Mitt Romney is the reason that Fisker is experiencing delays in procuring DOE loan

Article by Christian A., on April 25, 2012

Negotiations between Fisker and the U.S. Department of Energy over its federal loan are experiencing delays because of the attacks made by Mitt Romney on his campaign trail, according to Ray Lane, a famous Fisker investor and former company chairman. Last May, the DOE had discontinued Fisker’s access to its $529 million federal loan, forcing Fisker to empty its Delaware factory.

Lane, who serves as the managing director at the venture capital firm Kleiner Perkins Caufield & Byers, had sent the e-mail after Romney criticized the Fisker loan in a News Journal report. Lane said that if Romney had not been unleashing his anger on these loans, the DOE would already have negotiated a new draw timeframe. He said that Romney doesn’t realize that he is the problem as he lumps Fisker with bankrupt companies.

In the first quarter of 2011, it had actually made $100 million. Romney refers to Fisker’s loan as a “failed investment” and compared it to a half-billion federal loan to solar panel maker Solyndra, which became bankrupt last year, resulting to a political dispute over the Energy Department’s loan program.

Lane said that he will be getting in touch with Mitt and Ryan Williams right away. Williams, a Romney spokesman, released this quote in the latest article. Fisker Executive Chairman and namesake Henrik Fisker also clarified some details.

The e-mail indicated that Karma is the lone fully certified production car that’s a product of the DOE program. It pointed out that other big car companies that use “old technology” have issued more recalls this year than Fisker.

It was also emphasized that the DOE money had not been used to create jobs outside the U.S. and rather, the funds had stayed in the U.S. for Karma’s engineering and development. More investors approached this US new start up car company, proving how viable Fisker’s long-term business model is. [source: DelawareOnline]

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