Another electric car startup, which waited years for a Department of Energy loan, plans to call it quits. According to local media in Indiana (and Green Car Reports) Bright Automotive, which was a spinoff from the not-for-profit think tank Rocky Mountain Institute, and which had been developing a plug-in hybrid car called the IDEA for commercial fleets, plans to close shop.
Despite that Bright Automotive was the first official investment from General Motor’s venture arm, the company had been developing its business around getting a DOE advanced technology vehicle manufacturing loan of $450 million. According to a letter sent to the media, Bright Automotive slams the DOE for leading it down a road where it spent three years and $15 million on pursuing a loan that never was delivered.
Bright Automotive isn’t the only electric automaker that felt confident it had a DOE loan in the bag…
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