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SolarCity (SCTY), another “green energy” company and recipient of millions of dollars of taxpayer funds, in under investigation by the Internal Revenue Service (IRS), sources reveal. The company, which recently filed for its initial IPO, has disclosed that it received subpoenas in July from the U.S. Treasury Department. The Treasury Department is investigating whether companies overstated the market value of solar panel arrays they installed when claiming the 30% federal cash grant. The IRS also notified SolarCity that it is auditing two of its investment funds and reviewing the claimed value of solar systems submitted to receive the federal cash...

Get ready for the next Solyndra. Sure, you’ve heard those words before. Over the past few months, several companies that had federal backing — Beacon Power, Range Fuels, and Ener1 — all failed. And another one is almost surely on the way. Here’s my prediction: Within 18 months, A123 Systems, the battery maker that got a $249 million grant from the Department of Energy, will be bankrupt.My prediction doesn’t have anything to do with the explosion that occurred on Wednesday at a GM laboratory near Detroit, sending one worker to the hospital. The explosion occurred while the worker was...

(Reuters) - Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program. The bankruptcy comes about two months after Solyndra -- a solar panel maker with a $535 million loan guarantee -- also filed for Chapter 11, creating a political embarrassment for the administration of President Barack Obama, which has championed the loans as a way to create "green energy" jobs. Beacon Power drew down $39 million of its government-guaranteed loan to fund a portion of a $69 million, 20-megawatt flywheel...

Stop me if this sounds familiar. The Department of Energy approves multi-million-dollar loan to green-tech energy firm as part of its job-stimulus bill, only instead of stimulating jobs, the company declares bankruptcy. In this case, it only took a year after the loan was granted for Beacon Power to file for protection from its creditors: Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.The bankruptcy comes about two months after Solyndra — a solar panel maker with a $535 million...

On Sunday October 30, 2011, 7:21 pm EDT (Reuters) - Beacon Power Corp filed for bankruptcy on Sunday just a year after the energy storage company received a $43 million loan guarantee from a controversial U.S. Department of Energy program. The move comes about two months after solar panel maker Solyndra also filed for bankruptcy, setting off criticism of the government loan program. The department guaranteed $535 million in loans to Solyndra, and Congress is investigating whether political influence played a role.