Quikrete, the company behind a $1 billion electric car battery that was supposed to last a decade, has repaid its $15 million loan to a student loan borrower.
According to the company, it was “unlikely” that a student would have received a $5,000 loan for a $30,000 purchase of the QuikTrip electric car.
The company, which says it is the largest electric vehicle battery manufacturer in the world, said that its loan forgiveness was made possible because the loan was not serviced by a company that had been granted a federal loan guarantee program.
QuikTrap is currently in the midst of a $2.9 billion capital campaign, but the company said that it is also in the process of refinancing its loan.
According a press release from Quik-Trap, it is “extremely grateful” for the loan forgiveness and that “we are now working on getting the company back on its feet.”
The QuikTraps battery is currently being tested on the streets of Austin, Texas.
It has the capacity to charge a car for 30 minutes.
It also has a built-in charger, so it is possible that the battery can charge your car when you are out and about.
Quark has made a name for itself for its electric cars.
The company’s cars are designed to travel at speeds of up to 200 mph and travel at 60 miles per hour.
According to Quiktrap’s press release, it has received nearly $200 million in loan forgiveness from its loan programs since it was founded in 2004.