueling processes. While that might seem trivial, we believe it is immensely important and hope the industry, policy makers and the administration see our point of view. This high speed process has broader implications than those just for the vehicle alone. It is significant for the grid similar in ways to the Pickens Plan and yet goes beyond the Pickens Plan in other ways. We also have a unique heating and cooling system design which produces no greenhouse gasses and would be activated before you get into the vehicle, so in the winter you could get into a vehicle already warmed up and in the summer a car already cooled. Other innovations in our development included designs to lower cost of production, vehicle maintenance, and overall cost of ownership, as well as improvements for safety and ways to reduce auto theft. Our work has taken us down some unusual paths. Our vision might not be what many are expecting, but we believe it is compelling and remain hopeful that even without competing that we will be able to bring this vision to a broader audience. We wish the X PRIZE Foundation and all the teams the very best!"