Integrity Automotive Completes Application for Federal Funds

Kentucky-based firm applies for $200 million loan from the U.S. Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Loan Program to produce ZAP electric vehicles.

Published: 09-Jan-2009

Shepherdsville, KY – Integrity Automotive, LLC, announced today important progress in the Kentucky company’s plan to become the first U.S. manufacturer of all-electric vehicles. Integrity has completed its application for a $200 million loan from the U.S. Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Loan Program, and has had substantial positive discussions with a financial fund to provide up to $40 million for the required DOE loan co-funding when Integrity’s application is approved. “These are major steps forward in our effort to make Kentucky the first state in the nation to manufacture all-electric vehicles,” said Randall S. Waldman, Integrity Automotive’s Chief Executive Officer. “We are very optimistic that the new DOE Advanced Technology Vehicles loan program, together with the positive discussions we have had with a New York-based financial fund, will provide the capital needed to begin production of ZAP all-electric cars and trucks here in Kentucky later this year.”

Noting that the company’s loan application and related funding discussions are further indications of progress for the new automaker’s business plan, Waldman added that the financial fund will be disclosed once the federal loan is approved.

Kentucky state government last year approved economic development incentives for Integrity Automotive, and issued a new regulation making ZAP electric vehicles legal for use on limited access Kentucky highways. Franklin and Simpson County, Kentucky, officials reached an agreement with Integrity last year to locate the automaker’s Kentucky manufacturing facility at a 270-acre site there.

“We are confident that we meet all of the criteria for funding under DOE’s Advanced Technology Vehicles loan program,” said Gary Dodd, President of Integrity Automotive. “Together with the positive discussions we have had with the New York-based financial fund, we will be ready to utilize the federal loan funds rapidly when they are approved by the Department of Energy. We are committed to bringing electric-vehicle manufacturing jobs to Kentucky, and are poised to begin an exciting new chapter in our state’s economic development.”

Integrity Automotive, LLC, (www.integritymotives.com) is a privately held Kentucky company headquartered in Shepherdsville, Kentucky, outside Louisville. It will solely own and operate its future electric-vehicle manufacturing facility in Franklin, Kentucky. Integrity has an exclusive worldwide manufacturing agreement with ZAP (www.zapworld.com, stock symbol: ZAAP) of Santa Rosa, California, to build ZAP electric vehicles and other fuel-efficient transportation products at the new Franklin, Kentucky facility. Integrity’s Franklin plant is projected to produce over 100,000 vehicles annually and employ up to 4,000 people.

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