Forbes lists two EV firms among America’s Most Promising Companies

ALTe Powertrain Technologies and Coda Automotive are two of America’s Most Promising Companies, according to Forbes. The conservative business mag’s annual list spotlights 100 privately-held companies with compelling business models, strong management teams, plenty of capital, and notable customers and strategic partners. Forbes chooses honorees using a complex algorithm that includes both data-crunching and subjective evaluation of news announcements.

“Sizing up younger, privately held companies is hard: The fortunes can change very quickly and there’s a dearth of public data,†says Forbes Executive Editor Brett Nelson. “We took a more comprehensive approach to evaluate their health and potential.â€

Michigan-based ALTe makes range-extended electric powertrains designed to replace gas engines in light to medium duty commercial vehicles. The technology can be retrofitted into existing vehicles or installed in gliders to produce new models. The company reported lots of good news this year, including supply agreements with battery maker A123 and electric motor supplier Remy, a partnership with vehicle remarketer Manheim, a collaboration with Pacific Gas & Electric to test their technology on PG&E’s fleet of trucks, and a joint venture with Inmatech to produce hybrid electric storage devices.

“This is a very exciting time for ALTe and we are truly honored to be listed as one of America’s Most Promising Companies by Forbes,†said John Thomas, CEO and co-founder. “This award is a validation of the strategic alignments we’ve made and a show of support to our unique place in the alternative automotive market that ALTe identified and addressed with our range-extended plug-in hybrid electric vehicle powertrain.â€

Also on the list is Coda Automotive, which is developing an all-electric 4-door sedan that will go on sale in 2012. The company also supplies lithium-ion batteries to other automakers. Founded in 2008, Coda has raised $147 million in capital.