Energy loses $139M on loan to electric car maker

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.


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Citation: Energy loses $139M on loan to electric car maker (2013, November 23) retrieved 24 May 2019 from https://phys.org/news/2013-11-energy-139m-loan-electric-car.html
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Nov 23, 2013
That's nothing. We lose billions, annually, to the Oil Industry subsidizing a 100+ year industry.

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.

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.

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.

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

Nov 25, 2013
VD, guess who the board of directors of Fisker made political donations too? Any guess?


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