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The Energy Department (DOE) said Friday that it will lose $139 million on its loan to electric carmaker Fisker Automotive, a development that quickly revived GOP criticism of federal green technology loan programs.
Fisker filed for bankruptcy reorganization Friday. The group Hybrid Technology, LLC purchased DOE’s loan made to Fisker for $25 million, as part of a plan aimed at eventually re-starting production of Fisker’s plug-in hybrid Karma sedan.
It’s the latest twist in the troubled saga of Fisker. The company won approval for over a half-billion dollars in DOE loans in 2009, largely for plans to manufacture a separate electric car in the U.S. That plan did not get off the ground.
DOE froze the payments in 2011 after handing out $192 million to Fisker, and the sale of the loan combined with money recouped earlier puts the department’s total loss at $139 million.