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Federal funds flow to clean-energy firms with Obama administration ties

Posted By admin On February 16, 2012 @ 4:47 am In U.S. News | Comments Disabled

Carol D. Leonnig and Joe Stephens
Washington Post [1]
February 16, 2012

Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support [2] through a group he headed known as Clean Tech for Obama [3].

Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program [4] to stimulate the economy with federal investments in clean-technology firms.

Following an enduring Washington tradition, Wagle shifted from the private sector, where his firm hoped to profit from federal investments, to an insider’s seat [5] in the administration’s $80 billion clean-energy investment program.

He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.

Full article here [1]


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URLs in this post:

[1] Washington Post: http://www.washingtonpost.com/politics/venture-capitalists-play-key-role-in-obamas-energy-department/2011/12/30/gIQA05raER_story.html

[2] support: http://blog.cleantechies.com/2008/11/23/president-elect-obama-cleantech-has-a-significant-role-in-the-economic-recovery-plan/

[3] Clean Tech for Obama: http://www.flickr.com/photos/ct4o/2936978948/

[4] embarked on a massive program: http://www.youtube.com/watch?v=m17pz0R_qZo

[5] an insider’s seat: http://www.fullcirclefund.org/event.php?id=838

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