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  • lewis_whokeyser lewis_whokeyser Sep 27, 2013 12:12 PM Flag

    OT: Another DOE Loan Blows Up

    From an Energy Blog:
    The latest blemish on the DoE's record: Ecotality Inc. The company received a $99.8 million federal grant in August 2009 for the EV Project, a plan to develop charging stations in metropolitan areas. Instead, it's gone bankrupt, filing for Chapter 11 protection.

    Yet even as Ecotality is the latest in a string of failures characterized by the massive implosion of Solyndra, the Obama administration is ready to pour another $8 billion into a program meant to develop "complex, unproven, and expensive" technology the private sector won't touch. It's likely a significant sum of that money will go to those who financially backed the president in one of his two campaigns, such as a recent $4 million grant to LanzaTech, a biofuel company. A key investor in LanzaTech also holds interests in eight other companies that have benefited from federal assistance.

    Perhaps the TransCanada Corporation needs to pony up some political contributions so they can get in on the fun. All they want to do is build the Keystone pipeline.

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    • Should have been named ecoToilet.

    • In 2008 the US imported over ONE TRILLION DOLLARS in foreign oil. We need find solutions and there will be failures along the way. Its the cost of doing business. $99.8 million is 0.0009 of a Trillion Dollars. Less than chump change as we pursue energy independence. Oil needs to become an export product.

      Sentiment: Strong Buy

      • 1 Reply to vegacolony1
      • We are not pursueing energy independence. The Obama Energy Policy places severe restrictions on coal and oil production. Vetoeing the XL Pipeline increases our dependance on the Mideast and Venezuela when we could be getting cheaper oil from Canada. Defunding Yucca Mountain effectively killed the nuclear renaisance and, in case utilities didn't get the message, Obama appointed the most anti-nuclear NRC head in the NRC's history. For ONE TRILLION DOLLARS we increased solar and wind power from 1% of total energy production to 2% of total energy production. Did that make us independent? And what happens to all those wind turbines when federal subsidies dry up and tree huggers start sueing them for chopping up bald eagles? We are taking taxpayer dollars from poor people and giving the money to rich people willing to buy $100k Tesla cars. Does that make us energy independent.

        You are right that a hundred million dollar waste is a drop in the bucket, but you are looking at it the wrong way. How much have you paid in income taxes in your entire life? Keep that figure in mind and consider this: Nancy Pelosi earmarked nine million dollars to build a turtle farm. That puts it in perspective.