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DOE Secretary Moniz announces $50 million for cleaner vehicles, sees upside in Fisker loan failure

The Washington Auto Show started today with an announcement by US Department of Energy Secretary Ernest Moniz about a new, $50-million boost for the DOE's work on supporting more fuel-efficient vehicles. The $50 million, Moniz said, will support advanced vehicle technologies. $30 million will go towards making plug-in vehicles better and charging more convenient, including extra support for the EV Everywhere Grand Challenge. The DOE said years ago that it would focus on supporting electric vehicles, but Moniz said that he expects the money announced today to support a wide variety of things. This includes advanced batteries, lightweight materials, advanced combustion and better tires, all in an effort to help the auto industry meet the higher fuel economy ratings of 54.5 miles per gallon by 2025. The DOE is "very bullish" on EV sales as costs continue to drop - Secretary Moniz Moniz said that the DOE has played a huge role in getting the national average MPG up to the level it is as today, citing the example that nearly every hybrid on the road has some DOE-supported technology in it with better nickel-metal hydride batteries. Also, since Americans bought nearly 100,000 plug-in vehicles last year, about twice as much as in 2012, Moniz said the DOE feels "very bullish seeing this [EV progress] continue in the years ahead" as costs continue to drop. Not every DOE investment has been a hit, of course, but Moniz is Okay with that. The DOE's broader loan program has worked, he said, adding that a portfolio "probably shouldn't be 100 percent successful." The biggest green-car-related DOE loan failure to date has been Fisker Automotive, which will be sold at auction February 12. Moniz said he didn't want to voice support for one side or the other (Wanxiang Group from China and Hybrid Tech Holdings from Hong Kong), but said that no matter who drives away the winner will not be able to just take the technology to Asia. "What's key for us is that the terms of our loan are respected," he said. "We have technology transfer limitations, so no matter who the winner is, we will be looking at both engineering and manufacturing in the United States. ... Even though our note was sold at a discount, we still may achieve our fundamental goals of seeing engineering and manufacturing continuing in our country." Secretary Moniz Announces Nearly $50 Million to Advance High-Tech, Fuel Efficient American Autos WASHINGTON – At the Washington Auto Show today U.S.

New Fisker ready to reopen in California?

We've reported extensively about Tesla Motors developing its massive Gigafactory in the hinterlands near Reno, Nevada. Now, reports are coming out that the most recent incarnation of Fisker Automotive will build a factory about halfway between Los Angeles and Palm Springs. There's lots of land left out there for any other aspiring plug-in automakers. Fisker, which is now owned by China-based Wanxiang, already has offices in Costa Mesa, CA, and employs about 200 people there, according to the Orange County Register. Now, Fisker will build a 556,000-square-foot plant in Moreno Valley, CA, which is about 60 miles east of Los Angeles proper. The factory will employ about 150 people who will restart the brand with a model said to be called the Elux. The Register didn't get any details on when we could expect to see new Fiskers on the road. As for the old ones, Fisker last month debuted thenewfisker.com, a support site parts and service for owners to "elevate" the expensive and sporty extended-range Fisker Karma electric vehicles. Wanxiang bought Fisker out of bankruptcy early last year for $149.2 million. Fisker went bankrupt in 2013, a year after halting production on the Karma. In all, about 2,600 of those plug-ins were produced. Related Videos:

Fisker bankruptcy auction scheduled for February 12

Will the long, twisted tale of Fisker Automotive and it bankruptcy assets finally end on February 12? It might, because that's the date a bankruptcy court has now set for an auction to let the bidders decide who will take home the plug-in automaker's goods. The auction will be held at the law offices of Kirkland & Ellis in New York, according to a new report in Reuters. As we know, China's Wanxiang Group and Hybrid Tech Holdings are the two companies who are most vocal in their desire for Fisker. After an initial bid of around $25 million, Hybrid Tech is now ready to start the bidding on the 12th at $55 million and basically called itself Fisker's best friend during this troubling time in a recent statement. The controllers of the Fisker assets say they prefer Hybrid Tech's bid to Wanxiang's. Fisker stopped making the plug-in hybrid Karma in late 2012 and filed for Chapter 11 bankruptcy last year. Fisker's assets were supposed to be sold to Hybrid Tech Holdings in early January, but a last-minute stalking horse bid by Wanxiang set in motion the series of events that will lead to the auction next month.