The waiting game continues for companies hoping to capitalise on the Advanced Technology Vehicles Manufacturing Loan programme, which was set up two years ago.
Though $25 billion was provided to fund the programme none of the 75 applicants have yet received any money following delays first because the Bush administration failed to inject the funding and then because Bush considered dipping into the fund to support General Motors and Chrysler. Now the money remains with the Department of Energy as energy secretary Steven Chu reviews the proposals.
According to Lachlan Seward, the director of the programme, the process is now moving forward with a “sense of urgency” but in a responsible way.
A report in the International Herald Tribune states that the programme has a staff of just 12 people and that there are strict eligibility rules. Money can only be given to companies and projects deemed financially viable.
Collectively Chrysler, Ford and General Motors have requested $18.3billion with General Motors applying for $8.3billion and the other two automakers requesting $5billion each. Other applicants include A123 Systems, which wants to build an advanced battery plant in Detroit with $20million and Ener1, a maker of lithium-ion batteries, which wants $480million.
According to Secretary Chu, the first loans will be made available by April or May but the applicants that will receive funds are yet to be revealed.
