Wednesday, March 4, 2015

US approves $500M loan for auto plant in Biden's backyard

Department of Energy approves "$528.7 million loan with Fisker Automotive" for Wilmington plant and other locations

US approves $500M loan for auto plant in Biden's backyard

US Department of Energy says today that it's approved "a $528.7 million loan with Fisker Automotive for the development and production of two lines of plug-in hybrid electric vehicles" by California-based Fisker Automotive, which wants to build some of the cars at a vacant ex-General Motors plant in Wilmington. Previous report here. 
Also here.

Vice president Joe Biden, who trolled for votes for years at the plant when he was a Delaware politician, has been a prominent supporter of the deal, whose minority owners include at least two local investment firms.

Energy says Fisker "expects to manufacture the Karma and Project NINA lines at a recently shuttered General Motors factory in Wilmington" and that it "anticipates that it will employ 2,000 American assembly workers," not counting suppliers.


Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

Joseph N. DiStefano
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