SAY WHAT??? Obama Energy Official Calls Loan Guarantee Program Responsible for Solyndra “Enormous Success”

WASHINGTON, DC – During today’s hearing on the Upton-Stearns “No More Solyndras Act,” the Acting Executive Director of the DOE Loan Program Office, David G. Frantz, proclaimed the program responsible for Solyndra as an “enormous success.” The statement comes a week after Abound Solar became the latest loan recipient to announce bankruptcy. With the bankruptcies starting to pile up, and taxpayers on the hook for hundreds of millions of dollars, the Obama DOE’s definition of success is cause for concern.

Rep. Cliff Stearns: “Don’t you agree that the Loan Guarantee Program has had a tough record?”

Loan Chief Frantz: “Quite to the contrary, sir, I think it’s been an enormous success."

Enormous success? Unfortunately, Solyndra is just one of a growing list of the Obama Department of Energy’s stimulus failures:

• Abound Solar – The solar manufacturer received a $400 million DOE stimulus loan guarantee - BANKRUPT

• Solyndra – The solar manufacturer received a $535 million DOE stimulus loan guarantee - BANKRUPT
• Beacon Power – The solar company received a $43 million DOE stimulus loan guarantee – BANKRUPT
• Nevada Geothermal Power – Internal audit for the firm that received a $98.5 million stimulus loan guarantee revealed $98 million in net losses and significant debt. MAJOR LOSSES & DEBT
• Ener1 – The battery maker, #67 on the White House list of 100 Projects that are Changing America, received a $118.5 million stimulus grant - BANKRUPT
• A123 – The battery maker received a $249 million DOE stimulus grant - LAYOFFS

• Fisker Automotive – The electric vehicle manufacturer received a $529 million DOE ATVM stimulus loan - LAYOFFS