Bright Automotive goes dark citing onerous Dept of Energy loan terms
Indiana based Bright Automotive, a start-up company which hoped to sell hybrid-electric delivery trucks, has closed its doors citing outlandish terms required the Dept of Energy in the Advanced Technology Vehicles Manufacturing (ATVM) program. This makes at least the third company in recent weeks to complain about the terms of these government backed loans.
Bright Automotive was launched in 2008 from the Rocky Mountain Institute, the clean-technology analyst firm led by Amory Lovins. The companies primary goal was development of the IDEA, a plug-in hybrid delivery van explicitly focused on commercial fleets of urban delivery vehicles. In August 2010, GM Ventures, the venture capital firm operated by GM, made one of its first investments in Bright Automotive. On the heels of that announcement, Mike Donoughe, a 25 year veteran of Chrysler, joined Bright Automotive as the Chief Operating Officer. In April 2010, the company signed a contract with the Postal Service to develop and test an electric postal delivery vehicle. The company was staffed by industry veterans including some of the most experienced hybrid-electric vehicle and battery pack engineers in the industry. In short, at one time, the company was a rising star.