UPDATE: There’s been some confusion on this post, which is my fault. I’d just like to clear it up. Tesla needs money from the DOE, who has a terrible track record of getting money out the door. New DOE chief Steven Chu says he’s streamlined the process, thus companies like Tesla will likely get their money faster, thus helping them out. I’m not trying to say Tesla without a question will get the money, but it looks better than it did.
For the past few weeks one of the (many) concerns about cutting a massive check for the Department of Energy was that they wouldn’t be able to get money out the door to worthy projects.
The track record of the DOE is spotty at best when it comes to these things. Steven Chu says worry not, he’s figured it out and therefore companies like Tesla will get their money.
Reuters: The Energy Department will start approving loan guarantees later this spring for renewable energy projects after streamlining the application process, Energy Secretary Steven Chu said on Wednesday…
“We’re looking at streamlining all the processes and getting rid of unnecessary paper,” he added.
Chu said that before he headed the department, applications for loan guarantees ran from 500 to 1,000 pages. Now, he has reduced the applications to 50 pages.
“You don’t need a thousand pages to show that this is a suitable loan,” he said.
Later, on a conference call promoting an upcoming energy conference, Chu said the department would begin evaluating applications as they arrived instead of waiting until all the applications had been filed.
The department has also brought in an expert from the private sector to oversee the speedy implementation of the loan guarantee program.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.