U.S. DOE Denies Loan to Secretive V-Vehicles
V-Vehicle Co., the San Diego startup that wants to build cars in Monroe, ran into a serious roadblock Wednesday when it failed to obtain $321 million in federal loans for the project.
VVC had raised about $90 million privately but needed the Department of Energy financing to reach a $350 million fundraising target set by state and local governments. VVC missed that goal March 1 and is due to repay by April 1 all $6.2 million in taxpayer money it has received to date.
Louisiana and local governments in Monroe, West Monroe and Ouachita Parish are now off the hook for completing about $87 million in renovations at the former Guide Corp. headlight plant on Interstate 20 in Monroe.
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