green firms get fed cash, give execs bonuses, fail - lithium ion battery for solar storage

President Obama's energy department helped finance several green energy companies that later went bankrupt. -
But before the company released six.
The Public Integrity Center and ABC News survey found bonuses and spending figures for executives.
Take lighthouse power as an example.
On 2009, the second recipient of the Energy Department's loan guarantee.
The Securities and Exchange Commission's record shows that in March 2010, the Massachusetts energy storage company paid a cash bonus of $259,285 to three executives, in part because of the progress made in the $43 million energy loan.
On last October, Beacon Power filed for bankruptcy.
EnerDel, lithium producer
The price of the ion battery system is $118.
In August 2009, the energy subsidy was 5 million yuan. About one-and-a-
Half a year later, Vice President Joe Biden visited a company factory in Indiana and congratulated taxpayers.
As one of the "100 Recovery Act" programs that are changing the United States, support expansion.
Two months after Biden's visit, EnerDel's parent company, Ener1, paid $725,000 to three executives. -
Including $450,000 at the time.
The CEO of Biden's visit, Charles ghassenheimer.
Ener1 filed for bankruptcy protection on January.
At least two other companies have benefited from funding from the Department of Energy. -
One is a grant of $500,000 and the other is a loan guarantee of $0. 535 billion ---
Huge payments were made to executives and went bankrupt.
When asked about payments reviewed by the center and ABC, Doe said it was troubled by this practice and intended to communicate this message to the loan recipient.
"We don't resent the success of companies or executives, but when their employees are out of work, it's irresponsible for executives to receive bonus compensation," said Department spokesman Jen Stutsman . ".
"We take our role as a taxpayer fund administrator very seriously, so we will make our point to the loan recipient that when the rest of the company is facing financial difficulties, funds should not be used for executive bonuses.
"For companies financing with DOE dollars, bonuses and bankruptcies are causing more and more trouble.
For example, of the first 12 loan guarantees announced by the department, two companies filed for bankruptcy, the third faced layoffs, and the fourth transaction never ended.
Citizens of non-profit organizations opposed to government waste counted nearly 20 energy companies that received federal loan guarantees or grants that were in financial trouble from layoffs to losses to bankruptcy.
An outside consultant hired by the White House said the Energy Department's loan pool included $2.
7 billion of potential risk loans and recommend that the agency hire a "chief risk officer" to help minimize the problem.
For regulators, the pattern in which companies issue bonuses just to apply for bankruptcy raises questions about how far Doe chooses the winner and how much attention it pays to them once it is chosen.
"In this case, giving bonuses to executives is a failure to reward with our money and there is no chance to recover," said Leslie Page, a non-partisan citizen spokesman Against Government Waste.
"Taxpayers need some representation here.
They don't really understand.
"Frustration has intensified concern about the president's environmental mission, which has been reviewed after the collapse of solindra
Obama's first recipient of green energy loans.
According to the bankruptcy record, Solyndra is one of the companies that pay thousands of executive compensation ---
In its case, in the first few months of bankruptcy at the end of August and bankruptcy at the beginning of September.
As criminal investigations and House investigations into the company's internal explosions continue, the government must go through bankruptcy proceedings in the hope of recovering part of its $0. 535 billion investment.
In the interview, executives of companies backed by public funds defended the money.
Some say that before the financial storm cloud fully developed, the work done the previous year was rewarded, and the cash injection of executives was sometimes linked to a wide range of corporate milestones.
A company executive said the department explicitly allowed federal funds to be used to pay executive bonuses.
DOE does not set wages and benefits for the companies it supports, "but we will double-check these fees before reimbursing all the expenses submitted by the company to ensure that the taxpayer's money is properly used, spokesman Sturman said.
"With the actual completion of the work, the funds have been paid out.
Zhu steven refused the request for an interview.
The department has long defended the green energy movement as a way for the government to help promote cutting development
Edge products that help the environment and economy.
Sometimes, they say, investment in potential games
It won't work to change technology.
They say the potential default rate is within the parameters set by Congress.
However, some members of Congress-
Already worried about the bankruptcy of solindera can get rich income-
They say bankruptcy companies backed by energy sector funds will pay bonuses, which makes them particularly upset.
"No bankrupt company or any bankrupt executive should get a bonus in the first place," Sen said . ".
Charles Grasley
Iowa, former chairman of the Senate Finance Committee.
"I would be very concerned if there might be a federal grant or a federal loan.
Grasley added: "The purpose of our energy grant or almost any other government grant is for innovation.
This is not to add bricks and tiles to executives of a private company.
Bruce gaogut, Sandford C.
The Bernstein Leadership and Ethics Center at Columbia Business School said it was not uncommon for executives to award company bonuses when they reached key achievement milestones.
"There is a problem," said Professor Kogut, giving out the bonus "at the time of bankruptcy.
Bankruptcy records show that executives at solingdra made thousands of pounds a few months before the company fired 1,100 workers.
At least 17 company executives received two payments. -
Each payment ranges from $37,000 to $60,000. -
The same day of April and July 2011
Last year, the San Jose Mercury reported that insider payments were made as the company quickly headed into bankruptcy in early September.
A spokesman for Solyndra did not respond to an interview request.
Solyndra's collapse in last August will focus on the Energy Department's choice of rewarding taxpayer funds.
Email records show that while some government officials are concerned about the financial viability of Solyndra, the government supports the emerging company.
Energy officials are committed to financing before all due diligence.
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Three other companies are known to have received funding from the Department of Energy. -
The range is from $500,000 to $118. 5 million --
Financial markets have also declined.
