Advanced Technology Vehicles Manufacturing Loan Program for Heavy Duty Tarpaulin

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Advanced Technology Vehicles Manufacturing Loan Program (ATVMLP) is a $25 billion direct loan program funded by Congress in fall 2008 to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S. meet higher millage requirements and lessen U.S. dependence on foreign oil. This program is unrelated to the Treasury Department's TARP program which has been providing bailout funding to two of the big three U.S. automakers.
Given 60 days by congressional statute to issue an interim final rule, the Department of Energy (DOE) , responsible for overseeing the program, finalized the rule 36 days later on November 5, 2008 (compared to 18 months usually needed for such rule making). The loan program was authorized under section 136 of the Energy Independence and Security Act of 2007, which provided the program with $25 billion in loan authority, supported by a $7.5 billion appropriation to fund the credit subsidy, or the 30% risk profile expected for projects of this type. To qualify, automakers and eligible component manufacturers must promise to increase the fuel economy of their products by 25% over the average fuel economy of similar 2005 models, and apply the loans to future investments "reasonably related to the reequipping, expanding, or establishing a manufacturing facility in the U.S." In distributing the loans the DOE may decide which technologies it believes are most promising and deserving of assistance. Loan recipients must also be "financially viable" for the length of the loan.
It has been speculated that at least two of the Big Three U.S. automobile manufacturers may not be able to qualify for this program because of its fuel economy and financial solvency requirements.
In November 2008, the auto industry began lobbying for the $25 billion to be loaned immediately, as well as another $25 billion to be loaned later to cover retirees health care costs.
DOE's Alternative Vehicle Technologies Awards
The U.S. Department of Energy (DOE) announced in December 2008 the selection of six cost-shared research projects for the development and demonstration of alternative vehicle technology projects totaling a DOE investment of up to $14.55 million over three years, subject to annual appropriations. Private sector contributions will further increase the financial investment for a total of up to $29.3 million. The selections announced qre part of DOE continuing work to develop high efficiency vehicle technologies and are not part of the recently announced $25 billion Advanced Technology Vehicles Manufacturing Loan Program. These projects were selected under three diverse topic areas: lithium-ion battery materials and manufacturing (3M Company for developing advanced anode; BASF Catalyst for domestic production of low cost cathode materials and FMC Corporation for scaling up production of stabilized lithium metal powder for high energy cathodes); thermoelectric heating, ventilation and air conditioning (TE HVAC system); and aerodynamic heavy-duty truck trailers (Navistar International Corporation).
References
^ [http://www.atvmloan.energy.gov/print/FactSheet.pdf FACT SHEET: ADVANCED TECHNOLOGY VEHICLES MANUFACTURING LOAN PROGRAM]
^ Why $25 billion bailout may not help strapped automakers
^ Why $25 billion bailout may not help strapped automakers
^ Why $25 billion bailout may not help strapped automakers
^ http://www.energy.gov/news/6768.htm
External links
Advanced Technology Vehicles Manufacturing Loan Program - Official website
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