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United Arab Emirates Company Profits from DOE Loan Guarantee

11:24 AM, Apr 9, 2012 • By DANIEL HALPER
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Reuters reports

Abu Dhabi National Energy (TAQA), a state-owned oil explorer and power supplier, has sold its 7 percent stake in Tesla Motors Inc, cashing out from the U.S. electric carmaker's steady stock rally. TAQA, which is 75-percent owned by the government of Abu Dhabi, said it made a profit of $113 million on the sale, which was effected through the stock market and at Tesla's last closing price would have fetched $250 million.

And as the Department of Energy's website notes, Tesla is borrowing federal funds: "Tesla Motors, Inc. closed a $465 million loan arrangement under the Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program to (1) reopen an auto manufacturing plant in Fremont, California to produce specially-designed, all-electric, plug-in vehicles, and (2) to develop a manufacturing facility to produce battery packs, electric motors and other powertrain components that will power all-electric plug-in vehicles manufactured by Tesla and other original equipment manufacturers including Daimler and Toyota. The projects are expected to create up to 1,500 jobs."

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