Jun.26.2009
Dr Chu comes through. a program to ramp-up funding
The Advanced Technology Vehicles Manufacturing Loan Program
Complicated stuff, but then this situation IS complex at the detail and execution level.
Washington, DC – Today, the Obama Administration announced $8 billion in conditional loan commitments for the development of innovative, advanced vehicle technologies that will create thousands of green jobs while helping reduce the nation’s dangerous dependence on foreign oil. The loan commitments announced today by the President include $5.9 billion for Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce 13 more fuel efficient models; $1.6 billion to Nissan North America, Inc. to retool their Smyrna, Tennessee factory to build advanced electric automobiles and to build an advanced battery manufacturing facility; and $465 million to Tesla Motors to manufacture electric drive trains and electric vehicles in California.
These are the first conditional loan commitments reached as part of the Department of Energy’s Advanced Technology Vehicles Manufacturing program. The Department plans to make additional loans under this program over the next several months to large and small auto manufacturers and parts suppliers up and down the production chain.
Barack Obama:
“We have an historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” said President Obama. “These loans – and the additional support we will provide through the Section 136 program – will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we’ve set, while helping us to regain our competitive edge in the world market.”
STEVEN CHU Secretary of Energy:
“By supporting key technologies and sound business plans, we can jumpstart the production of fuel efficient vehicles in America,” Energy Secretary Steven Chu said. “These investments will come back to our country many times over – by creating new jobs, reducing our dependence on oil, and reducing our greenhouse gas emissions.”
ED NOTE:
Why we need a standard proven electric-car system and drivetrain.
To some people the TESLA appropriation may see unfair to other equally valid electric car makers. True. In exchange for this effort they will share the tech they get proven, for sedans and specifically for battery development and power management. This is important since the current Tesla uses 6000 Laptop batteries, and in essence the roadster is a steppingstone result of an ongoing process. Of course we will watch this, and have the expectation that a subsidized and affordable electric tech standard evolves from this. With Dr Chu available to oversee this, we have confidence in the process that would otherwise not be there.
Our opinion is that all the ecobenefits outweigh the pain-points at this juncture.
Filed in Greeniest |
