A $1.6 billion Lincoln Project electric car project has a $6 million profit and plans to make a million dollars in profit next year, the state Department of Transportation said.
The project was supposed to go live in 2021, but the project was delayed until the 2019 budget year, DOT spokesman Scott McEwen said.
The Lincoln project uses electric vehicles to run on local gas.
The company that built the project, Rrazer Technologies, has been given federal approval to run it on its own and will have to pay for the fuel cell and battery.
Rrazer is a subsidiary of General Electric Co., which bought the company in the 1990s for $2 billion.
Its cars are powered by the electric motors of an internal combustion engine, with the gas tank being charged via a battery.
The Lincoln Project’s cost is estimated to be $1,000 per car.
The company’s CEO, Tom Latham, said the company is planning to make $2.5 million in profits from the project.
“This project is one of the most exciting things I’ve been involved with in my career,” Latham said in a statement.
“I am very proud of the team that has been able to build this project and look forward to bringing it to fruition.”
The project is part of a $1 billion transportation initiative to get more people to drive by 2035.
The state Department will pay Rrazers for the use of the highway system, and the state is giving a $7 million grant to RrazER to build the system.
The grant will pay for electric car charging stations and gas stations, as well as to install and maintain the gas infrastructure.