Like Solyndra, each company entity rewards executives before filing for bankruptcy.
One example is Ener1, which was awarded $118 by its subsidiary EnerDel.
In 2009, the Department of Energy allocated 5 million euros to help expand its manufacturing plants.
The company was supported.
Ups on the DOE website.
Vice President Biden's visit to the company's Greenland factory in Indiana in January 2011 was part of the government's "White House to Main Street Tour.
Biden said after a visit with Ener1 CEO, ghassenheimer: "This administration is building a new path by ensuring that the United States is not only leading in the 21 st century, but is dominant in the 21 st century.
"We're not just creating new jobs ---
But it will inspire new industries to make sure we are competitive for decades to come. -
Electric vehicle manufacturing and other industries.
A White House report listed the EnerDel project as No.
Of the 100 Recovery projects that changed the United States, 67 were.
The SEC records show that in March 2011, he received a $450,000 bonus.
Two other Ener1 executives received a $225,000 bonus and a $50,000 bonus, paying a total of $725,000.
In January 2012, a year after Biden's visit, Ener1 filed for bankruptcy for $73.
Assets of $9 million, $90.
Debt of 5 million
Energy officials noted that while the bonus was paid to executives at energy company 1, government grants went to a subsidiary called energy company that was not part of the bankruptcy case.
But the two are closely related. -
The bankruptcy record shows that EnerDel now provides all employees to the parent company.
For Doe, the difference is new. -
A press release promoting Biden's visit said Ener1, the parent company, was a government-backed recipient, not EnerDel.
He said in an interview that he could not comment.
He is no longer with ener1.
A company spokesman said the bonus was paid through the company holding company Ener1 instead of EnerDel.
The Energy Department said the subsidiary's project was on schedule, and an Ener1 spokesman said the battery company's goal was to get back on its feet through restructuring.
Beacon Power's bonus is particularly relevant to the progress that executives received the company's $43 million DOE loan guarantee in 2009.
Documents submitted by the SEC show that getting a loan is one of the measures used to determine how much executives will invest in bonuses.
"The DOE loan application was approved by the credit review board, making us the first listed company and the second of the 16 applicants who accepted the commitment," the document states . ".
President and Chief Executive
In March 2010, William Kemp received a cash bonus of $133,256.
Two other company officials received a total of $126,029 in bonuses that month.
Capp said in an interview that the company's salary structure is reasonable and executives have taken salary reduction measures to help Beacon Power survive.
"The record is clear.
The executives did not enrich themselves . "
"To keep the team together, we all agreed to reduce the salary by 20%, just to keep the funds going for a longer period of time.
Almost no self-enrichment.
"Last week, regulators approved the sale of Beacon Power to an equity company that should help it repay $25 million of the $39 million Beacon drawn from the loan.
Under new ownership, the company plans to continue to operate 20-
The department said the MW-class flywheel energy storage plant in Stephen town, New York, would "ensure reliable delivery of renewable energy to the grid ".
"It wants to build a second factory in Pennsylvania.
Capp attributed bankruptcy to various factors, including the government's concerns about restructuring loans after sorindra filed for bankruptcy.
He said his company was swept in hurricane solindera.
"Other energy companies are struggling with the storm.
This includes New York State silicon solar cell maker SpectraWatt.
2009, SpectraWatt received $500,000 from the National Renewable Energy Laboratory of the United States Department of Energy
Incubator Project
The United States in March 2010S.
Minister of Labor Hilda.
Solis and a local congressman visited the Hudson Valley Research Park at the holberwell junction in New York state. Y.
Highlights the wave of green employment.
"President Obama and I understand and believe that the first thing we have to do is to provide good jobs for American families . "
According to a press release from SpectraWatt, Solis said.
"That's why we are committed to investing in greening our economy.
Soon after, however, the momentum of the company suddenly stopped.
On last August, SpectraWatt filed for bankruptcy protection.
"It all happened so fast," Richard J.
Haug, president and chief operating officer of SpectraWatt, said in an interview.
He said the company's innovative technologies compete with changing market and pricing conditions and competition from China. -
Some early investors did not follow up on the fact.
"They can't find any new money," he said . ".
"Very disappointing.
While the Department of Energy's early funding supports R & D, later requests for funding were rejected, Haug said.
On last March, the company fired its employees and effectively closed them, he said.
"It's getting harder and harder for us to make more money.
Haug said: "By the end of 2010, we have basically dropped to the level of cash . . . . . . We will be out of business, "he said . ".
In section 3, big spending began.
Five company executives, including Hogg, received six.
The bankruptcy record shows digital payments at the end or beginning of April 2011.
The five "insider deals" totaled more than $745,000.
Hogg said that the bonus is not a bonus, but the accumulated holiday and salary of the executives specified in the resignation agreement.
"There is no golden parachute," he said . "
"This is a very frank and honest group of people.
I always work with them.
"Energy officials noted that their early investments in SpectraWatt were relatively small compared to other project financing.
The company held an auction late last year to sell factories and properties.
In recent weeks, several other companies backed by the US Department of Energy have suffered serious financial difficulties.
At least six Energy Department loan and grant recipients-
From Fisk motor, an electric vehicle manufacturer, to electric vehicles
Automotive battery manufacturers A123 Systems to Colorado-
Mainly solar energy-
Layoffs or economic woes.
These setbacks take place on companies that have filed for bankruptcy.
Obama administration officials say they will continue to support the green energy program.
"There will be some companies that are not successful," Obama told reporters on October after the collapse of solindra.
"I can only say that the Department of Energy made these decisions based on their best judgment.
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