Symphony Motors

Symphony Motors will strive to become the world's premiere electric vehicle brand by leveraging new battery and electric propulsion technology, implementing an industry-changing sales and service model, and utilizing Original Equipment Manufacturer suppliers (OEM suppliers) for parts and modules. We will achieve this goal with a team of experienced executives and engineers with expertise in vehicle development, automotive strategy, electric vehicle propulsion systems, and battery technology.

Battery technology for powering electric vehicles has recently advanced to the point where cost and performance is acceptable to a large and growing segment of consumers. Symphony Motors will integrate off-the-shelf battery technology capable of powering a mid-sized vehicle at highway speeds for distances adequate for more than 90% of all consumers' daily driving needs. Battery and energy storing solutions are advancing very quickly. Also, both private industry and U.S. government-sponsored research is accelerating and further advances are expected soon. There are parallels to be drawn between battery advances and early computer processor advances, with regular and significant power increases while costs remain stable or decline.

The domestic automobile manufacturers have, by increasingly outsourcing suppliers and assemblies, created a support system that will enable Symphony Motors to work closely with OEM suppliers to provide parts and modules required for its vehicles. This eliminates the need for large capital investments in manufacturing infrastructure and dramatically shifts the risk of production to the suppliers.

By leveraging OEM suppliers, capital expenditures and much of the risks of manufacturing can be minimized. By implementing an improved sales and service model, consumers will enjoy a better purchase and support experience, creating value and brand loyalty.

Indiana has an existing infrastructure to support vehicle manufacturing. Indiana also has a long and deep automobile manufacturing heritage, having manufactured the Auburn, Duesenberg, Studebaker, Stutz and others. The General Motors EV1 (electric car) drive train was also developed in the Indianapolis area. There are several successful, internationally recognized racing teams and the infrastructure to support them in and around Indianapolis which will aid in design and testing of our vehicle. Major vehicle manufacturers and OEM suppliers have facilities located throughout the state and region. Indiana and its neighboring state Michigan also has a ready supply of engineers and work force to support vehicle manufacturing.

The state of Indiana, as well as neighboring states and municipalities, are offering financial incentives for new manufacturing companies. Symphony Motors was recently granted Venture Capital Investment Tax Credit status by the State of Indiana. This gives qualified investors a 20% tax credit on their investment in Symphony Motors.

It is expected that the Federal and state governments will continue to support the manufacture and purchase of alternative fueled vehicles. Currently there are Federal tax credits for the purchase of electric vehicles with several states and municipalities offering additional tax credits as well. In addition, some businesses are giving employees bonuses for purchasing fuel efficient vehicles. There is also a renewed interest by the U.S. government to reduce this country's dependence on foreign petroleum which could lead to additional programs favorable to electric vehicle companies. For example, some municipalities are mandated to purchase alternative fueled vehicles, which includes electric vehicles. Electric Vehicles are the only alternative fueled vehicle for which the fueling infrastructure already exists: the electric plug.

In summary, Symphony Motors will work to establish itself as the premiere electric vehicle company by creating a new vehicle design, leveraging the increasingly independent automotive supplier base to provide off-the-shelf parts, and utilizing recent battery technology innovations. This will be assisted by increasing state, local, and Federal government support for such initiatives. The model is sustainable given an entrenched manufacturing system and automotive dealer network that cannot adapt. Manufacturers as currently structured require large, high margin vehicles for their profitability and dealers rely on complex vehicles requiring regular service for their profitability. With consumers beginning to demand a better sales and service experience, and with the increased demand for alternative fueled vehicles in general and battery electric vehicles in particular, the market is ripe for change.

Board of Managers: [return to top]
Steve Tolen, President/CEO, Board of Managers [return to top]

Steve Tolen is the founder and former president/CEO of Symphony Bank in Indianapolis, Indiana. In early 2005, Mr. Tolen managed the $15 million capital raise through a private offering for Symphony Bancorp. Symphony Bancorp then launched Symphony Bank, which now has more than $40 million in assets. Mr. Tolen was responsible for recruiting the Bank's original management team, overseeing the design and construction of the facility, and managing the selection of the technology platform. Under his management, the bank's assets grew to $25 million in the first 12 months of operation.

Mr. Tolen began his career at Electronic Data Systems, working with cash management, treasury operations, and portfolio management before leaving to join a banker's bank, Southwest Corporate, where he managed an investment portfolio totaling over $1 billion. In addition to his background in finance, Mr. Tolen has expertise in software design and programming, having designed and programmed Credit Analysis and Asset/Liability Management software. He is the author of Credit Union Asset/Liability Management Theory and Techniques and Credit Union Investment Strategies.

In 1996, Mr. Tolen took the position of president/CEO of $1 billion (assets) Indiana Corporate Federal Credit Union (IndiCorp) when it was under regulatory supervision and within 3 years the firm was upgraded to an A rating by BankWatch. In 1999, Mr. Tolen became president of $3 billion (assets) Mid-States Corporate Federal Credit Union, a position he assumed after engineering the merger between IndiCorp and Mid-States Federal Credit Union whereby IndiCorp maintained post merger board control. Mr. Tolen holds a B.S. degree in finance from the University of Illinois.

