The Energy Department conceded Friday that the federal government will lose $42 million on a loan to a shuttered Michigan van manufacturer — part of the same program that provided a $529 million loan to an electric car maker that also has gone under.
Vehicle Production Group (VPG), which made vans for the disabled, ceased operations in February and laid off 100 workers, two years after receiving a $50 million federal loan under the same clean-energy program that provided a $529 million loan to electric car maker Fisker Automotive Inc.
The losses come after federal government’s failed risk on solar panel maker Solyndra, which went under in 2011 despite receiving more than $500 million from the Energy Department. Rep. Jim Jordan, R-Ohio, chairman of a House Oversight subcommittee on economic growth and regulation, called the loan program “one of the most disastrously mismanaged and corrupt programs in U.S. history”.
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