My new post at the Energy Collective looks at Stephen Chu’s record promoting alternative energy at the Department of Energy:
In his letter of resignation as Secretary of Energy, Steven Chu pointedly rebutted those who have focused attention on the bankruptcies of Solyndra and several other companies given large loans by the Department of Energy. He wrote: “While critics try hard to discredit the program, the truth is that only one percent of the companies of the companies we funded went bankrupt. That one percent has gotten more attention than the 99 percent that have not.”
So let me get this straight: the test of government funding success is that a company manages to avoid bankruptcy after receiving government grants.
It seems a very low bar.
How about this test instead: how much of the support for the remaining companies has actually resulted in products that have been successful in the marketplace without ongoing subsidies?