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Sen. Stabenow Announces $24 Million Loan for Advanced Vehicle Technology

Posted on: Fri, 30 Oct 2009 13:22:00 EDT

Symbols: TEN

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Oct 30, 2009 (Congressional Documents and Publications/ContentWorks via COMTEX) --
TEN | Quote | Chart | News | PowerRating -- WASHINGTON -- U.S. Sen. Debbie Stabenow, D-Mich., announced that Tenneco Inc. will receive a $24 million conditional loan from the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing (ATVM) Incentive Program. The ATVM program is intended to help the automotive industry meet or exceed the Administration's new fuel economy standards and help America regain its competitive edge in world markets. The loan will support the development of fuel efficient emission control components for advanced technology vehicles. Sen. Stabenow authored the language that created this program, and was included in the Energy Independence and Security Act of 2007 .

"As the author of the original legislation in the 2007 Senate Energy Bill, this is the exact type of project I envisioned. These new fuel efficient technologies will help revitalize our manufacturing base," said Stabenow. "Clean-energy is critical to the future of Michigan. I am pleased this funding will advance this country's 21st century manufacturing economy. This money will bring good paying manufacturing jobs back to Michigan and move the country closer to energy independence."

DOE funding will be used to develop components such as, catalytic converters, diesel particulate filters, diesel oxidation catalysts and selective catalytic reduction units. Engineering for the DOE-funded products and systems will be performed at the company's advanced engineering center in Grass Lake, Michigan, which employs more than 300 workers. The parts will be manufactured at Tenneco facilities in Ligonier, Indiana, Litchfield and Marshall, Michigan.

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