Update: Tesla Says No Pending Completed Loan Applications with DOE
Following the bankruptcy of solar-panel maker Solyndra, the House Republicans are eager to cut green-jobs programs. – The ill-fated solar panel manufacturer was the first company to receive money from the Obama administration’s green-tech stimulus loan. One of the other programs under scrutiny is the U.S. Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Program (ATVM). The same program loaned Tesla Motors $465 million back in June 2009.
Tesla used the ATVM loan to open an electric powertrain facility at its Palo Alto headquarters and revamp the former NUMMI plant to build the Model S electric sedan.
Earlier this week the automaker posted a blog on its website defending the program. Tesla says it employed 400 people before the original loan. The loan helped add 1000 jobs and plans to add another 1000 jobs in the next year.
Tesla’s website doesn’t specify how much in additional loans the company needs or what it would be used for. It does say that the electric automaker “has raised an additional $620 million in private investment capital.”
The last line on the blog post says, “Tesla has no pending completed applications with the DOE.”
In light of government spending cuts and a bankrupt solar-panel manufacturer, do you think Tesla should be asking for another loan from the federal government?
Update 09/28/2011, 10:40 a.m.
A follow up call to Tesla spokeswoman Khobi Brooklyn confirmed the last line of the company’s blog post: “Tesla has no pending completed applications with the DOE.”
Source: SF Gate, Tesla
By Jason Udy