Ford Motor Company

No April Fools: Obama's Green Energy Stimulus is Officially a Joke

Three Stooges photoPresident Obama’s alternative energy “stimulus,” administered through his Department of Energy by previous Secretary Steven Chu, had already become a joke because of the failures and foibles of so many recipients of Recovery Act funds. But now – as though officially commemorating the absurdity of this historically bad U.S. government program – one of its bankrupt beneficiaries has changed its name from one of simplicity to one of mockery.

Electric vehicle battery maker A123 Systems has changed its name to B456 Systems. Incorporated.

GAO: Bad Publicity Scaring Prospects Away from Stimulus Money

MoneyThe publicity surrounding President Obama’s failed strategy to stimulate the economy, by putting clueless manager Steven Chu in charge of the Department of Energy’s lending activities, has become so bad that few “green energy economy” entrepreneurs want to accept taxpayer money any more.

That’s according to a report published earlier this month by the Government Accountability Office, which reviewed DOE’s loan programs for a briefing to both the House and Senate’s Appropriations subcommittees on Energy. Amusingly though, the Web site of DOE’s Loan Programs Office still calls itself “The Financing Force Behind America’s Clean Energy Economy.” The minor blip that undermines that premise is that DOE is having trouble getting someone to borrow $55 billion.

Inspector General Confirms Fun & Games at LG Chem

LGChem logoThe employees of battery maker LG Chem still haven’t found anything to do worthy of their pay since they were caught playing games and watching videos four months ago, and now the Inspector General for the U.S. Department of Energy has embarrassed the company into returning some – but not much – of the $142 million (out of a $151 million grant) in taxpayer money they took.

Gregory Friedman released his report – which was based on an inquiry spurred by the original media stories in the fall about the mostly idle workers in Holland, Mich. – last week. Turns out the reports about workers on-the-clock playing Texas Hold ‘Em and video games, doing Sudoku and crossword puzzles, and volunteering at nonprofits like Habitat for Humanity, were not exaggerations.

2012: The Year of Taxpayer ‘Green’ Waste

Obama InvescoThe past year was a dismal one for the passé idea that government would use taxpayer dollars responsibly, and that was nowhere more evident than with President Obama’s initiatives to promote “clean” energy technology companies and projects with so-called “stimulus” funds and other public money. NLPC reported extensively on some of the most egregious examples.

Nissan Admits Arrogance in Sales of Taxpayer-Subsidized Leaf

Ghosn photoA top Nissan official has said the company was “arrogant” in its marketing and sales approach for the all-electric Leaf, which received a $1.4 billion stimulus loan guarantee from President Obama’s Department of Energy.

Not that the company is going to return taxpayers their money, since the premise upon which Nissan received the loan were ridiculously high production estimates. Too much in expenses would have to be eaten otherwise.

Nissan Cancels Grand Opening of Taxpayer-Backed EV Plant

Ghosn photoThe moment that all we electric automotive industry stakeholders (that is, taxpayers) have been waiting for has arrived! The dreams that spurred our $1.4 billion investment in Nissan’s Tennessee plant, for construction of the all-electric Leaf, and its batteries, will finally be realized!

Pass out the scissors for the ribbons, set up the podium for the dignitaries, and roll out a few of those shiny new models…what’s that you say? The ceremony’s been cancelled?

Failed Renewable Technologies Are An Expensive Teaching Moment

LGChem logoA story that went viral over a week ago showed how (non)-workers at a Michigan electric vehicle battery plant, funded through the stimulus by taxpayers, spent their time playing games, reading magazines, watching movies or helping charities like Habitat for Humanity – that is, when they weren’t ‘off-duty’ on their cyclical furloughs.

According to a report by WOOD-TV in Grand Rapids, the LG Chem factory in Holland, Mich. – blessed with $151 million from a Department of Energy Recovery Act grant and $100 million from Wolverine State taxpayers – had “yet to ship out a single battery.”

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

Fisker logo

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.

Century-Old Electric Car Technology Still Doesn't Sell

Jay Leno electric car

Enthusiasts can’t overcome their amazement at the innovation of electric cars – technology that is 100-plus years old. 

 In Friday’s edition of the Vancouver Sun, writer Andrew McCredie – who is tooling around in a modern, all-electric Nissan Leaf and blogging about it – marveled at the 1912 electric car produced by the Anderson Car Company, which was on public display at the local “Electrafest” over the weekend. McCredie, seemingly blinded by the nostalgia surrounding the car, ignored the obvious: that its cost, range, and efficiency illustrate that there has been no significant technological advancement, in practical terms for American usefulness, with today’s electric vehicles.

Over-Stimulus, EV Indifference a Lethal Mix for Battery Companies

Volt recharging photoThe Obama Administration has over-stimulated the electric vehicle battery market, as companies inspired by the flow of federal stimulus support don’t have enough customers for their products.

The government promise of a coming electric car (and truck) revolution, thanks to moves such as President George W. Bush’s signature to approve a $7,500-per-electric-vehicle tax credit and Congress’s passage of the Recovery Act, instigated a buildup of capacity and inventory for batteries. Now putrid EV sales – including the newly introduced Ford Focus electric – have put their battery makers in peril, according to the Detroit Free Press.

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