Energy Department Puts Fisker's Loan On Auction

William Maley

Staff Writer - CheersandGears.com

September 19, 2013

The U.S. Department of Energy has announced this week they will be putting up Fisker Automotive's $164 Million loan up for auction next month. This is in a effort to try and recoup as much money as they can.

"After exhausting any realistic possibility for a sale that might have protected our entire investment, the Department announced today that we are auctioning the remainder of Fisker's loan obligation, offering the best possible recovery for the taxpayer," said Peter Davidson, director of the Loan Program Office at the Department of Energy in a blog post.

"Consistent with the intent and statutory purpose of the Advanced Technology Vehicles Manufacturing program, the Department will require all bids to include a commitment and business plan that promotes domestic manufacturing capabilities and related engineering for advanced technology vehicles here in the United States."

So who will be putting in a bid for Fisker? Well we have a list of possible suitors. We have the founder of the company, Henrik Fisker who has teamed up Hong Kong-based investor Richard Li, Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive, and German investment group Fritz Nols AG.

Source: Green Car Reports

William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.