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LORDSTOWN, OH, — Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, has accepted an invitation from the United States Department of Energy to start the due diligence process toward securing an Advanced Technology Vehicles Manufacturing Loan (“ATVM Loan”).
The DOE’s invitation is not an assurance that Lordstown Motors will secure an ATVM loan. The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the United States. Since the start of the program, the Department of Energy has closed on more than $8 billion in loans.
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“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” remarked Lordstown Motors CEO Steve Burns. “The funds would, however, enable us to increase production capacity to get the Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development of future vehicles.”
About Lordstown Motors Corp.
Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of light-duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio’s Mahoning Valley and Lordstown, Ohio, into the epicenter of electric-vehicle manufacturing. The company owns the 785 acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world’s first full-size, all-electric pickup truck designed to serve the commercial fleet market.