Carbon Motors Corp. has been officially advised by the U.S. Department of Energy that its application has been deemed "substantially complete," which clears the first major hurdle in the process of obtaining a $310 million loan, the company has announced.
"We commend the administration for the ongoing efforts to move our country to a much more secure, prosperous, and green future," said Bill Li, Carbon's chairman and chief executive officer.
The loan would be given under the provisions of Section 136 of the Energy Independence and Security Act of 2007.
Carbon Motors has hired HOK Architects to redevelop the environmentally contaminated former Visteon site in Connorsville, Ind., into a sustainable campus to house Carbon's headquarters, research and development, production, service, sales, training, and vehicle recycling operations.
Local, state, and federal authorities, as well as the local community, are providing input regarding the campus redevelopment.