Department of Energy loses $139M on loan to electric car maker Fisker Automotive

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Updated: 11/22/2013 9:36 pm

WASHINGTON (AP) — The Energy Department says it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc.

The government sold the loan for $25 million Friday to Hybrid Technology LLC, a holding company that plans to keep the California carmaker operating.

The $139 million loss is the largest in the Obama administration's green energy loan program since the 2011 failure of solar panel maker Solyndra. The government lost $528 million in the Solyndra collapse, triggering sharp Republican criticism.

The Energy Department awarded Fisker a half-billion loan guarantee in 2009, but suspended it in 2011, after Fisker failed to meet a series of federal benchmarks. Fisker had received $192 million before the loan was frozen.

The Energy Department says it had recouped about $28 million before Friday's sale.

 

©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nevadadad - 11/22/2013 10:18 PM
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Of course! Yet another failed attempt by the Obama administration to pick winners and losers at the expense of the American people. For someone who's supposed to be the smartest guy in the room, Obama's dreams of a "transformed America" continue to defy common sense.
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