V-Vehicle Co. officials continue to await a decision from the U.S. Department of Energy on the status of the company’s application for a $250 million low-interest loan. Horst Metz, vice president of assembly operations for V-Vehicle, told the (Monroe) News-Star his company is in frequent contact with the Department of Energy. V-Vehicle Co. must raise $350 million in capital by March 1 to trigger the bulk of an $82 million grant package that includes federal, state and local money. The company, which plans to build a manufacturing plant near Monroe, has raised more than $100 million from private investors. Though the company has kept the design of its car a secret for competitive reasons, investors have said it will get about 40 miles per gallon and cost about $10,000.
V-Vehicle awaits word on federal loan
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