America's Business-to-Business Journal for Industry
   Subscribe      Advertise       Submit News       Feedback       Jobs   
Kentucky News
Similar Articles:
Find Capital for Emerging Growth and Middle-Market Companies
Navistar-Modec EV Alliance, LLC to Produce all-Electric Commercial Trucks in Elkhart, Indiana
Buy American Rules Backfiring, Stunting Job Creation, Delaying Projects, and Causing Retaliation Abroad

Embattled Electric Car Venture Integrity Automotive Going after $200 million from Feds to Build ZAP plant in Kentucky

Following dispute over whether or not financing was in place for a manufacturing facility in Simpson County, the company says it has completed paperwork for a Department of Energy loan



Shepherdsville, Kentucky-based Integrity Automotive says it's completed an application for a $200 million loan from the U.S. Department of Energy Advanced Technology Vehicles Manufacturing Loan Program.

Integrity Automotive – owned by Integrity Manufacturing's Randall Waldman and several minority partners – was set to be a majority owner of a new one million square foot ZAP electric car manufacturing plant in Simpson County, Kentucky. The endeavor was estimated to cost about $200 million.

In a recent news release, Waldman said the application for a fed loan is a major step to getting the plant built in Kentucky. "We are very optimistic that the new (loan) program will provide the capital needed to begin production of ZAP all-electric cars and trucks here in Kentucky later this year,” Waldman said.

“We are confident that we meet all of the criteria for funding under DOE's Advanced Technology Vehicles loan program," said Gary Dodd, President of Integrity Automotive, in the news release. "We will be ready to utilize the federal loan funds rapidly when they are approved by the Department of Energy. We are committed to bringing electric-vehicle manufacturing jobs to Kentucky, and are poised to begin an exciting new chapter in our state's economic development."

In November, Waldman told news sources including Manufacturing & Technology eJournal he had financing lined up for the plant through GE Capital. Then, Waldman said in October GE pulled the plug on all its U.S. projects, including his, leaving the plans for a ZAP plant in limbo.

A spokesperson from GE disputed that account, saying the finance company had never made a commitment to the plant.

California-based ZAP (OTCBB: ZAAP) develops, markets and distributes electric vehicles. It started contracting with overseas manufactures to produce the vehicles and now looks to bring some of that production back to the United States, company officials have said.

There was no indication when a decision would be made on the recent federal loan application.

"As a US company ZAP contracted offshore manufacturing to meet its business goals of affordable electric vehicles and we hope the US government will recognize our efforts to create new jobs at home,” said ZAP CEO Steve Schneider in the latest news release.

Last summer, state officials announced the ZAP plant would come to Kentucky and bring as many as 4,000 jobs. When asked if the governor's office had failed to verify that financing for the project was in place before making the big announcement, a spokesperson said "we were told that "financing was in place."

For more information about Integrity Automotive visit http://www.integritymotives.com/. For more information about ZAP visit http://www.zapworld.com/

Permission to Reproduce

Unless otherwise stated, the copyright and similar rights to all material published on this website are owned by The Manufacturers Group Inc. DBA Manufacturing & Technology eJournal. Reproduction of any article in print, electronic or any other form must acknowledge Manufacturing & Technology eJournal as the source and include a link to http://www.mfrtech.com.

Other related articles:

http://www.mfrtech.com/articles/1570.html

http://www.mfrtech.com/articles/1569.html

http://www.mfrtech.com/articles/1540.html

http://www.mfrtech.com/articles/1461.html

http://www.mfrtech.com/articles/1195.html


All comment postings require your name and email address for user verification only. Your email address will not be used or distributed for any other purpose.
No advertising is permitted and will result in the post being deleted and/or banning. Please click "REPORT" to report any inappropriate posts.
blog comments powered by Disqus
Latest Ohio News:
ARRA Brownfield Revolving Loan Fund Opportunity for Ohio

O-I Enters Argentinean Market with Acquisition of Glassmaker Cristalerias Rosario

Reynolds Machinery Adds Samsung Line of Turning Centers and Machining Centers

Supplier Summit Aimed at Growing Ohio’s Aerospace Industry


Latest Indiana News:
Novae Corporation Manufacturer to Establish New Production Facility

Technology Firm, BlueLock, to Expand In Indianapolis

Rolls-Royce Awarded $75 Million MissionCare Contract for V-22 Osprey Engine Support


Latest Kentucky News:
$3.9 Million Expansion at Caldwell Tanks in Louisville

Masonite Completes Acquisition of LEDCO

Howa Textile Industry Co., Auto Supplier, To Move Richmond, Indiana Operations to Kentucky

Kentuckiana Curb Expanding in Louisville

Signature HealthCARE to Move National Headquarters to Louisville, Kentucky


Latest Michigan News:
More Than 7,180 New Jobs Planned for Michigan

KMT Robotic Solutions Extends Relationship with FANUC Robotics America

Dow Announces Sale of Styron Division to Bain Capital for $1.63 Billion


Other News:
How to Lower Your Welding Costs

What Role if Any Do Unions Play in Your Business? We Would Like To Hear From You

The Engineering Pyramid: Increasing the Speed of Innovation

Massey Energy Announces Agreement to Acquire Cumberland Resources Corporation

Technical Services for RFID, Networking, and Sensor Projects from Balluff

Eastman to Acquire Genovique Specialties, a Producer of Non-Phthalate Plasticizers

The Critical Realities Driving PLM Initiatives

10 District Polls Showing Voters Opposed to Current Health Care Proposal

Simplify Inventory Receiving, Shipping, and Activity Reporting with Web-based Inventory Management

Video tracker and Image Processor, from GE Intelligent Platforms

And Don't Miss
Our Most Recent Cover Stories
Letters, Comments, and Forums
National News
Other States
White Papers
Return to our Home Page