Energy loses $139M on loan to electric car maker

November 23, 2013 by Matthew Daly

The Energy Department says it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc.

The sold the loan for $25 million Friday to Hybrid Technology LLC, a holding company that plans to keep the California carmaker operating.

The $139 million loss is the largest in the Obama administration's green energy loan program since the 2011 failure of solar panel maker Solyndra. The government lost $528 million in the Solyndra collapse, triggering sharp Republican criticism.

The Energy Department awarded Fisker a half-billion loan guarantee in 2009, but suspended it in 2011, after Fisker failed to meet a series of federal benchmarks. Fisker had received $192 million before the loan was frozen.

The Energy Department says it had recouped about $28 million before Friday's sale.

Explore further: Fisker looking to form alliances to share costs

Related Stories

Tesla CEO vows to pay off US loan early

February 27, 2013

The chief executive of electric car maker Tesla Motors says his company plans to pay back an Energy Department loan in half the time required by the U.S. government.

Energy Dept. seizes $21M from electric car maker (Update)

April 22, 2013

The Obama administration has seized $21 million from troubled automaker Fisker Automotive Inc. just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.

Obama administration missed clues on Fisker

April 24, 2013

The Energy Department did not realize for four months that troubled automaker Fisker Automotive Inc. had missed a crucial production target that was required as part of a half-billion dollar government loan, documents released ...

Recommended for you

Drone market to hit $10 billion by 2024: experts

October 3, 2015

The market for military drones is expected to almost double by 2024 to beyond $10 billion (8.9 billion euros), according to a report published Friday by specialist defence publication IHS Jane's Intelligence Review.

Radio frequency 'harvesting' tech unveiled in UK

September 30, 2015

An energy harvesting technology that its developers say will be able to turn ambient radio frequency waves into usable electricity to charge low power devices was unveiled in London on Wednesday.

Professors say US has fallen behind on offshore wind power

September 29, 2015

University of Delaware faculty from the College of Earth, Ocean, and Environment (CEOE), the College of Engineering and the Alfred Lerner School of Business and Economics say that the U.S. has fallen behind in offshore wind ...


Adjust slider to filter visible comments by rank

Display comments: newest first

5 / 5 (3) Nov 23, 2013
That's nothing. We lose billions, annually, to the Oil Industry subsidizing a 100+ year industry.
1.5 / 5 (8) Nov 23, 2013
Wait, no money was lost, it was funneled directly back to Obama.....

One question though, with 5-15 million people losing their health care, why is physorg joining the rest of the main steam media in not fully reporting it? If it was Bush who caused 5-15 million people to lose healthcare, almost every story would be about how evil Bush is.....

Oh right, probably Physorg and its board is afraid of getting audited by the IRS, its records seized by the DOJ, but wait it also could it be that Physorg is just another propaganda arm of the Progressives?

Come on physorg.... no matter what your political leanings..... get some ethics or some backbone.
not rated yet Nov 24, 2013
"it was funneled directly back to Obama...." - FreeTardO

FreeTardo starts his idiocy with a lie.

I have never encountered a Conservative who wasn't a congenital and perpetual liar.
1 / 5 (5) Nov 24, 2013
@Horus: Yes, but the media, politicians, and dingdong commenters are going to cling to it until they suck all of the political juice out of it and there's nothing left but a dry, misshapen, and unrecognizable husk of what it once was.
1 / 5 (8) Nov 24, 2013
$139M is what the US government spends every 50 minutes. Debating the expenditure costs America more than the expenditure. And what about the $trillion spent on wars every year to subsidize oil? That makes petrol more expensive than Dom Perignon
1 / 5 (6) Nov 25, 2013
VD, guess who the board of directors of Fisker made political donations too? Any guess?

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.