V-Vehicle Denied $321 Million From Department of Energy

Posted Mar 26, 2010

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]