Integrity Automotive, LLC, is partnering with ZAP (OTCBB: ZAAP) in a new venture to manufacture all-electric vehicles.
Integrity has completed an application for a $200 million loan from the U.S. Department of Energy (DOE) Advanced Technology Vehicles Manufacturing Loan Program.
"These are major steps forward in our effort to make Kentucky the first state in the nation to manufacture all-electric vehicles," said Randall Waldman, Integrity CEO.
Kentucky state government last year approved economic development incentives for Integrity Automotive, and issued a new regulation making ZAP electric vehicles legal for use on limited access Kentucky highways. Franklin and Simpson County, (Kentucky) officials reached an agreement with Integrity last year to locate the automaker's Kentucky manufacturing facility at a 270-acre site there.
Integrity Automotive, LLC, is a privately-held company headquartered in Shepherdsville. It will solely own and operate its future electric-vehicle manufacturing facility in Franklin. The company has an exclusive worldwide manufacturing agreement with ZAP to build fuel-efficient transportation products at the new facility, subject to certain terms and conditions.
The Franklin plant is projected to produce more than 100,000 vehicles annually and employ up to 4,000 people.
