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News

Loan application made for Carbon E7 production

Carbon Motors : 17 August, 2009  (Company News)
Carbon Motors has applied for over 300 million dollars in loans for setting up the Indiana production facility for the Carbon E7 police vehicle
Loan application made for Carbon E7 production
On the heels of announcing jointly with Governor Mitch Daniels, before thousands of Americans, law enforcement officials, and local, state, and federal authorities, that it would locate its operation in Connersville, Indiana at a shuttered automotive plant, Carbon Motors Corporation filed its application to secure a loan with the US Department of Energy under the provisions of Section 136 of the Energy Independence and Security Act of 2007 (the "ATVMIP - Advanced Technology Vehicles Manufacturing Incentive Program").

"Our nation's law enforcement operations represent the largest, most visible government fleet and it is critical that our country leads by example. An average of 11 miles per gallon today for a fleet size of 450,000 vehicles is neither acceptable nor an efficient use of taxpayer dollars. Moreover, it is now almost 8 years after 9-11 and 4 years after Katrina, and it is critical that we provide our 840,000 law enforcement first responders with appropriate world-class equipment to secure our homeland against threats, both foreign and domestic," said William Santana Li, chairman and chief executive officer, Carbon Motors Corporation.

The ATVMIP provides loans to new and established carmakers to build more fuel-efficient vehicles. Created in 2007 and appropriated in September 2008, the $25 billion program aims to reduce America's dangerous dependence on foreign oil and to create new American "green" jobs. The program is entirely unrelated to the stimulus package or the so-called "bailout" funds that legacy carmakers have received in the past.

"Our application unequivocally meets or exceeds all technical, business, and legal requirements of the loan program and we believe the US Department of Energy will quickly realize that it is in the national security and socioeconomic interests of the United States of America that the Carbon E7 vehicle be expedited into production; and given the significant cross-cabinet issues it addresses, it is only appropriate that it is backed by the federal authorities," continued Li. This new game-changing homeland security technology platform will have a positive effect on every town, city, county, state, airport, railroad, college campus, high value target, border, and port of the United States of America - a social benefit nationwide.

The announcement that the Carbon E7 will be produced at a mothballed facility in Fayette County where unemployment levels have been hovering above 16% has not only reinvigorated thousands of workers that can trace back their regional industrial history to at least seven carmakers of the past, but has accelerated the environmental cleanup process for the brownfield facility.

"On behalf of Carbon Motors, I would like to publicly thank Governor Mitch Daniels, Senator Richard Lugar, Senator Evan Bayh, Representative Mike Pence, Representative André Carson, Representative Dan Burton, Representative Brad Ellsworth, and Mayor Leonard Urban for their unwavering bipartisan support for our efforts to create thousands of new American green jobs of national importance. We look forward to continuing to foster public/private sector collaboration at all levels. Expediting the approval of this loan is critical to (1) securing our homeland, (2) reducing our dependence on foreign oil and (3) creating long-term, sustainable jobs in every sense of the word. I believe President Obama had expressed a strong interest in 'two-fers' to drive efficiencies by tackling two major issues with a single resource. This one is a 'three-fer' without a doubt," remarked Li.
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