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PHOTO CAPTION: Bright Automotive IDEA is plug-in hybrid van.

Bright Automotive Closes Down

Increasingly stringent Energy Department loan requirements cited as reason for closure.

Published: 01-Mar-2012

An Indiana electric vehicle company that had planned to build energy-efficient fleet trucks announced Tuesday it will close down this week, and it blamed the Obama administration for stringing the company along for three years with promises of a federal loan.

Bright Automotive executives complained in a letter to Energy Secretary Steven Chu Tuesday that the agency has since 2010 vowed repeatedly that the company’s application was “close” and “within weeks” of winning a $450 million federal loan to launch its manufacturing plant for hybrid plug-in fleet trucks.

Bright’s business plan was endorsed by major corporations with large gas-guzzling fleets, such as Comcast, FritoLay and ServiceMaster, and had advance customer orders from Duke Energy and Snap-on Tools.

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RELATED NEWS ITEMS

Bright Automotive IDEA plug-in hybrid van will be built by AM General.

IDEA plug-in hybrid van will be available for sale starting in 2014.

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