{"id":290504,"date":"2023-12-08T19:05:06","date_gmt":"2023-12-08T18:05:06","guid":{"rendered":"https:\/\/climatescience.press\/?p=290504"},"modified":"2023-12-08T19:05:10","modified_gmt":"2023-12-08T18:05:10","slug":"house-republicans-demand-answers-from-key-energy-dept-official-subsidizing-green-companies-following-dcnf-report","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=290504","title":{"rendered":"House Republicans Demand Answers From Key Energy Dept Official Subsidizing Green Companies Following DCNF Report"},"content":{"rendered":"\n
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From The \u00a0Daily Caller<\/a><\/p>\n\n\n

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NICK POPE<\/a><\/p>\n\n\n\n

CONTRIBUTOR<\/p>\n\n\n\n

Three Republicans on the House Energy and Commerce Committee sent a letter to a key Department of Energy (DOE) official on Monday following a Daily Caller News Foundation report that found his office had committed to providing a massive loan for a company that was allegedly defrauding its investors.<\/p>\n\n\n\n

Citing the DCNF, Reps. Cathy McMorris Rodgers of Washington, H. Morgan Griffith of Virginia and Jeff Duncan of South Carolina wrote the letter to\u00a0Jigar Shah<\/a>, who leads the DOE\u2019s\u00a0Loan Programs Office<\/a>\u00a0(LPO), demanding answers about his office\u2019s due diligence process. The DCNF\u00a0reported<\/a>\u00a0in November that the LPO had reached a conditional commitment to loan Li-Cycle, a battery recycling company, $375 million while the company was allegedly defrauding investors.<\/p>\n\n\n\n

The purpose of the LPO is to provide green energy companies with loans that the private sector would not offer, according<\/a> to the office\u2019s website.<\/p>\n\n\n\n

The LPO\u00a0conducts<\/a>\u00a0its due diligence process before offering a conditional agreement to a potential loan recipient. In Li-Cycle\u2019s case, the loan package, announced in February 2023, would have subsidized the company\u2019s Rochester, New York, facility. The company paused construction on that project in October, and it now faces a class-action lawsuit that alleges the company committed securities fraud by misrepresenting or failing to disclose that the facility\u2019s construction costs were rising to the point of potentially jeopardizing the project.\u00a0(RELATED: Former CEO Who Made Bad Green Energy Bets Now Doling Out Billions Of Taxpayer Dollars To Green Projects)<\/a><\/strong><\/p>\n\n\n\n