Only a month ago BP – which not long ago promoted itself as “Beyond Petroleum” – released an “energy outlook” video that projected 99 percent of America’s energy will be supplied domestically by 2030, in part because it says the U.S. will grow production from renewable sources 202 percent by that time. Just don’t expect BP to participate in the alleged alternative energy “boom.” The London-based petroleum producer announced last week it would dump its investments in U.S. wind energy projects, which were said to be worth $3.1 billion. It’s hard to believe they’re really worth that much, however, especially without government subsidies – not to mention the fact that BP is so easily discarding “assets” that are supposed to hold great value. The move follows a December 2011 announcement that the company would exit the solar business.
So where does BP think – its “outlook” notwithstanding … Read More ➡
President 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.
Reporting the development, headline writers across the nation rubbed their eyes, double-checked the wire information, and then – especially realizing how close they were to April Fool’s Day – had to add extra assurance to the breaking news.
For the Boston Herald, where A123 was headquartered near MIT, it was this:
“A123 Systems changes name to B456 (seriously)”
The Milwaukee … Read More ➡
UPDATE 11:30 a.m. Friday: Reuters reports that Fisker has hired a bankruptcy attorney.
Fisker Automotive, which has received $193 million of a $529 million Department of Energy stimulus loan guarantee and apparently still wants the rest of it, stopped making its sole electric car – the $102,000-plus Karma – last July. But only now has it decided to furlough workers for a week.
“In parallel with the process of identifying a strategic partner, Fisker is, of course, continuing to manage its day-to- day operations and has recently instituted temporary furloughs for its U.S. workforce covering the final week of March,” the company said.
The announcement came this week from the company, which despite having raised more than $1.2 billion in private capital, hasn’t been able to keep the factory lines running. In its official statement, though, Fisker said that’s quite normal.
“This is a common practice, … Read More ➡
The 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.
GAO’s director for Natural Resources and Environment, Frank Rusco, undertook an audit/investigation that evaluated three types of DOE loans: the 1703, 1705, and Advanced Technology Vehicles Manufacturing programs. The 1705 program backed … Read More ➡
Apple, Inc. has grown into a widely admired and one of the most valuable companies in the world, producing terrific products that generate long waiting lines every time a new innovation is announced. You would think executive leadership would not feel the need to bow to environmental pressure groups to appear it is eco-friendly.
But apparently acceptance by the likes of Greenpeace, and a warm reception at Silicon Valley liberals’ cocktail parties, still ranks high in importance in the corner offices in Cupertino, Calif. – even though their boastful claims aren’t true.
The latest example surrounds Apple’s absurd assertion that its electricity-sucking data centers, which support services like cloud computing and iTunes, are powered completely by renewable energy. Why the Mac-makers would brag about a phony achievement that is so easily debunked makes you wonder how smart they really are.
“Our goal is to power every facility at Apple … Read More ➡
For weeks now the buzz about Fisker Automotive, the latest Department of Energy-funded clunker, is that two China-based automotive companies – Zhejiang Geely Holding Group (which owns Volvo) and Dongfeng Motor Corp. (which is state-owned) – were in bidding negotiations to buy an ownership stake of an unknown size. The speculation was that Fisker was following a similar path as stimulus-financed A123 Systems, which supplied the batteries for Fisker and was recently bought by Sino-owned Wanxiang Group.
But what seemed like the inevitable has been halted if a Wall Street Journal report (subscription-only) from Tuesday is to be believed. Apparently Fisker’s management still thinks it can access the remainder of a $529-million DOE loan, which it had received a portion of ($193 million) before its shortcomings forced the feds to say “no mas.” According to one of the newspaper’s sources, Fisker negotiators proposed to the Chinese … Read More ➡
Will a state be willing to act against the Environmental Protection Agency’s practice of exposing humans to diesel exhaust emissions, when medical authorities and the courts have refused to intervene?
It may be the case in North Carolina, where doctors have conducted such experiments at EPA’s Human Studies Facility in Chapel Hill. A bill introduced at the state legislature would criminalize research that subjects human beings to the inhalation of “fine particulate matter” (called “PM2.5” in regulators’ lingo), which EPA and previous Administrator Lisa Jackson have said causes cancer and even premature deaths. A felony conviction, if the bill is passed as written, would require punishment at the same level as those found guilty of patient abuse, and assault inflicting bodily injury.
The measure was drawn up because federal Judge Anthony Trenga ruled the court had no jurisdiction in a lawsuit against EPA, because EPA’s behavior was not … Read More ➡
In the end, even Al Gore, Leonardo DiCaprio, Justin Bieber, Jay Leno, former Chrysler and General Motors execs, billionaire Silicon Valley venture capitalists, generous California government incentive givers, Delaware subsidizers, and President Obama’s Department of Energy investment arm couldn’t overcome the dud that was the $102,000-plus Fisker Karma.
And now as the company desperately seeks for cash and/or a rescuer – probably in China – a disagreement arose between Fisker’s founder and its top management. So the man for whom the company was named, Henrik Fisker, quit. The Los Angeles Times and dozens of other outlets reported yesterday that Mr. Fisker left over disputes about “direction” for the company, citing “several major disagreements.”
But Automotive News seemed to have the inside track on the Danish designer’s thinking, after it was able to obtain an email interview.
“I’m proud of having brought the first luxury plug-in … Read More ➡
And the environmental pressure groups wanted you to believe solar energy was “clean” and “green.”
If that’s true, then why do we keep hearing the words “toxic” and “hazardous” connected with the production of solar panels – especially with the companies that fail?
The latest example of phony eco-purity is Abound Solar, which declared bankruptcy last summer after it had received $70 million of a $400 million Department of Energy stimulus loan guarantee. According to news reports from Colorado, where Abound was based, the state Department of Public Health and Environment found 2,000 pallets of solar panels that couldn’t be sold and therefore were identified as toxic.
“At the time of the inspection these 2,000 pallets of solar panels were deemed unsellable and a viable agreement for reclamation of the solar panels was not evident. Therefore, the department views these 2,000 pallets of solar panels as a characteristic hazardous … Read More ➡
Taxpayer-supported Tesla, recipient of a $465 million stimulus loan guarantee to produce yet another electric toy car (the Model S) for rich people, reported its 4th quarter earnings last week. The word from billionaire CEO Elon Musk (Flickr photo: Jurvetson) was, “we’ll do better next quarter – promise.”
That’s a paraphrase, but nonetheless Tesla’s announcement fell short of most Wall Street analysts’ expectations. The company lost $90 million for the quarter as it ramped up production to fill pre-orders, paying workers to put in an average of 68 hours per week in December. On Thursday the company suffered the biggest one-day drop in its stock price – tumbling nearly 10 percent – in more than a year. Shares fell to $35.16 before recovering slightly on Friday, but were at $34.38 for Tuesday morning’s opening.
Unlike its counterpart Fisker, Musk and Tesla have enjoyed comparatively better … Read More ➡