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Vehicle Production Group, that has entered on the market with the idea of providing handicap-accessible vans and taxis which runs on compressed natural gas, has shut down. With $50 million invested from the Department of Energy, the clean energy car company had ensured within its functionality period nearly 2,500 cars for the disabled persons.
Based in Allen Park, Michigan, the business was running short on a minimum budget, financial amount required as a form of contingency for the government loan, said the former CEO John Walsh.
The loan was integrated part of the Advanced Technology Vehicle Manufacturing program, a project that reached the level of a partisan talking point within Washington as the US president, Barack Obama, wave into incorporate a clean-energy agenda. The VPG isn’t the only company that had to shut down, being a part of multi-poles promoters of clean energy. The Solyndra, a solar energy start-up, has received an even bigger investment loan before filing for bankruptcy. Another example of shutting down will be the Fisker Automotive with a luxury plug-in hybrid vehicle concept that has failed to honor the loan contract being obliged to close the business.