Friday, 6 April 2012
Yet Another "Green" Company Fiasco
The Department of Energy under the Obama Administration has made so many bad loans to "green" technology companies, that it's getting hard to remember them all. Solyndra probably made the biggest headlines, there there were many more and US Taxpayers paid for them all.
Today we learn of yet another: ECOtality. This company was given $115 million in stimulus funds to build 114,000 battery charging stations in 18 cities. Obama touting ECOtality in his State of the Union Speech as being a success story.
ECOtality continues to receive DOE grants.
. In the first six months of 2011, the company reported a net loss of more than $12 million, according to its 10Q. More than half of its income during that period came from its Energy Department grants.So far, ECOtality has only built around 3,000 battery charging stations. Worse yet, they are reporting a net loss of more than $10 million AND even more concerning, ECOtality is under investigation by the Securities and Exchange Commission!
Should Steven Chu, head of the DOE really keep shoveling US taxpayers' money out the door to companies like this? Has the DOE made any good loans or grants?
Posted By P.Brown at 10:43 AM in Category:Politics
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