Government denies loan

[SEGsby]

Not looking good for any tech companies wanting to suckle off the Government Teat:

White House 'rushed' loan to solar firm Solyndra

http://www.bbc.co.uk/news/world-us-canada-14923431

I think in such a climate, Aptera has no chance in hell of getting money while the GOP publicly tears Obama a new one over this.

[doug]

Here's a relevant article:
http://www.bloomberg.com/news/2011-0...nergy-aid.html

...
Issa, chairman of the House Oversight and Government Reform Committee, wrote Energy Secretary Steven Chu to support an Energy Department loan for Aptera Motors Inc., a Carlsbad, California, electric-car maker, according to a letter received by the department Jan. 14, 2010.

“Awarding this opportunity to Aptera Motors will greatly assist a leading developer of electric vehicles in my district,” Issa wrote in letters obtained yesterday.

Issa’s committee has been investigating regulations proposed by the Obama administration and now is examining the system of federal support, including loan guarantees for companies such as Fremont, California-based Solyndra LLC. ...

[Grendal]

Aptera's original proposal was denied because they were a 3 wheeler. Around January 2010 was when they changed their policy to allow Aptera and other "high efficiency" vehicles the opportunity to apply. It doesn't mean it's going to happen. I'd say it's really unlikely with the current issues the Obama administration are fighting.

Aptera became a bad bet with its current management team. Which shows how far they have fallen under PBW. They were America's showcase for innovation and green automotive excellence illustrated on YouTube videos and the fact they were willing to change the law to "give them a pass". By late 2009, PBW was bouncing all the checks he had written and his promised version of the vehicle was no where to be seen. Steve and Chris were "on vacation" and the lies and misrepresentations were abundant.

The failure at the X-prize by mid-2010 just solidified their fall from grace.

[Grendal]

More on this at ABG:

http://green.autoblog.com/2011/09/21...itical-battle/

It should read: Solyndra Political Battle.

[SEGsby]

Doooooooooooooom.

[catmando]

He took the princely sum of $250 to lobby for Don Beall, an Aptera board member;

By Lee Fang on Sep 22, 2011 at 12:30 pm

If the House Oversight Committee wants to be consistent with its stated reason for investigating Solyndra, the committee should probe Rep. Darrell Issa’s (R-CA) clean energy loans as well.

On Tuesday, Issa explained on CSPAN that the purpose of his investigation would be to take a broader look into the very idea of clean energy loan programs. Although Solyndra’s investors include an influential Republican donor, Issa and other Republicans on his committee have singled out one Obama fundraiser who also invested in the company as evidence of crony capitalism. He called the Republican-created clean energy loan system, the one that benefitted Solyndra, an example of the government picking “winners and losers” and an “easy way to end up with corruption in government”:

ISSA: In the case of the president’s people, in the case of Henry Waxman, clearly he had people who saw a link between their campaign contributions, their ideological bent, and these companies.

Watch it:

As Bloomberg’s Jim Snyder reported yesterday, Issa sent letters to the Department of Energy requesting money for companies using a clean energy loan program similar to the one denounced this week as inherently corrupt. On Jan. 14, 2010, Issa sent a letter to Secretary Chu requesting an expedited loan to Aptera Motors, a start-up electric car company. Issa said the company would create jobs and “aid U.S long-term energy goals by shifting away from fossil fuels and using viable renewable energy sources like plug-in electric energy.” He also sent a letter along with a bipartisan group of lawmakers to the Obama administration requesting a government loan to a green tech battery company.

Issa’s spokesman says that Aptera deserved the taxpayer-subsidized loan, and that certainly may be the case. However, Issa said his investigation will probe campaign contributions and their relation to the decision to award such loans.

It turns out that a financial backer of Aptera, the company Issa assisted with a loan request, is a major Republican donor and a contributor to Issa.

According to GreenVC, one of the investors backing Aptera is the Beall Family Trust. The Beall Family Trust is controlled by Don Beall, the former CEO of Rockwell. Beall, now a board member of Aptera, happens to be a Republican donor in California. A political action committee he helped found and fund, the New Majority PAC, has contributed at least $15,000 to Issa over the years.

Beall has given to the McCain campaign, the Bush campaigns, and various party and congressional campaign accounts. As Lucas O’Connor notes, Beall’s profile as a major donor makes him a “good friend to have for any California Republican looking to improve their profile, their influence, or their office.” Beall gave one direct donation to Issa, a $250 check. The donation came just two months before Issa sent a letter recommending the government loan to Beall’s company, Aptera.

Aptera isn’t the only company with campaign ties to Issa that the congressman attempted to help. In 2006, executives from the defense contractor Vertigo Inc. contributed at least $6,500 to Issa’s campaign. The next year, Issa made an earmark request specifically for the company. In 2008, the defense appropriations bill awarded the company with a $1,440,000 earmark. Issa was the only member of Congress to add his name to the request.

Crony capitalism should be investigated by Congress, from the revolving door to the undue influence of selfish special interests. For Issa to avoid the appearance of a partisan witch-hunt, the Oversight Committee investigation should consider Issa’s own involvement in clean energy loans.

[voyager]

It was reasonably big news on various automotive news webs here in the Netherlands, particularly since anyone vaguely interested in automotive innovation became familiar with the Aptera. Too bad. It seems like all the money went into all sorts of side issues, travel expenses and consultant fees.... except making a decent car that works.

[SEGsby]

Yes. FOAM BUCKS are EXPENSIVE!

[timotb]

Aptera, Venture, Carver, Corbin Sparrow are just a few of the failed attempts at producing a great vehicle. The reasons for failure in my opinion are too high initial investment/startup complicated with excessive governmental regulation and legal liability for too small of a niche market.

[voyager]

It's not perse about impressing people the first time your vehicle is presented to the press and the public, it's about knowing for sure how to operate next. Because of the initial huge investment it is mandatory to have a major (global operating) OEM committed, preferably a government also. No chance of an 'Alleingang' as Germans call it. I know... because I am working on it. So many have tried to convince me of building a prototype. Without a major OEM, it is an almost pointless exercise. The good thing about the internet is that so many business cases, built on wishful thinking, are there for anyone interested to study. The great thing is... the OEM does not have to be a car maker.