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Loan Guarantee Program Stays in Spotlight

Late last week President Barack Obama’s chief of staff William Daley tapped businessman and former Treasury Department official Herbert Allison to conduct an extensive review of the Department of Energy’s $35.9 billion loan portfolio, which includes $24.5 billion of guarantees that have been completed. Allison is scheduled to issue a public report on his findings…

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DOE-Backed Beacon Power Files for Bankruptcy

Energy storage company Beacon Power, which a little more than a year ago secured a $43 million Department of Energy loan guarantee, has filed for Chapter 11 bankruptcy.

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DOE�s Expensive Loans

Last week, we reported on Beacon Power and Nordic Windpower scoring financing — a combined $59 million — in the form of loan guarantees from the Department of Energy. It turns out that accessing government funding is a long and expensive process. Bloomberg News reports that the loan process took Tyngsboro, Mass.-based Beacon Power well…

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Beacon Power, Nordic Windpower Secure $59M in DOE Funding

Beacon Power and Nordic Windpower have scored financing in the form of loan guarantees from the Department of Energy. They are the second and third companies to land the coveted financing since Energy Secretary Steven Chu relaunched the program, vowing to speed up the review of loan applications. The loan guarantees, which are not part…

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