DETROIT May 22 Electric carmaker Tesla Motors
Inc on Wednesday said it has paid off its U.S.
Department of Energy loan, using money raised last week in a
stock and notes offering.
The automaker said it wired $451.8 million to repay the full
loan with interest.
"I would like to thank the Department of Energy and the
members of Congress and their staffs that worked hard to create
the (Advanced Technology Vehicle Manufacturing) program, and
particularly the American taxpayer from whom these funds
originate," Tesla Chief Executive Elon Musk said in a statement.
"I hope we did you proud."
DOE officials touted the news. Republicans have criticized
the administration's support of new-technology companies,
including struggling automaker Fisker Automotive, as well as
electric battery maker A123 Systems and solar panel maker
Solyndra. Both A123 and Solyndra filed for bankruptcy.
"When you're talking about cutting-edge clean energy
technologies, not every investment will succeed -- but today's
repayment is the latest indication that the Energy Department's
portfolio of more than 30 loans is delivering big results for
the American economy while costing far less than anticipated,"
U.S. Energy Secretary Ernest Moniz said in a separate