Sources: CNN, Washington Post, GreenBiz.com
quote: "Protecting taxpayer dollars remains the top priority for Secretary [Stephen] Chu and the Department, which is why we were careful to include many protections for the taxpayer in the loan guarantee for the Stephentown project," said Damien LaVere, DOE spokesman.
quote: While analysts such as Walter Nasde of Ardour Capital believe Beacon Power's technology was a good idea, CNN reports that the company couldn't survive due to the low rates that the government put in place for utilities. In other words, Beacon Power couldn't charge utilities any more than the rates the government set, and it wasn't enough to keep Beacon Power alive.
quote: Back in September, Capp described the government's role in supporting the construction of the Stephentown plant, and how it would have been impossible without the loan.