DOE has $25B in loans for those with advanced ideas about cars
On Wednesday the U.S. Dept. of Energy issued an Interim Final Rule that launches the Advanced Technology Vehicles Manufacturing Incentive. Part of the Energy Independence and Security Act of 2007 (EISA), the fiscal year 2009 continuing resolution gave DOE the green light for up to $25 billion in direct loans to eligible applicants for the costs of reequipping, expanding, and establishing manufacturing facilities in the U.S. to produce advanced technology vehicles, and components for such vehicles. These vehicles must provide meaningful improvements in fuel economy performance.
In about half the 60 days given to provide interim final regulations, the DOE has opened the process for automaker component manufacturers to immediately apply for funding.
Congress has appropriated $7.5 billion to cover the subsidy costs of direct loans issued to automobile manufacturers and component suppliers under EISA section 136. The actual amount of loans that DOE will be able to issue with this funding, up to the statutory ceiling of $25 billion in loans, will depend entirely on the circumstances of the borrowers and their projects.
For more information visit DOE’s Advanced Technology Vehicles Manufacturing Loan Program website http://www.atvmloan.energy.gov/
Auto Loan Program Final Rule http://www.energy.gov/media/Auto_Loan_Program_Final_Rule.pdf
SOURCE: U.S. Dept. of Energy
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