LORDSTOWN — Lordstown Motors Corp. has accepted an invitation from the U.S. Department of Energy to start the process toward securing an Advanced Technology Vehicles Manufacturing loan.
The invitation is not an assurance that Lordstown Motors will secure a loan.
“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” Lordstown Motors CEO Steve Burns said in a news release. “The funds would, however, enable us to increase production capacity to get the Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development of future vehicles.”
The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the United States. Since the start of the program, the Department of Energy has closed on more than $8 billion in loans, the release states.