08 APRIL 2015www.pddnet.com
Aluminum Association applauds DOE's lofty loan
Edited by : AL CIRCLE
2 min read
The Aluminum Association has voiced its support of the U.S. Department of Energy after it announced a conditional commitment for a $259 million loan to Alcoa, which was done in support of the aluminum producer’s automotive expansion.
With the aid of the loan, the company will grow its Alcoa, Tenn. operations as well as develop improved vehicle technologies. The lofty advance signifies the first conditional loan issued since 2011 under the Advanced Technology Vehicles Manufacturing (ATVM) loan program.
"This is a great example of the public and private sectors working together to meet manufacturing and energy challenges,” said Aluminum Association President & CEO Heidi Borck. “Aluminum is uniquely positioned as a modern, sustainable material option – it is lightweight, strong and infinitely recyclable. The DOE loan program will support the increased adoption of aluminum as a material of choice in automotive and other transportation markets – a win for business, consumers and the environment."
According to the Aluminum Association, the aluminum industry has declared plant expansions and planned investments totaling $2.3 billion since 2013 as a way of quenching the automotive industry’s thirst for aluminum.
A 2014 survey of automakers estimated that the use of aluminum sheet for vehicle bodies will be enhanced by nearly 20 times, according to the association. The survey also shows pick-up trucks are expected to be 75 percent aluminum by 2025.
To see previous news coverage on the topic, click here .
With the aid of the loan, the company will grow its Alcoa, Tenn. operations as well as develop improved vehicle technologies. The lofty advance signifies the first conditional loan issued since 2011 under the Advanced Technology Vehicles Manufacturing (ATVM) loan program.
"This is a great example of the public and private sectors working together to meet manufacturing and energy challenges,” said Aluminum Association President & CEO Heidi Borck. “Aluminum is uniquely positioned as a modern, sustainable material option – it is lightweight, strong and infinitely recyclable. The DOE loan program will support the increased adoption of aluminum as a material of choice in automotive and other transportation markets – a win for business, consumers and the environment."
According to the Aluminum Association, the aluminum industry has declared plant expansions and planned investments totaling $2.3 billion since 2013 as a way of quenching the automotive industry’s thirst for aluminum.
A 2014 survey of automakers estimated that the use of aluminum sheet for vehicle bodies will be enhanced by nearly 20 times, according to the association. The survey also shows pick-up trucks are expected to be 75 percent aluminum by 2025.
To see previous news coverage on the topic, click here .
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