V-Vehicle Denied $321 Million From Department of Energy
American automotive company V-Vehicle was denied a $321 million loan from the Department of Energy. V-Vehicle was founded by former Oracle vice president Frank Varasano. V-Vehicle raised venture capital from Kleiner Perkins Caufield & Byers and T. Boone Pickens. V-Vehicle is based in Monroe, Louisiana. The company raised $87.5 million through private fundraising and was promised $67 million from the state of Louisiana.
The Department of Energy denied V-Vehicle $321 million as part of the $25 billion Advanced Technology Vehicle Manufacturing Loan Program set up by Congress. Car and Driver speculates that the reason why V-Vehicle may have been denied the loan because they are not involved with the UAW. The UAW has a strong lobby group in Washington. V-Vehicle has about 1,400 employees. [Car and Driver]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry