In a time when some green and clean tech investments have been going up in smoke, one company is showing the reverse of that by not only paying off their government loans, but doing it years ahead of schedule.
Tesla Motors, which received a $465 million US Department of Energy (DOE) loan in 2010 as part of the Advanced Technology Vehicle Manufacturing program, just wired almost $451.8 million to pay off the entire balance of the loan. This makes Tesla the only US car company to have fully repaid their loans to the government.
“I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate. I hope we did you proud.” – Elon Musk
From the company’s founding in 2003 until 2010, the venture was financed entirely with private investments, led by the CEO and Product Architect of Tesla, Elon Musk. This loan repayment was made possible by a recent common stock and convertible senior note offering, which garnered about $1 billion in funds.
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