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U.S. Seizes $21 Million From Electric Car Maker Fisker

The U.S. Department of Energy said Monday that it has taken $21 million out of a reserve account set up as part of a loan to luxury plug-in car maker Fisker Automotive Inc. in anticipation of a default on a payment the company owes on a federal loan.

“Given the obvious difficulties the company is facing, we are taking strong and appropriate action on behalf of taxpayers,” the Energy Department said in a statement. The department “recouped the company’s approximately $21 million reserve account—funds that came from the company’s sales and investors, not our loan—and will apply those funds to the loan.”

Fisker’s chief executive, Tony Posawatz, said in March the payment on the $192 million the company borrowed under a federal advanced technology vehicle program was due Monday.

The Energy Department said it took the money 12 days ago. The Obama administration has been criticized by Republicans in Congress for its management of loans made to several clean energy technology companies, including Fisker. A GOP-controlled House subcommittee has scheduled hearings on the Fisker situation later this week.
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