Developed by: Inflation Reduction Act
Federal Agency: Department of the Energy
Description: To provide loans to support the manufacture of eligible advanced technology vehicles and components under the Advanced Technology Vehicles Manufacturing Loan Program (ATVM), including newly authorized uses from the Bipartisan Infrastructure Law. Expanded uses include medium- and heavy-duty vehicles, locomotives, maritime vessels including offshore wind vessels, aviation, and hyperloop. IRA removed the $25 billion cap on ATVM loans and appropriates $3 billion in credit subsidy to support these loans.
Recipients: A manufacturer of eligible vehicles or of components or materials that
support eligible vehicles’ fuel economy performance.
Timing: To remain available through September 30, 2028.
Eligible Uses: Manufacturing a range of advanced technology vehicles and their components, including light-duty vehicles, medium- and heavy-duty vehicles, locomotives, maritime vessels including offshore wind vessels, aviation, and hyperloop. The Inflation Reduction Act specifies that funds may be used for the costs of providing direct loans for reequipping, expanding, or establishing a manufacturing facility in the United States to produce advanced technology vehicles only if those vehicles emit, under any possible operational mode or condition, low or zero exhaust emissions of greenhouse gases.
More information: DOE Webpage