Feds Okay First Advanced Tech Vehicles Loan to Emissions Controls Maker
By John O'Dell October 27, 2009Previous Loans in Oversubscribed Program Went to Auto Manufacturing Companies
An Illinois company that makes emissions control equipment has become the first parts maker to win a loan from the $25 billion federal Advanced Technology Vehicles Manufacturing loan program.
Tenneco Inc. won the $24 million loan with an application that said its emissions controls would be used to help plug-in hybrids and other advanced technology vehicles with internal combustion engines comply with federal emissions standards while remaining highly fuel efficient.
Only four other loans have been approved in the program, all for automakers.
The federal Energy Department, which administers the loans, said Tenneco's emissions control components for advanced gasoline engines, hybrid systems and clean diesels would be used in more than 2 million vehicles to be built from the late 2010 through 2014 model years.
Tenneco is a global company with facilities in North and South America, Europe, Asia, Africa and Australia.
It's U.S. emissions control systems unit has has 1,800 employees at facilities in Illinois, Indiana, Michigan and Nebraska, designs, engineers and manufactures catalytic converters and diesel particulate and NOx filters.
In addition to emissions control products for vehicle manufacturers, Tenneco produces several well-known lines of aftermarket performance mufflers and emissions products under the DynoMax, Thrush and Walker brands.
The DoE advanced technology vehicles loan program has accepted applications from 75 companies for loans totaling $38 billion - 50 percent more than it is funded for - and so far has approved the Tenneco loan and $8 billion in requests from Ford Motor Co., Nissan North America, EV-maker Tesla Motors and plug-in hybrid start-up Fisker Automotive.
LEAVE A COMMENT