The Department of Energy has its fingerprints on just about every sector of the green economy, from solar cells to smart meters.
On Friday, the department offered an assessment of how much influence it is having on the market for electric cars. The DOE announced that it closed a $528.7 million loan to Fisker Automotive, the developer of the plug-in hybrid sports car Karma and a more family oriented vehicle dubbed Project Nina.
The loan will let Fisker reopen a shuttered General Motors auto plant in Wilmington, DE, and employ 2,000 workers. An initial stage of work will take place in Irvine, CA, where Fisker engineers will broker supplier agreements and design manufacturing tools necessary for mass production.
The plant is expected to produce its first car in 2012. When it reaches full production in 2015, the factory is expected to produce 115,000 vehicles a year. Combine that with the projected sales volume of the all-electric Tesla Motors Model S and Nissan Leaf (the DOE has money in both) and the number of electrics the agency has a role in bringing to market exceeds 300,000.
“We’re on our way to helping America’s auto industry reclaim its top position in the global market,” said Vice President Joe Biden in a press release.
Fisker Automotive's plug-in hybrid sports car Karma. The company projects it will produce 115,000 vehicles (Karmas and a family car) in 2015.
[...] reopening of the General Motors auto plant in Wilmington, Del. and the hiring of 2,000 workers that are expected to churn out up to 20,000 of the company’s Model S cars each year, starting in [...]