Department of Energy

Government Stimulus Can't Overcome 100 Years of EV Battery Shortcomings

Nissan logoIt’s the battery.

Contrary to the excuses that Nissan has supplied about the loss of capacity for owners of the all-electric Leaf in the desert Southwest – especially super-hot Phoenix – a tightly-controlled test of a dozen of the vehicles showed that all of them experienced reduced range. Even a month-old Leaf could not recharge to 100 percent.

SEC Issues Big Fines, Penalties Against Green-Tech Investment Firm

A123 logoThe venture capital redistributionist game that surrounds President Obama’s green energy stimulus doesn’t necessarily require the actual delivery of taxpayer cash to crony corporations. Sometimes the malfeasance appears simply based upon the false promise of government “investment.”

Taxpayer-Funded Electric Vehicle Maker Needs IPO Cash to Survive

Frito Lay Electric TruckSmith Electric Vehicles, which is using $32 million in taxpayer stimulus to practically give away its delivery trucks to corporations like Frito-Lay (owned by PepsiCo), Coca-Cola and Staples, is hemorrhaging money anyway and now is looking to an initial public offering to pay off debts and try to survive.

The Kansas City Star reported last week that Smith cut its production expectations and warning it is running low on cash, citing filings with the Securities and Exchange Commission. The company announced nearly a year ago it would seek $125 million through an IPO, but now says it hopes to raise about $76 million at a stock price of $16 to $18, according to a Kansas City Business Journal report.

Chinese Solar Company Learns Cronyism with Harry Reid

Harry Reid photoA solar company project that Senate Majority Leader Harry Reid successfully lured to Clark County, Nev. – where his son Rory was a former commissioner and now lobbies on behalf of the Chinese company that owns it – now wants the dominant utility in the state to buy its electricity.

So does Senator Reid, who is frustrated because every component to make ENN Energy Group move forward with the project is in place except for NV Energy, the state utility, to enter an agreement to buy the electricity. For the most part wind and solar farms don’t get built unless there is assurance that utilities will accept their power.

NY Times Discovers Obama's Favorite Utility

John Rowe photoAttentive NLPC readers were aware of the extent of Exelon Corporation’s activism to gain regulatory favor in support of “green” policies in which it reaped millions of dollars in government grants and mandates, but last week’s lengthy New York Times article about the cronyism-tainted relationship between the Chicago-based utility and the Obama administration revealed a few nuggets.

The story told how Exelon, with top executives as “early and frequent” supporters of the president as his political career ascended, were able to gain more access to the White House than others thanks to their longstanding relationships. According to one Exelon lobbyist, his employer was considered “the president’s utility.”

Big Obama Donor 'Investigated' DOE Loan Program

Herbert Allison

When is a government watchdog not really a watchdog?

When he rolls over and lays at the feet of his master rather than sink his teeth into a program that he’s been tasked to guard.

Such appears to be the (unsurprising) case with Herbert Allison, Jr. (pictured), a former Wall Street executive (Merrill Lynch and TIAA-CREF) until he was appointed president and CEO of Fannie Mae in 2008, after it was put into conservatorship. Subsequently President Obama named (and the Senate confirmed) him as overseer of the Troubled Asset Relief Program (TARP), the $700 billion asset acquisition fund that bailed out Wall Street financial institutions. He served in that role for about 15 months, until September 2010.

NASDAQ Delisting Threat Jeopardizes Chinese Rescue of A123 Systems

A123 logoTwo weeks ago the mainstream and clean tech advocacy media proclaimed that taxpayer-subsidized, failing electric vehicle battery maker A123 Systems would be saved by a deal with a Chinese company.

Since then the Massachusetts-based manufacturer’s stock price sank below what had been its previous low of 44 cents. This morning it is down to 38 cents, and yesterday the company received a delisting notice from the NASDAQ. So what happened?

Fisker Recalls Karma; EV Maker Blasted by Rival Elon Musk

A123 logoThe electric vehicle fire in Woodside, Calif. about a week ago has led to the third recall in the short life of taxpayer-subsidized ($193 million in stimulus) Fisker Automotive and its plug-in hybrid model, the Karma.

The first two recalls were caused by problems with batteries produced by Fisker’s similarly troubled supplier and business partner, A123 Systems. The company said this time the fire was caused by a failure in a cooling fan, which caused overheating while the vehicle’s owner shopped for groceries inside a store. About 2,400 Karmas – 1,400 of which are in the possession of customers – will need to be recalled.

DOE's Derelict Judgment Makes Abound Solar a Tax Scofflaw

Abound logoBankrupt manufacturer Abound Solar, which is liquidating despite having received $70.9 million in taxpayer-backed loans from the Department of Energy, may leave government services in its former Weld County, Colo. home in trouble because of diminished property tax revenues.

New Fisker Fire, While Taxpayers Cover Utility Bills for Empty Plant

Fisker logoAnother government-funded electric vehicle has burned.

This time it’s the second fire in a Fisker Karma, which received $193 million out of a $529 million award from a Department of Energy loan guarantee before the cabinet agency cut the company off for failure to meet still-undisclosed milestones. This blaze (video), according to a report on the automotive Web site Jalopnik, occurred in a Woodside, Calif. parking lot while its owner was inside a store shopping for groceries.

Syndicate content