ATLANTA – Electric Vehicle Manufacturer RTEV Inc, has applied for $15 million in low-interest loans under a new federal program to spur development of the next generation of U.S. fuel-efficient vehicles.

RTEV applied for the funds under the Advanced Technology Vehicle Manufacturing Incentive Program (ATVMIP), which was established under Section 136 of the Energy Independence and Security Act of 2007, which is administered by the U.S. Department of Energy (DOE).

It is intended to spur development of fuel-efficient vehicles and components. The Department of Energy reported 34 applications were filed as of December 31, which was the first deadline for applications. The money is not related to the government bailout of the auto industry.

Mike McQuary, RTEV CEO, said, “While $15 million may seem insignificant versus the hundreds of millions that were applied for by other electric car manufacturers, it is testament to the fact that we are already significantly far along in our development.

“We will launch Wheego, our electric LSV in May of this year, and expect that we will have a full speed car on the road before the end of 2010.

“We also have a created a corporate culture that demands a frugal approach to development and manufacturing, and we think that this is crucial to being able to stay competitive versus other manufacturers.”

Privately held, RTEV is based in Atlanta, GA with distribution points in Winnsboro, SC; Baton Rouge Louisiana; and Long Beach, CA.

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