{"id":2213564,"date":"2024-04-05T05:26:02","date_gmt":"2024-04-05T09:26:02","guid":{"rendered":""},"modified":"2024-04-05T05:26:38","modified_gmt":"2024-04-05T09:26:38","slug":"energy-company-negotiating-1-6-billion-loan-from-biden-admin-made-false-and-misleading-statements-about-its-business-prospects-lawsuit-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/energy-company-negotiating-1-6-billion-loan-from-biden-admin-made-false-and-misleading-statements-about-its-business-prospects-lawsuit-says\/","title":{"rendered":"Lawsuit Claims Energy Firm Seeking $1.6 Billion Loan from Biden Administration Provided False Information on Business Future"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fenergy-company-negotiating-1-6-billion-loan-from-biden-admin-made-false-and-misleading-statements-about-its-business-prospects-lawsuit-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2213564&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A hydrogen \u200cfuel company, Plug\u200c Power, received\u2063 $70 million from the Biden administration, with plans for a $1.6 billion federal loan. However, investors have filed \u2063a lawsuit alleging the company provided false information that inflated stock prices. Plug Power&#8217;s financial challenges were revealed after a November earnings report, raising concerns about running\u2064 out of cash while negotiating\u2064 the DOE loan.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<h2>Plug Power has already raked in $70 million from Biden administration<\/h2>\n<figure><figcaption> \t\t\t\t \t\t\t\tJigar Shah (energy.gov), hydrogen facility (Plug Power Inc.\/Twitter)\t\t\t<\/figcaption><\/figure>\n<\/p><\/div>\n<div>\n<p>A hydrogen fuel company that raked in over $70 million from the Biden administration\u2014and is negotiating a $1.6 billion federal loan\u2014has been hit with a class action lawsuit from investors who claim that company made &#8220;false and misleading statements&#8221; about its business prospects.<\/p>\n<p>Plug Power &#8220;overstated the near-term prospects of its hydrogen production operations&#8221; in the United States and Europe, leading to &#8220;artificially inflated&#8221; stock prices, according to the federal lawsuit, filed in the Northern District of New York in March.<\/p>\n<p>The complaint notes that Plug Power&#8217;s financial struggles became apparent after its earnings report in November, when its leadership warned it was facing financial shortfalls and could run out of cash this year.<\/p>\n<p>The news comes as the Department of Energy&#8217;s Loan Programs Office is in the final stages of negotiating a $1.6 billion loan to help Plug Power build more domestic hydrogen production facilities.<\/p>\n<p>Plug Power isn&#8217;t the first financially troubled company with DOE funding to face legal scrutiny. Last month, the <i>Washington Free Beacon<\/i> reported that Sunnova, a solar company that was approved for a $3 billion conditional DOE loan, was sued by investors who claimed the company withheld information about its allegedly &#8220;predatory business practices against disadvantaged homeowners and communities.&#8221;<\/p>\n<p>The DOE&#8217;s loan office has been working to fast-track the $1.6 billion funding approval for Plug Power, the <i>Free Beacon<\/i> <a href=\"https:\/\/freebeacon.com\/energy\/bidens-energy-loan-czar-was-a-major-investor-in-a-near-bankrupt-energy-company-that-company-is-set-to-receive-a-1-5-billion-from-his-office\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> in January. Last month, Plug Power also <a href=\"https:\/\/www.timesunion.com\/business\/article\/latham-fuel-cell-maker-plug-power-wins-75-18965307.php\" target=\"_blank\" rel=\"noopener\">received<\/a> $75 million in grants from the DOE to expand its New York manufacturing operations.<\/p>\n<p>The DOE funding to Plug Power could add to concerns about conflicts of interest in the DOE loan office, a subject that is already under investigation by the department&#8217;s inspector general.<\/p>\n<p>The director of the DOE loan office, former green energy mogul Jigar Shah, had a prior financial relationship with Plug Power, the <i>Free Beacon<\/i> reported in January.<\/p>\n<p>Before joining the Biden administration, Shah loaned $100 million to Plug Power through Generate Capital, an investment firm that he founded. Shah sold his shares in Generate when he entered the government, according to federal disclosure records.\t<\/p>\n<p>Plug Power repaid the $100 million to Generate at a 9 percent interest rate last December, while the company was in negotiations with Shah&#8217;s office for the DOE funding, according to corporate disclosure filings. The repayment was three years ahead of schedule, at a time when the hydrogen fuel company was already warning investors about its financial outlook.<\/p>\n<p>Plug Power and DOE did not respond to requests for comment.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A hydrogen fuel company, Plug Power, received $70 million from the Biden administration and is in talks for a $1.6 billion federal loan. In response, investors have filed a class action lawsuit alleging the company provided misleading information on its business prospects. Jigar Shah highlighted this issue on energy.gov and Plug Power Inc.&#8217;s Twitter account<\/p>\n","protected":false},"author":120,"featured_media":2213565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2024\/01\/MixCollage-02-Jan-2024-02-08-PM-7303.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2213564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2024\/01\/MixCollage-02-Jan-2024-02-08-PM-7303.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2213564"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2213565"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2213564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2213564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2213564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}