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Integrity Automotive Applies for $200M in ATVMIP Funds for Production of ZAP EVs in US
9 January 2009
Integrity Automotive, LLC along with electric vehicle partner ZAP has applied for a $200 million loan from the US Department of Energy’s (DOE) $25-billion Advanced Technology Vehicles Manufacturing Loan Program (ATVMIP).
Integrity, a privately held Kentucky company, has an exclusive worldwide manufacturing agreement with ZAP to build ZAP electric vehicles and other fuel-efficient transportation products at the new Franklin, Kentucky facility, subject to certain terms and conditions. Integrity’s Franklin plant is projected to produce more than 100,000 vehicles annually and employ up to 4,000 people.
In August 2008, Integrity said that construction of its new plant for EV production would cost $175 million, more than double the original estimate of $84 million. The state of Kentucky is already providing Integrity Automotive with $48 million in tax incentives to help build the plant. (Earlier post.)
January 9, 2009 in Brief | Permalink | Comments (0) | TrackBack (0)
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