WASHINGTON – (CI MENA) -- Nostrum Energy, the privately-held Fort Washington, Maryland automotive group, could open a R&D and manufacturing facility in Tunisia, Nostrum CEO Kaushik Vyas said.
Speaking to Capitol Intelligence at a Secure America’s Future Energy (SAFE) summit in Washington, Vyas said the company is looking at Tunisia both for its advanced automotive industry and supply of qualified engineers and scientists.
Tunisia is the base of Coficab, a multinational automotive parts group with sales of USD 1.1bn and a major supplier to Detroit-area based Delphi and Lear Corporation and most major European automotive groups.
The Tunisian government along with multilateral organizations such as US Overseas Private Investment Corporation (OPIC), African Development Bank (AfDB), the World Bank’s International Finance Corporation (IFC) and the European Bank for Reconstruction of Development (EBRD) has made attracting foreign manufacturers to the North African nation a strategic priority.
Vyas said the company has invented the Nostrum Cycle, a technology that uses combustion of fuel to heat the incoming air and convert injected water into steam to power the engine. It is expected to triple the tank to wheel efficiency.
Nostrum Energy is also developing a redesigned fuel injector, which will lead to a 20 percent improvement in fuel efficiency for most IC engines and can be installed in new and existing cars.
The company has already raised USD 12m and is in the process of raising a further USD 50m. Nostrum Energy president Nirmal Mulye said he would value the company between USD 500m to USD 600m following the USD 50m fund raise.
Nostrum Energy at the summit held on October 16 won SAFE’s Inaugural Emerging Innovation Award.
Also speaking at the SAFE summit in Washington, were Fedex CEO and founder Frederick W. Smith, GE CEO Jeffrey Immelt, GM CEO Daniel F. Akerson and Waste Management CEO Daniel P.Steiner.
By PK Semler in Washington, DC (Capitol Iintelligence Group / CI MENA) news service
Copyright of IntelliNews and CI MENA– Part of the Capitol Intelligence Group, Inc
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