The Department of Energy has received the first applications for $25 billion in low-interest federal loans intended to spur development of fuel-efficient vehicles and components.
The Energy Department reported 34 applications were filed for the Advanced Technology Vehicle Manufacturing Incentive Program, part of the Energy Independence and Security Act of 2007. The money is not related to the government bailout of the auto industry.
a maker of lithium-ion batteries for hybrid, plug-in electric and pure electric vehicles, applied for a $480 million loan with an estimated annual interest rate of less than 4%. The New York-based company also makes software to customize complete battery systems for commercial vehicles.
Ener1 said with the funding it will be able to double the manufacturing capacity of its Indiana lithium-ion battery subsidiary, EnerDel.
EnerDel should be able to produce 600,000 hybrid electric vehicle packs per year at its existing plant by 2011, and build a second larger plant capable of producing battery packs for up to 1.2 million hybrid electric vehicles by 2015 if it gets the loans.
"A critical new industry is taking shape before our eyes," said Charles Gassenheimer, Ener1 chief executive. "We have the technology, but we lack the domestic production capacity."
Expanded capacity will mean 1,300 new jobs, the company said. The company has facilities in Indianapolis and Noblesville, Ind.
Based on DOE data, Ener1 estimates the batteries it produces could save the U.S. economy up to $600 million at the gas pump and eliminate up to 1 billion tons of carbon emissions annually.
The Energy Department said it expects more applications for funding in the near future.
Ener1 has raised about $200 million, but said the low-interest loans are needed to meet expected demand for hybrid and electric cars.
The Energy Department reported 34 applications were filed for the Advanced Technology Vehicle Manufacturing Incentive Program, part of the Energy Independence and Security Act of 2007. The money is not related to the government bailout of the auto industry.
a maker of lithium-ion batteries for hybrid, plug-in electric and pure electric vehicles, applied for a $480 million loan with an estimated annual interest rate of less than 4%. The New York-based company also makes software to customize complete battery systems for commercial vehicles.
Ener1 said with the funding it will be able to double the manufacturing capacity of its Indiana lithium-ion battery subsidiary, EnerDel.
EnerDel should be able to produce 600,000 hybrid electric vehicle packs per year at its existing plant by 2011, and build a second larger plant capable of producing battery packs for up to 1.2 million hybrid electric vehicles by 2015 if it gets the loans.
"A critical new industry is taking shape before our eyes," said Charles Gassenheimer, Ener1 chief executive. "We have the technology, but we lack the domestic production capacity."
Expanded capacity will mean 1,300 new jobs, the company said. The company has facilities in Indianapolis and Noblesville, Ind.
Based on DOE data, Ener1 estimates the batteries it produces could save the U.S. economy up to $600 million at the gas pump and eliminate up to 1 billion tons of carbon emissions annually.
The Energy Department said it expects more applications for funding in the near future.
Ener1 has raised about $200 million, but said the low-interest loans are needed to meet expected demand for hybrid and electric cars.
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If you care about alternative energy cars, if you ever hoped to drive one. If you ever wanted to be supportive and help make cars happen then now is the time to act on a VERY SPECIFIC ISSUE:
ReplyDeleteThere is no more investment money for alternative energy cars. The Venture Capital market is dead and may never come back. IF, it comes back, Tesla’s problems have put such a bad taste in the VC’s mouth that they will never invest in cars again and those few that did invest in a few car companies have proven that they have no comprehension of how a car company works.
Detroit and the oil industry has managed to block alternative energy cars for decades.
BUT, now, a single door, a last chance has opened. Money was approved and banked, on a emergency fast track basis called the Section 136 DOE ATVM but it was supposed to be released last year and it has been either stalled intentionally by Detroit and Big Oil or mismanaged by those with no idea what they are doing or mis-used by those exploiting the interest revenue on the $25B sitting in Treasury.
Most of the alternative car companies have applied for this money, they are dying in this economy and they all planned for receipt of funds long before this.
What can you do? Tell those in charge to get this money released today.
Today: Call the White House at 202-456-1414
Today: Call Steven Chu, the new head of the DOE at 1-202-586-5000
Today: Call CNN and demand an expose at 800-CNN-NEWS
Please re-post this and forward it to your friends.
Yes I do agree with you. Hit the iron when iron is hot, it is right time to act. Otherwise all will be in vain.
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