Department of Energy

Consumers Complain Nissan Leafs Lose Power in Hot Weather

Submitted by Paul Chesser on Wed, 07/25/2012 - 11:10

Nissan Leaf So far American taxpayers have been forced - through stimulus loan guarantees from the Department of Energy - to “invest” $1.4 billion in a Japanese car company to build an unproven, impractical, expensive vehicle at a Tennessee power plant.

And now it can’t stand the heat.

Nissan has been dealing with complaints from owners of its Leaf electric car who reside in hot-weather states like Arizona, who say their vehicles have lost range capacity.

Taxpayer-Backed Yet Cash-Poor A123 Stock Hits All-Time Low

Submitted by Paul Chesser on Wed, 07/18/2012 - 20:07

A week and a half ago cash-poor A123 Systems, recipient of $279 million-plus in federal money and millions more from the State of Michigan, announced it would access $39 million via a stock sale to institutional investors and the release of other cash after meeting requirements related to its existing reserves.

It has been downhill ever since – all the way down to its all-time low of 75 cents per share price Tuesday (and 69 cents Thursday morning). It may be too much for even these masters of the press release cycle to overcome by creating good news out of thin air.

Jim Rogers's Power Grab Underscores Politicization of Duke Energy

Submitted by Paul Chesser on Mon, 07/09/2012 - 08:04

Jim Rogers and windmill photo After a lengthy process that overcame a demanding review at the North Carolina Utilities Commission and two rejections by the Federal Energy Regulatory Commission, Duke Energy won approval to merge with the Tar Heel State’s other major investor-owned utility, Progress Energy.

Then Duke’s board immediately pulled a fast one and fired the man they said all along would be the joint entity’s CEO, Bill Johnson, who would have continued from the same role he had with Progress. Instead leading the new combined company will be Duke’s current CEO, James Rogers. Throughout the merger approval process everyone understood he would abdicate that role to Johnson while remaining as company chairman.

GE Solar Delay Shows Timing Will Never Be Good

Submitted by Paul Chesser on Mon, 07/09/2012 - 07:20

solar panels We’ve heard this story before.

Much like taxpayer-backed Abound Solar – which just revealed it would declare bankruptcy – General Electric announced last week it would suspend construction of a solar panel manufacturing plant in Colorado. The excuse given was that GE plans to focus on research and development to improve the technology and efficiency of the panels it wants to produce.

Yet Another DOE Green Failure as Abound Solar Goes Bankrupt

Submitted by Paul Chesser on Fri, 06/29/2012 - 10:05

The next time a green energy company announces it is intentionally slowing down for a transition phase, or that a technology breakthrough is just around the corner, or that all that’s needed for future success is just a little more taxpayer “investment” – don’t believe it. It's likely a lie.

Nissan: Taxpayer Money Needed for Expensive Electric Cars

Submitted by Paul Chesser on Wed, 06/20/2012 - 10:26

Ghosn photo Highlighting that electric vehicles are no more than a scheme to extract money from taxpayers rather than sell a viable product, the producer of a dismal-(but still highest) selling all-electric car in the U.S. confirmed they wouldn’t exist at all without government.

Francois Bancon, Nissan’s global general manager of product strategy and planning, could not have been more clear in a discussion with the media at the Australia launch of the all-electric Leaf. In the U.S., taxpayers are backing a $1.4 billion loan guarantee for Nissan to retrofit a Tennessee manufacturing plant to produce the Leaf.

Fisker's Capital Fundraiser Loses $4.5 Million Case, Is Reportedly Removed

Submitted by Paul Chesser on Tue, 06/19/2012 - 10:25

The top private equity raiser for troubled electric automaker Fisker Automotive, which has been the subject of investigations by the Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission, has reportedly removed its co-founder and CEO.

Crain’s Chicago Business, citing “a company insider,” reported Friday that Advanced Equities Inc. has reached an agreement with Dwight Badger for him to leave the investment firm. The separation follows a demand by a FINRA arbitration panel for Advanced Equities to pay $4.5 million to one of its former brokers, John Galinsky, over breach of contract claims. Galinsky brought his complaint against the firm, Badger, and his co-founding partner, Keith Daubenspeck.

A123's 'Positive Developments' Are All Too Predictable

Submitted by Paul Chesser on Wed, 06/13/2012 - 11:10

This story has been updated at the end.

Seems like every time stimulus recipient battery-maker A123 Systems suffers bad news or a stock price hit, its leaders miraculously produce great news via press release that temporarily bumps shares higher.

The latest example came yesterday, when A123 announced a “technological breakthrough” called Nanophosphate EXT that officials claim would reduce or eliminate the need for cooling systems for overheating batteries, and lower the cost of electric vehicle batteries by $600. This followed news that A123 plans to hire 400 employees (125 were laid off in November) in the coming months, thanks to new contracts it has won. Apparently Wall Street was unjustifiably non-skeptical, as heavily subsidized A123 saw its stock price shoot up from $1.04 to $1.58 yesterday. A123 was given $249.1 million in stimulus funds to help launch two battery-manufacturing plants in Michigan, and also received grants and tax credits from the state that could total more than $135 million.

First Solar's Crony Socialism is a Big Failure

Submitted by Paul Chesser on Thu, 06/07/2012 - 07:33

Renewable-loving Los Angeles is showing that even the power of billions of dollars in taxpayer “stimulus” cannot overcome the dominant hand of government regulation, and ironically it’s costing President Obama more green jobs.

Looks Like Subsidized A123 Execs Want to Cash In

Submitted by Paul Chesser on Fri, 05/18/2012 - 09:09

As taxpayer-backed electric car battery-maker A123 Systems reported a $125 million 1^st quarter loss this week and its stock price dipped to near its 52-week low, the executives that were just awarded big raises and parachutes look like they want to cash in and sell the company.

Officials with the Massachusetts-based manufacturer, which received a $249.1 million grant from the Department of Energy but this week said the ability for the company to continue is a “going concern,” also announced they retained an outside adviser for “evaluation of strategic alternatives.” Translation: they’re looking to sell. If they are successful, A123 President David Vieau and his colleagues stand to reap a windfall even after they laid off 125 factory workers ("Green jobs") in November.