Silicon Valley Company Receives $465 Million for Advanced Vehicle Manufacturing

January 21, 2010
Press Release
Washington, D.C-Rep. Anna G. Eshoo (D-Palo Alto) released the following statement regarding the Department of Energy's announcement that it has completed an agreement with Tesla Motors for a $465 million low-interest loan under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. The loan will be used for construction of a manufacturing facility located in southern California and a power-train manufacturing facility located in Palo Alto. Tesla estimates that over 1,600 California jobs will be created by this loan.

The Advanced Technology Vehicles Manufacturing (ATVM) Incentive Program was created in the Energy Independence and Security Act of 2007, and was first funded by Congress in Fiscal Year 2009. This is the second technology development loan agreement signed by DOE with an advanced technology vehicle manufacturer.

"Tesla's Palo Alto power-train manufacturing facility will generate hundreds of green jobs in the Bay Area to assemble electric vehicle equipment for both Tesla and other electric vehicle manufacturers across the country. It is a great source of pride to represent Tesla and Silicon Valley, both of which represent the intersection of innovation and science," Rep. Eshoo said.

"Tesla's innovative work will create green jobs in our state and our region which will decrease our dependence on foreign oil, and help develop a robust domestic electric vehicle industry."

Rep. Eshoo has been a strong supporter of electric drive vehicles. She was successful in getting a provision, based on her bill H.R. 1742, in the House-passed American Clean Energy and Security (ACES) Act. Section 122 of ACES promotes the deployment and integration of electric vehicles in regions across the country.

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