We bring you the behind the scenes story of how electric car startup Fisker Automotive spent over a billion dollars, took down a government loan and ultimately delivered about 2,000 cars, a small fraction of what it originally promised.
The road hasn’t been easy for Next Autoworks (formerly V-Vehicle), which is backed by Google Ventures, T. Boone Pickens, and Kleiner Perkins. But the way forward has grown even rockier as legislators consider a proposal to shuffle around funds set aside for Next Autoworks’ project.
Do not pass go, do not collect $24 million: That’s the card played by auto supplier Tenneco, which withdrew from a Department of Energy loan program in March 2010, less than six months after securing a coveted conditional loan commitment from the agency.
While Uncle Sam has tapped a select few companies as winners for its green car loan program, it has left a much longer list of loan applicants disappointed or stuck in limbo. Here’s the state of the ATVM awards at the end of 2010:
Just about one year into his role heading up the DOE’s loan program office, former VC Jonathan Silver tells us he believes the agency has come a long way from it’s first few years of neglect and delays.