DOE Issues Final Rule on Loan Guarantee Program
It was a busy day in Washington yesterday as U.S. Secretary Steven Chu announced the issue of a final rule for the Loan Guarantee Program. The revised rule was designed to increase participation from private investors and banks as well as to support more innovative energy technologies. This announcement came on the same day that Chu released another $100 million for a second round of ARPA-E funding.
*Photo Credit The Cayman Institute
“This much needed change will provide greater flexibility to the Loan Guarantee Program and help us to support more projects at a better value to taxpayers,” said Secretary Chu. “This is part of our commitment to ensuring businesses are able to access the support they need to create jobs and contribute to a clean energy economy.”
The new rules came as a result of more than 2,100 comments from interested parties during the 30-day comment period. Under the updated rule, the Loan Guarantee Program will be able to consider financing project in conjunction with other lenders as well as provide loan guarantees to projects with multiple stakeholders.
Copies of the proposed rule will be available from the Department’s Loan Guarantee Program at www.lgprogram.energy.gov.
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R&D Group
R & D Coalition Overview:
Less than 20 car companies applied for $25 BILLION DOLLARS in taxpayer money managed by a certain group of people at DOE in order to get loans to make green cars for Americans’.
There was enough money to help every single one of the car companies that applied. The administrators applied their interpretations of the law in order to benefit the large lobby group-related firms and avoided every one of the “unconnected” companies.
The amount of lobby and influence money spent is in direct ratio to the amount of money awarded.
The smaller companies, due to lower overhead, could have dramatically more productive results with the money than the large burdened companies yet the money was given out based on political career advantages rather technology advantages.
All of the people that reviewed the applications had political and financial connections to GM, Ford, Chrysler and the large Detroit recipients.
Each of those smaller American companies had technology and resources that presented a strong economic threat, if they got the loans, to the large politically connected companies that did receive funds.
Some of the companies that have gotten money have backed out of making the electric cars they said they would make. But they still get to keep the money.
Some of the companies that got the money have already wasted more money than other companies applied for as their total request.
Most of the companies who got money were in dire financial situations
Some of the companies that got taxpayer loan money are not even American companies and/or are doing their manufacturing offshore with non-American employees.
All of the things that the rejected small companies (who did not pay lobby fees) were rejected for, were the same things that the insider big companies were doing.
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We will continue to keep you updated.
R&D Team
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