U.S. Energy Department gives $50Mil Loan to VPG for MV-1 car for wheelchair users

Article by Christian A., on November 26, 2010

The US Department of Energy gave a $50 million conditional loan to the Vehicle Production Group LLC to build a new vehicle specifically designed for wheelchair users.

The MV-1, which is designed for individual wheelchair users and fleets, will feature a Ford 4.6-liter V-8 engine and will run on either gasoline or compressed natural gas. David Schembri is the head of VPG, a unit of private equity firm Perseus LLC and headquartered in Miami, Fla.

Schembri was previously president of Smart USA. In a statement last Monday, Schembri said that with this loan, the Department of Energy shows that it is confident in its program and its impact in making clean-burning, natural gas vehicles make up a significant portion of US light duty fleets.

Because the business plan is confidential, the Energy Department did not reveal the requirements for the loan.

According to a spokesman, these loans can require additional capital to be raised by recipients, formal supply contracts with vendors or customers, or other requirements.

VPG is planning to build over 24,000 vehicles annually under a contract with AM General in Mishawaka, Ind. The MV-1 is set to start production late in the first quarter of 2011. Over 900 workers will be involved in the project. The MV-1 is set to have more than 70% domestic content. [via autonews - sub. required]

Topics: united states

If you liked the article, share on:

Comments

Recommended

J.D. Power has officially released the 2017 Vehicle Dependability Study, an annual list of the most dependable brands in the auto industry. Once again coming on top is Lexus, the...
by - February 26, 2017
Citroen revealed that its entry to the Chinese market is moving forward with the planned release of the new generation C5. While still on sale on this part of the...
by - February 26, 2017
There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries