When Steven Chu was nominated to be the new Secretary of Energy, the general sense was that it was great to have a scientist making some decisions about energy policy. Some, though, questioned whether he had the skills to run the bureaucracy that is the Department of Energy. After a month or so on the job, the answer seems to be yes. At the very least, it looks like Chu is ready to scrap the parts of the bureaucracy that prevent things from getting done.
Yesterday, the DOE announced it would make changes in the way it approves money for various programs. Most importantly for us here at AutoblogGreen, the cash fast-tracking will be applied to the Advanced Technology Vehicles Manufacturing Loan Program. That's the program that will provide $25 billion in low-interest loans to companies that are building or want to build cleaner cars. Remember, Tesla's Elon Musk said recently that he expects the DOE to "disburse funds from our $350M Model S loan application within four to five months." Fisker Automotive is also rearing to go on that low-cost model should the DOE money come through.
Yesterday, the DOE announced it would make changes in the way it approves money for various programs. Most importantly for us here at AutoblogGreen, the cash fast-tracking will be applied to the Advanced Technology Vehicles Manufacturing Loan Program. That's the program that will provide $25 billion in low-interest loans to companies that are building or want to build cleaner cars. Remember, Tesla's Elon Musk said recently that he expects the DOE to "disburse funds from our $350M Model S loan application within four to five months." Fisker Automotive is also rearing to go on that low-cost model should the DOE money come through.
[Source: DOE via CNN]
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