Michigan Technology News, the online source for Michigan's technology business

Tuesday, November 11, 2008 Energy Department Issues Rule On Fuel-Efficient Vehicle Loan Program
WASHINGTON DC - The U.S. Department of Energy has issued an Interim Final Rule implementing the Advanced Technology Vehicles Manufacturing Incentive Program, which will provide up to $25 billion in direct loans for manufacturers of vehicles that double today's fuel economy standards. The program is authorized by section 136 of the Energy Independence and Security Act of 2007 (EISA). Advanced Technology Vehicles Manufacturing Incentive Program will provide up to $25 billion in direct loans to eligible applicants for the costs of reequipping, expanding, and establishing manufacturing facilities in the United States to produce advanced technology vehicles and components for such vehicles. $5 billion is set aside for companies with fewer than 500 employees. These technologies and vehicles must provide improvements in fuel economy performance that are 125 percent of current requirements. A number of sources indicate that the agency may begin taking applications as early as next week. DOE stated that it intends to act quickly to review and evaluate any applications it receives from eligible applicants under the section 136 program. The agency has also created a website with information relating to the program, For more information, click on AFVMLoan.Energy.Gov
Author: Staff Writer Source: MITechNews.Com
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