Saturday, June 23, 2012

Delaware Now Is Deal Away

Almost a month ago I blogged on energy matters occurring in the First State, or as I now refer to the state run by Mr. Markell as Dealaway. In Dealaway we have the Bloom is off the Rose proposed project to generate high priced and dirty electricity. The Caesar Rodney Institute, and several Delawareans are contesting the deal that Mr. Markell gave away to his friends at Bloom Energy. The first challenge happened in Dover, DE on June 13, 2012 when a hearing was held in front of the commissioners of the Coastal Zone Industrial Control Board. This was the appeal of John A. Nichols CZA Appeal No. 2012-01, and is in the public record.

I happen to have the transcript of the 8 hour long hearing and I will deal with two simple sentences from page 14 lines 10 through 12 of the hearing. In his opening remarks a lawyer named Mr. Schoell of the firm Drinker Biddle and Reath LLP who represents Diamond States Generation Partners LLC (Bloom Energy) made the following remark:

“It does not need to prove it is the best technology. It does not need to prove it is better than anything else.” “It” being the project of the 235 Bloom Boxes to be installed on farm land in the coastal zone of Delaware.

This statement of admission of mediocrity and less than state-of-the-art technology from Bloom’s high priced lawyer is what I would call a 180 degree turn from Bloom’s years of claims of being the state-of-the-art method to generate electricity and that Bloom operated at the leading edge. In February 2010 when Bloom launched itself with 60 Minutes did we hear these words of technical incapability?

When Bloom raised money from rich individual through Advanced Equities the Chicago firm under SEC investigation did Bloom tell these investors “It does not need to prove it is the best technology. It does not need to prove it is better than anything else.” Hell NO! They told the well-heeled members of the 1%, brotherhood that this is the investment opportunity of your lifetime. They told the prospective investors look at us we have Doerr, Gore and Powell steering the company. Look at us we have the “Bloom Box” that is over 60% efficient. Look at us we are driving the leading edge of greentech. Look at us we outgreen anything else on the market.

Well when Mr. Nichols wanted to introduce the fact that Siemens, GE and Mitsubishi offer state-of-art combined cycle power stations that are in fact the best available technology and are better than everything else, Mr. Schoell objected and stated that the Bloom Boxes only need to be compared to the average of the old and decrepit power generation stations on the PJM grid. I wonder if Bloom uses Mr. Schoell when they do presentations in front of prospective investors? No they have some other person in an equally shiny suit selling their leading edge message.

Of course Mr. Schoell had on his agenda the mission to compare the Bloom Boxes to the average of an antiquated and outdated power generation system. Of course Mr. Schoell was paid by Bloom to keep the project going so they can pocket high prices for dirty power. No doubt disclosed to investors in Bloom is that the Diamond State Generation Project will bring positive cash flow to the investors. Mr. Schoell’s single mission was to make sure those flows of cash from the 99% to the 1% would not be delayed, diminished or stopped.

Mr. Nichols was told at the end of the 8 hours of hearings that he had “no standing” to bring the appeal to the board. Of course Mr. Nichols will take other legal action to be heard. In my mind it is Bloom that has no technical standing to be in the power business if they are satisfied with these very sad words spoken by their lawyer “It does not need to prove it is the best technology. It does not need to prove it is better than anything else.”

What a way to run a business! This worse than mediocre enterprise, lives on government handouts, government tax credits, high prices forced on consumers by government, and by investments taken from thermodynamically naïve investors through shady intermediaries.

I suggest to Colin Powell that he resign from Board of Bloom Energy as he still has high standing on the global stage. I also suggest to Mr. Markell that he got stung badly by Fisker and he should rapidly prune this bloom and come on over to the right side if he wants to bring Dealaway back to its standing as the First State.

Note Fisker and Bloom are both heavily backed by Kleiner Perkins where Mr. John Doerr has Mr. Al Gore on his team. Mr. Colin Powell is a strategic advisor to Kleiner Perkins. Jack Markell a Democrat is the governor of Delaware and has the slogan “now let’s take this state in a new direction together.” Caesar Rodney was the Paul Revere of Delaware in the American Revolution and really did make it the First State without any clever slogans and crony capitalist friends.


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