In his last 4 days in office, biden's DOE gives favored companies $12.8 BILLION

Well well, citizens: Just as corrupt joe has used his last week in office to commute the sentences of another 2,500 federal prison inmates (bringing his total to 4,000 or so), his lackeys at the Department of Energy have been frantically working to shovel billions of dollars of taxpayer funds to favored companies just before Trump takes office, since that's how lackeys get kickbacks.

Here's a leftist website fawning over the deals:

The Biden administration has been working down to the wire to finalize billions of dollars of federal backing for clean technology companies before Donald Trump’s inauguration.

The Department of Energy just announced it's given a "loan guarantee" of $6.57 billion to Bezos-controlled EV maker Rivian.

That federal guarantee will allow Rivian to borrow those billions at a lower interest rate.  The lower rate will likely save the company a billion dollars in interest--possibly enabling it to make a profit for shareholders like Bezos.  

And if the company defaults on the loan, taxpayers will repay the lenders--just like biden forcing people who never went to college to pay off student loans for favored groups.  See?  Fairness, citizen!

Also on Thursday, the DOE announced it guaranteed a "loan" of $1.66 billion for Plug Power, a manufacturer of fuel cells and hydrogen electrolyzers.  (For non-techies an "electrolyzer" uses electricity--the most versatile form of energy--and uses it to make hydrogen, which is then burned in piston engines or "fuel cells" to make electricity.  See?

Plug Power, which has never turned a profit in its 20-year history, has seen losses mount and its stock price fall as its core market of supplying fuel cells for forklifts has weakened.  So naturally the biden/harris/mayorkas/granholm regime saw this as a great way to spend tax dollars!

Plug Power’s foray into clean hydrogen production may be helped along by new tax-credit rules devised by biden's brain-trust lackeys.  Cuz Americans don't get too worked up about "tax credits" since it's not the same as a giveaway to a connected company.  Wait...that's what it is.  Eh, nevermind.

biden's DOE also gave a $290 million loan guarantee to a "solar firm" called Sunwealth "to help finance the buildout of commercial solar and storage systems that will form the basis of new virtual power plants in 27 states."  

Really?  You claim you'll be helping to "finance the buildout of commercial solar and storage in 27 states for just $290 million?  So is the company in the PR business and your puff pieces will help grifters float IPOs?

The DOE gave an additional $296 million loan guarantee to a company called "Ioneer" for a "massive" project to mine lithium in Nevada.  DOE says the new loan guarantee ​“upsized” the initial $700 million "conditional commitment" the department gave the company in early 2023.  So taxpayers are on the hook for just under a BILLION.  

The loan duration will be 20 YEARS.  And the DOE lackeys bragged that the huge loan guarantee can't be undone by Trump! So take that, conservatives!

Better yet, the company getting this gift isn't even American.  But at least they have excellent connections to the dem regime.  

Interestingly, mining isn't scheduled to start until 2028.  Surface construction hasn't even started.  So if construction hasn't started, what did the company spend the first $700 million on?  Raising money from other investors.

And this billion just part of the DOE's massive giveaway of tax dollars: biden's DOE has given similar taxpayer guarantees of $2.26 billion to an outfit called "Lithium Americas," and another $1.36 billion for "direct lithium extraction" to a company called "ATLiS," a subsidiary of "EnergySource Minerals."

Thursday’s announcements capped frenzied months of activity by DOE apparatchiks, who have raced to sign loan guarantees and grants before Trump takes office.  And they brag that Trump can't undo any of 'em.

The Democrats' massive, pork-filled "Inflation Reduction Act" of 2022 gave the DOE hundreds of billions of dollars in "lending authority" to help connected companies pushing every kind of "green energy" projects, at the same time as the Vegetable DECREED a million acres of offshore waters off-limits to oil and gas drilling forever.  Cuz oil and gas beez causin' duh Erf to warm, *fatally*.

Source.

https://www.canarymedia.com/articles/climatetech-finance/doe-finalizes-8-8b-in-financing-for-rivian-plug-power-sunwealth