WASHINGTON (Dow Jones) -- The U.S. Energy Department on Thursday finalized a long-offered loan to Tesla Motors Inc., continuing its effort to push the nation toward battery-powered vehicles.

The Energy Department finalized the $465 million loan amid pressure from Congress to speed up the award of federal money. It was the second award to be finalized from a $25 billion government loan program to help car makers revamp their U.S. factories to produce advanced-technology vehicles.

Tesla will be use the money for production of an electric vehicle and electric-vehicle parts. The new sedan, known as the Model S, will be designed as a gasoline-free vehicle that produces no tailpipe emissions. The intent is to allow drivers to go 160 miles to 300 miles on a single charge.

--By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; siobhan.hughes@dowjones.com

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