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Wednesday, 13 January 2021 16:41

Lordstown Motors Corp. Advances to Next Stage in Advanced Technology Vehicles Manufacturing Loan Program Application

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Lordstown Motors Corp., a leader in electric light duty trucks focused on the commercial fleet market, has accepted an invitation from the U.S. Dept. of Energy to start the due diligence process toward securing an Advanced Technology Vehicles Manufacturing loan.

The DOE’s invitation is not an assurance Lordstown Motors will secure an ATVM loan.

 

The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the United States. Since the start of the program, the Department of Energy has closed on more than $8 billion in loans.

 

“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” said Lordstown Motors CEO Steve Burns. “The funds would, however, enable us to increase production capacity to get the Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development of future vehicles.”

 

Source: Lordstown Motors Corp.

 

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