MONROE -- The new head of V-Vehicle Co. says the company will be going back to the federal Energy Department in a quest for $321.1 million in loans. However, acting CEO Raymond Lane said today the company also will have to come up with another $50 million in private investment and obtain a $50 million credit pool to satisfy...
The old Guide Corp. headlamp plant in Monroe, was being prepared by the V-Vehicle Car company to become the assembly plant for a new green-car. MONROE -- The new head of V-Vehicle Co. says the
company will be going back to the federal Energy Department in a quest
for $321.1 million in loans.However, acting CEO Raymond Lane said today the company also will have to come up with another $50 million in private investment and obtain a $50 million credit pool to satisfy federal concerns.
Lane says the Energy Department recently rejected V-Vehicle's application because of those financial concerns, questions about the company's distribution network for eventually selling the car and the company's cost controls.
Lane says it will probably take three to four months to return its application to the Energy Department.
In the meantime, Lane says V-Vehicle still plans to build its auto in Monroe.