According to the 2010 article below, the Department of Energy gave a $535 million loan guarantee to a company named Solyndra. I consider that a lot of money.
The US Department of Energy spent $65 billion for fiscal year 2010. While much of that went to fossil fuel programs, it also included loan guarantees and subsidies for renewable energy and carbon capturing technology. Many state governments also provide funding for such projects; Massachusetts spends millions each year on green energy, and has its own green energy fund.
The government has given a lot of money, yes. It’s trying to support companies by adding to the amount of funding they receive from angel investors and private equity funds. In a few cases, like Solyndra, the money has gone to waste because the company failed. Giving money to start-ups is always a gamble, perhaps one that our government shouldn’t take in the midst of a recession…
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