Thursday, August 2, 2018

Was there a DOE loan to Bloom Energy ???

My email of the day sent to the SEC

I reread the SEC document on Badger and Daubenspeck at Advanced Equities.  There is discussion about the AE guys telling investors in the Series F that DOE was going to make a huge loan of $300 million  but the SEC said Bloom only asked for a large loan of $96.8 million.

We do not know if the DOE made the loan and in searching online records of DOE loans I cannot find any loan made by the DOE to Bloom.  The S1 makes no mention of a DOE loan. We need to know if the loan was ever made or was rejected by the DOE.

One has to remember the DOE funded the voodoo science project of Ion America in 2006 at the University of Tennessee Chattanooga in 2005.  The DOE must have been aware of the results of the ASME study in 2008 on fuel cells that ranked Bloom dead last.

Hence by the time in 2009 when Bloom was requesting the loan from the DOE, the DOE must have known Bloom was a dog.   If the loan was not made, this probably was because the DOE knew how bad Bloom was.  If the DOE loan was made it was because Doerr, Gore and Powell were pulling strings.

Maybe the Stormy Times One Forty hush money Bloom paid to Badger and Daubenspeck has to do with their knowledge of the DOE loan?

Dan Primack do more digging on the DOE loan of $96.8 million and whether it happened or did not happen.

To the OIG of the SEC please put Burson and Stoltz on unpaid leave as they let the real stock fraudsters off the hook.   They nailed minnows while the real loan sharks got away



Reading a little more from the SEC document

47. During the March 5, 2010 call, Badger misstated that Company A had applied for a $400 million loan from the Department of Energy and that the Department of Energy had approved Company A to “draw the first hundred million” on the loan. In reality, Company A only had applied for a $96.8 million loan from the Department of Energy and never had the ability to draw down any amount of the loan. 48. Ultimately, Company A declined to accept the $47 million and returned the money to Advanced Equities and the investors in late March 2010. 

It looks like Bloom "never had the ability to draw down any amount of the loan".  This means the DOE knew Bloom was greenwashing and had a terrible Fuel Cell.

Steven Chu What Say You??

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