Electric Car Company Folds, Slams DOE Loan Process

Start-up plug-in vehicle maker Bright Automotive announced that it is closing down.

Car_with_LeavesWhile General Motors had invested $5 million in the company, Bright Automotive had relied on the hope that the U.S. Department of Energy would grant it low-interest loans under the advanced-technology vehicle manufacturing program.

A letter from its CEO and COO to Energy Secretary Steven Chu notes that the Indiana company has waited more than three years for a DOE verdict on applications it submitted in December 2008.

According to a Bright source, over the years the DOE negotiating team would claim that agreement was close, but that “we couldn’t get consensus” on the 10-member board that decided on loan applications. So each new draft contained additional and more onerous requirements.

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Source: John Voelcker | Higher Gear Media | Green Car Reports