Bill Wylam, Board of Managers [return to top]

Mr. Wylam is acknowledged as one of the auto industry's pioneers in advanced battery technologies. In recognition of his role in advancing new technologies, the William B. Wylam Energy Storage and Conversion Laboratory on the IUPUI campus of the Purdue School of Engineering and Technology was named in his honor in 1997. In August 2006 he received an honorary doctorate degree in Engineering from Purdue University for his leadership in promoting alternative energy technologies and international business development in energy-related fields. In 2005, Mr. Wylam retired from Remy International Inc. where he served as Corporate Director of Technology, capping a five-decade career which began at Delco Remy Division of General Motors. During his career with General Motors he developed the propulsion system for the GM EV1 electric vehicle.

Through his work with Delco Remy, he established the Electricore Consortium, an Indiana-based non-profit corporation that organizes public-private partnerships to conduct research and projects in the area of advanced manufacturing and electric vehicle technologies. He has been Chairman of the Consortium's board since its inception in 1992. Mr. Wylam is currently President of International Energy, LLC, and Chairman of Electricore Inc., both in Indianapolis, and serves on the board of Electro Energy, Danbury, CT. Electro Energy is a developer and manufacturer of advanced rechargeable batteries.

Mr. Wylam serves as a Director of the Flagship Enterprise Center, a business incubator and technology park in Anderson, IN. He also serves as Chairman of the technical advisory committee of the Flagship Energy Systems Center, which promotes the development of companies in the area of alternative energy, including hybrid vehicles and lithium batteries.

Dr. Giorgio Rizzoni, Board of Managers [return to top]

Dr. Giorgio Rizzoni is currently the director of the Center for Automotive Research (CAR) at Ohio State University, and the Ford Motor Company Chair in Electromechanical Systems. Dr. Rizzoni also serves as professor in the Departments of Mechanical and Electrical and Computer Engineering.

The Ohio State University's Center for Automotive Research developed and built several electric, hybrid electric, and fuel cell vehicles including The Buckeye Bullet which set the U.S. Electric Land Speed Record (USELSR) for electric-powered vehicles at 314.925 mph. Dr. Rizzoni and the Center for Automotive Research (CAR) have been involved in developing Ohio State University's electric race car, "Smokin Buckeye" which dominated Formula Lightning races for several years winning three ABB National Championships.

Prof. Rizzoni has served as the director of the U.S. Department of Energy Graduate Automotive Technology Education Center for Hybrid Drivetrains and Control Systems, and is currently serving as Director of the U.S. Department of Energy Graduate Automotive Technology Education Center for Advanced Propulsion Systems. He has developed various new courses in system dynamics, mechatronics, fault diagnosis, powertrain dynamics and hybrid-electric vehicles. His book, Principles and Applications of Electrical Engineering, published by McGraw-Hill, is in the fifth edition and has been translated into six languages.

Dr. Rizzoni is a Fellow of IEEE and SAE, and a past Chair of the International Federation of Automatic Control (IFAC) Technical Committee on Automotive Control, and a member of the Executive Committee of the ASME Dynamic Systems and Control Division. He has been an Associate Editor for the IEEE Transactions on Vehicular Technology (10 years) and for the ASME Transactions, Journal of Dynamic Systems, Measurement and Control (6 years).

Wayne L. Bartel, Board of Managers [return to top]

Wayne Bartel's career includes more than 20 years of management consulting experience assisting clients with strategic operations improvement, business process reengineering, information systems design and implementation, business process outsourcing and integrated supply chain management programs. Mr. Bartel is currently Executive Vice President, Strategy and Development, JWT (J. Walter Thompson)/Roman Brand Group. From 2003 through 2005, he served as the chief executive of Centricity Partners.

Earlier in his career, Mr. Bartel joined Price/WaterhouseCoopers (PwC). As a partner with PricewaterhouseCoopers' management consulting unit, now a division of IBM, Mr. Bartel served in multiple executive leadership roles responsible for developing and managing emerging PricewaterhouseCoopers business units including SAP Consulting, Consumer Products, and Industrial Products industry-focused practice units. In his final three years at PricewaterhouseCoopers, Mr. Bartel operated as the senior global executive leading the firm's emerging Automotive Industry practice unit and was chairman of the firm's Automotive Strategy Board. In addition to serving many global automotive manufacturers and suppliers, this practice unit developed the PricewaterhouseCoopers Shareholder Value Award which recognizes the industry's top three manufacturers and top three suppliers for outstanding shareholder value performance.

Mr. Bartel co-authored PwC's auto industry report "A2C: The Second Automotive Century." He also authored "CRM: The Strategic Imperative in the World of e-Business and Value Realization in a Consolidating Global Automotive Sector." Mr. Bartel has a J.D. from University of Georgia School of Law, and a B.S. in Computer Science and Accounting from Augusta State University (magna cum laude).