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/
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