U.S. DOE Denies Loan to Secretive V-Vehicles

VVC had raised about $90 million privately but needed federal financing to reach a $350 million fundraising target.

Published: 25-Mar-2010

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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Former Pirelli Tire North America CEO addresses local Rotary Club.

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Subaru R1e negotiating the streets of Manhattan Island, New York City.

The range limitations of most early electric cars will matter less in tightly packed urban areas, where the daily driving distance is likely to be much shorter than in the suburbs or rural areas.


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