Department of Energy pours funds into cleantech industry

Nov 14 - McClatchy-Tribune Regional News - Dana Hull San Jose Mercury News, Calif.

 

When Congress passed the landmark stimulus bill in 2009, more than $90 billion was targeted at clean energy -- the largest investment of federal dollars in the energy sector ever. Nearly $3 billion was awarded to the Bay Area from the Department of Energy alone.

The infusion of money came at a critical juncture, filling a void when the global financial crisis and U.S. recession made other sources of funding hard to come by.

The money ranged from a $1.37 billion loan guarantee for Oakland-based BrightSource Energy, which broke ground on its Ivanpah solar power plant in California's Mojave desert last month, to manufacturing tax credits and dozens of direct grants to local cleantech companies, universities, labs and cities. San Jose will use stimulus funds to replace 1,500 streetlights with energy-efficient and programmable LED lights.

"Without a doubt, this is probably one of the clearest successes of the Obama administration," said Steve Westly, a venture capitalist who invests in several cleantech companies. "In the middle of the recession it was hard for companies to get credit, and the DOE stepped in at the right time. It was stunningly smart, and the private sector followed in massive ways."