updated: 5/7/2012 7:37:51 AM

Carbon Motors Not Giving Up

InsideINdianaBusiness.com Report

Despite being rejected for a federal loan the company says it needs to begin production, Connersville-based Carbon Motors Corp. is continuing to display its prototype police cruiser around the country. The company says it plans to continue to look for private funding to manufacture the vehicle.

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The U.S. Department of Energy rejected the $310 million loan application, saying it was not able to negotiate a deal with Carbon Motors that supported the business "while protecting taxpaers." The company had been waiting for more than three years for an answer on the application.

Carbon Motors says the loan would have enabled it to create more than 1,550 jobs in Connersville, and would have resulted in appximately 10,000 total direct and indirect jobs throughout the countyr.

Carbon Motors will take the car to Miami Beach next week.

Source: Carbon Motors Corp.

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