The U.S. Department of Energy has announced its auctioning off a green technology loan made to Fisker Automotive, a move that could mean new life for the Fisker Karma maker.
The move was revealed "after exhausting any realistic possibility for a sale that might have protected our entire investment," said Peter Davidson, executive director of the DOE's loan program office, in a blog post this week.
The auction could provide another group to take control of Fisker as well according to Davidson.
The D.O.E. stopped payments to Fisker in 2011 after the company couldn't meet what the government called "rigorous milestones" that were set up under condition of the loan.
"As a result, while our original loan commitment was for $528 million, only $192 million was actually disbursed," Davidson said in the post. "In addition, the department has already recouped more than $28 million from the company's accounts."
Fisker represents approximately 2 percent of its advanced vehicle loan and "barely one half of 1 percent of our overall loan program portfolio" according to the D.O.E.
Fisker has not commented on the announcement as of press time.
The auction has been set for October 11 with bids due no later than October 7.
Bids must include a business plan and commitment that "promotes domestic manufacturing capabilities and related engineering for advanced technology vehicles here in the U.S.," the D.O.E. said.
Related Articles:
Two Cars Found in Oklahoma Lake With 6 Skulls, Skeletal Remains (VIDEO)
NASCAR Driver Danica Patrick to Host American Country Awards With Trace Adkins (PHOTOS)
'Fast & Furious 7' Rumors: Deepika Padukone Drops Out of Movie as Filming Begins in Atlanta
Tesla Self-Driving Car: Auto-Pilot Vehicle Expected by 2016
Ford Police Sedan Debuts With 2.0-Liter EcoBoost Engine (PHOTO)
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
