Tenneco (TEN) Awarded $24M Loan Commitment from U.S. DoE Advanced Technology Vehicles Program
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Tenneco Inc. (NYSE: TEN) today announced that it has been awarded a $24 million conditional loan commitment as part of the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) Incentive Program. The funding will support the engineering and manufacturing of emission control products designed to achieve environmental and fuel efficiency objectives for nine advanced technology vehicle programs.
Tenneco is the first automotive parts supplier to be selected by the U.S. Department of Energy (DOE) to receive federal loans from the ATVM incentive program. To date, four vehicle manufacturers have also been awarded conditional loans under the $25 billion ATVM program.
The funding will be applied to the design, engineering integration and production of key aftertreatment and exhaust components manufactured by Tenneco, including: catalytic converters, diesel oxidation catalysts, diesel particulate filters and selective catalytic reduction (SCR) units.
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