Saturday, November 9, 2013

Another Team Obama stimulus funded Clean-Energy Company goes Bust

Team Obama really knows how to pick them...Solyndra...Abound Solar....Ecotality...
Failing to heed the lessons of the Solyndra debacle, Energy Department officials kept quiet about their knowledge that a government-backed electric car charger company was sliding toward bankruptcy and putting taxpayer money at risk, the agency’s chief watchdog has found. 
Inspector General Greg Friedman admonished department officials for failing to disclose during an audit this summer what they knew about San Francisco-based Ecotality’s financial troubles and the possibility that the firm might not meet the terms of its taxpayer funding. The company received $100 million in aid from the 2009 stimulus.
“We are deeply concerned because the information directly related to the objective of our audit, to determine whether the Department had effectively awarded and managed funding to Ecotality,” the watchdog wrote in a report with eerie overtures from the Solyndra solar failure. 
Tuesday’s report marked the latest black eye for President Obama’s much-ballyhooed strategy to use the 2009 stimulus to fund clean-energy projects, many of which have failed.
One such example is the Solyndra solar company, which fell into bankruptcy after receiving government money. In September 2011, Solyndra filed for bankruptcy, despite receiving $535 million from the Energy Department. Much of that money will be lost to taxpayers, officials have acknowledged, and the administration promised after that high-visibility failure to do a better job tracking grant recipients that are in financial trouble. 
Ecotality received $135 million in total funding from the federal government over the past eight years, including $35 million for two projects that were approved in 2005 and 2011, and a $100 million grant from the Obama administration’s Recovery Act, known as the American Recovery and Reinvestment Act of 2009, which gave a boost to energy-efficient companies.
Read the rest of the story HERE.

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