DOE Loans Fisker $529M to Develop Plug-in Hybrid Pair

Low-interest loan seen spurring rivalry with Tesla Motors, which was awarded $465M last June to build Model S.

Published: 23-Sep-2009

In its latest bid to help finance the car of tomorrow, the Obama administration said it would lend more than $500 million to Irvine-based Fisker Automotive Inc. to develop a pair of plug-in hybrids.

The loans, announced Tuesday, come from a $25-billion Department of Energy program to fund development of alternative vehicles. According to the administration, the funding will help create or save 5,000 jobs at Fisker and its suppliers.

The $528.7-million low-interest loan "is another critical step in making sure we are positioned to compete for the clean-energy jobs of the future," Energy Secretary Steven Chu said. Over the summer, the department lent $8 billion to a variety of other automakers and suppliers under the same program.

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