DOE grants $465m loan to Tesla Motors

In, January 22 2010

According to Tesla, the Palo Alto facility will assemble electric vehicle battery packs, electric motors, and related electric vehicle control equipment for the company’s electric vehicles and for sale to other automobile manufacturers.

The agreement was negotiated and signed by the DOE’s loan programmes office, which supports the development of innovative, advanced vehicle technologies to create thousands of clean energy jobs while helping reduce the nation’s dependence on foreign oil.

‘This is an investment in our clean energy future that will create jobs and reduce our dependence on foreign oil,’ said Energy Secretary Steven Chu. ‘It will help build a customer base and begin laying the foundation for American leadership in the growing electric vehicles industry. This is part of a sustained effort to develop and commercialise technologies that will be broadly deployed throughout the American auto industry.’

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