For Immediate Release - May 23, 2013
Washington DC - The American Council On Renewable Energy (ACORE) applauds Tesla Motors for successfully paying off its $451 million Advanced Technology Vehicle Manufacturing Loan Guarantee with the Department of Energy nine years ahead of schedule. With the Tesla Motors federal loan early pay-back, taxpayers earned $26 million, according to the Department of Energy. ACORE fully supports the DoE Loan Guarantee Program, which leverages private sector innovation and advances the United States in the global race to become the world’s most prosperous clean energy economy.
“Tesla’s success shows that no matter how detractors misconstrue the facts, no matter what the incumbents of energy claim about alternative energy, clean energy is all about economics and technological innovation—the sort of innovation Tesla has boldly demonstrated,” said ACORE President and CEO, Vice Admiral Dennis McGinn. “Tesla is revolutionizing the way vehicles are designed, engineered, driven, fueled, and looked at. When people see Tesla’s and other electric vehicles all over the road in the future, they can thank American ingenuity and entrepreneurship, and DoE for helping make that achievement possible through another great example of public-private partnership.”