DOE has announced improvements to its Advanced Technology Vehicle Manufacturing loan program to clarify eligibility criteria and increase responsiveness to applicants.
On April 2, 2014, Energy Secretary Ernest Moniz announced improvements to the Department of Energy’s (DOE) Advanced Technology Vehicle Manufacturing (ATVM) Loan Program at the Motor & Equipment Manufacturers Association (MEMA) Legislative Summit. The improvements aim to make the ATVM loan program more responsive and reflect comments and suggestions of MEMA, industry, and automotive component firms.
According to DOE, despite improved automotive sector economics, strong growth has been causing capacity constraints and capital expansion demand. DOE also recognized the need to accelerate investment in fuel efficiency technologies to meet the national goal of 54.5 miles per gallon by 2025.
DOE’s ATVM program improvements include:
- Clarification of eligibility criteria to include automotive component technologies, such as advanced engines and powertrains, light-weighting materials, advanced electronics, and fuel-efficient tires
- Improved responsiveness to applicants with updated description of application process, eligibility requirements, and program goals to promote transparent information exchange
- Revised application process and launch of online application portal for timely and streamlined application processing
DOE Loan Program (mercatus)
Established under the 2007 Energy Independence and Security Act, the ATVM program seeks to accelerate development and deployment of fuel-efficient vehicles and component technologies. According to DOE, the ATVM program has provided approximately $8.4B to finance projects with total project costs exceeding $14B. Borrowers’ estimates show that ATVM loans have supported approximately 35,000 jobs across eight states – California, Illinois, Michigan, Missouri, Ohio, Kentucky, New York, and Tennessee.
April 3, 2014 via Energy Solutions Forum.
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