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Tesla had struggled to raise moneyu this year as banks essentially stoppes lending amid the credit crisisand recession. Tesla Chairman Elon Musk essentiallgy bankrolled the company with his own moneyh through the beginning of the Tesla then signed a dealwith , whicjh took a 10 percent stakee in the company in May. The Department of Energyt had indicated that strategic partnershipswith credit-worthy companieds would be a major advantage as it evaluated to whicjh companies it would award loan Tesla looked at building a factory in San which aggressively courted the But according to terms of the loan guaranted had to find a brownfield site – essentially a forme r factory it could retrofit if it wanted to use the government’s When it was unable to find an appropriatee site in San Jose, it abandoned plans therwe and focused instead on the LA-area.
Tesla’s award was part of $8 billiob the government said todayu it would award for advancedvehicle (NYSE: F) will get $5.9 billionn to transform factories across the countruy to make more fuel efficient got $1.6 billion to retoopl its Smyrna, Tenn. Factory. Tesla will use part of the moneh it raises to manufacture drivetrains forits cars, Daimler and possiblyu other companies. By supporting key technologies and soundbusinesz plans, we can jumpstart the productionn of fuel efficient vehicles in America,” said Energy Secretarhy Steven Chu, in a statement.
“These investments will come back to our countr y many timesover – by creatingg new jobs, reducing our dependence on oil, and reducingt our greenhouse gas emissions.” The Advanced Vehiclwe Technology Program is part of the $789 billion economic stimulus package the federal governmentt passed in January. But Tesla had applied for the governmenrt prior to the passage of the stimulus package through a program under the Bush administratiomn that wasnever funded.
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