On January 16, 2008, the U.S. Department of Energy (DOE) issued an update on the status of its Advanced Technology Vehicles Manufacturing Incentive Program (ATVMIP).
According to DOE, as of December 31, 2008 (which was the closing date for the first tranche of applications), the ATVMIP had received 75 applications from automobile manufacturers and component suppliers. DOE has completed the initial review of 64 of the 75 application received and they anticipate completing the review of the remaining 11 applications by January 23, 2009. Altogether, the 75 applications total $38 billion in requested ATVMIP funding wich is $13 billion more than authorized/appropriated.
The press release noted that substantially complete applications had to be submitted prior to the December 31 deadline in order to be considered for the first tranche and of the 64 applications received and reviewed in the first tranche, 23 are considered substantially complete. DOE also said that the substantially complete applications are now in the second step of the review process. In this stage the applications are reviewed to determine whether the applicant meets the financial eligibility requirements and the project meets the technical eligibility requirements of the Interim Final Rule (IFR), (73 Fed. Reg. 66721-37, November 12, 2008). The final two steps of the evaluation and review process are an evaluation of the merits of the application and negotiation of the terms and conditions of the loan.
DOE says that applicants who submitted applications that were not substantially complete by December 31, 2008 and who elect to continue with the evaluation process, and applications submitted between January 1, 2009, and March 31, 2009, will be considered during the second tranche application period. DOE says that no decisions on applications that become substantially complete during the second tranche will be made until after March 31, 2009, in order to ensure remaining loan authority is used in a manner that best meets the goals of the ATVMIP.
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