Another Energy-backed firm folds

Politico44 ^ | 10/31/11 | MATT NEGRIN

[ColdOne]

POLITICO Pro’s early-morning energy newsletter reports on the closing of another environmental company that was backed by the Energy Department, shortly after the White House announced that it would review the loan process that awarded money to Solyndra:

This time, it’s Massachusetts-based energy storage firm Beacon Power Corp., which filed for bankruptcy this weekend despite receiving a federal $43 million loan guarantee in August of last year. In the filing, company CEO William Capp cited the current economic and political climate and DOE’s financing terms as reasons for Beacon’s failure, Bloomberg reports.

KEY DIFFERENCE FROM SOLYNDRA: Taxpayers appear positioned to recover a chunk of the $43 million (about $39 million of which remains due, Capp says) that DOE spent backing Beacon, with the company listing $72 million in assets and $47 million worth of debt. And DOE spokesman Damien LaVery tells Bloomberg that Beacon’s loan agreement contains “many protections for the taxpayer” and that the guarantee recipient “has cash reserves and proceeds from the plant that it was required to hold as collateral on the loan.”

[Paladin2]

"...DOE’s financing terms as reasons for Beacon’s failure.."

Well, that certainly shows why Solyndra worked out so well, since they got the improved terms.

[Seaplaner]

More allegedly "green jobs" vanish into the abyss oblivion of artificial need and demand.

What would be the opposite of "shovel ready"?

Board-ready windows and doors?

.

[DManA]

IF the terms were so bad why not get funds from somewhere else? [purely rhetorical question]