{"id":2215826,"date":"2024-04-08T17:36:02","date_gmt":"2024-04-08T21:36:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-gives-6-6-billion-to-project-run-by-ex-solyndra-ceo\/"},"modified":"2024-04-08T17:40:36","modified_gmt":"2024-04-08T21:40:36","slug":"biden-admin-gives-6-6-billion-to-project-run-by-ex-solyndra-ceo","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-gives-6-6-billion-to-project-run-by-ex-solyndra-ceo\/","title":{"rendered":"Biden Administration Allocates $6.6 Billion to Project Led by Former Solyndra CEO"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/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%2Fbiden-admin-gives-6-6-billion-to-project-run-by-ex-solyndra-ceo%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=2215826&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>The Biden administration is granting $6.6 billion to a\u200c semiconductor project overseen by Brian Harrison, former CEO of the bankrupt \u2064green energy company Solyndra. Harrison led Solyndra to bankruptcy after receiving $500 million in loans during the Obama administration. This move may \u2063attract criticism from Republicans concerning the handling of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-plans-massive-spending-binge-on-green-energy-after-losing-taxpayers-hundreds-of-millions-on-failed-investments-report\/\" title=\"Biden Plans Massive Spending Binge On Green Energy After Losing Taxpayers Hundreds Of Millions On Failed Investments: Report\">energy spending<\/a> initiatives. The \u2062Biden administration&#8217;s \u200ddecision to allocate $6.6 billion to \u200ba semiconductor project led by Brian Harrison, the ex-CEO of defunct green energy firm Solyndra, who steered it into bankruptcy following \u2062$500 million in loans from the Obama era, might draw scrutiny from Republican quarters regarding energy funding management.  <\/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>Brian Harrison led green energy company to bankruptcy after receiving $500 million in Obama admin loans<\/h2>\n<figure><figcaption> \t\t\t\t \t\t\t\tformer Solyndra head Brian Harrison (Twitter\/@AZRegents)\t\t\t<\/figcaption><\/figure>\n<\/p><\/div>\n<div>\n<p>The Biden administration is giving $6.6 billion to a semiconductor project run by the former CEO of Solyndra, the failed solar energy company at the center of an Obama-era scandal over government misspending.<\/p>\n<p>Taiwanese chipmaker TSMC\u2019s Arizona subsidiary, whose president is former Solyndra head Brian Harrison, will receive $6.6 billion to build a factory in Phoenix, Secretary of Commerce Gina Raimondo <a href=\"https:\/\/www.cnbc.com\/2024\/04\/08\/tsmc-set-to-receive-up-to-6point6-billion-in-funding-for-arizona-plants-.html\" target=\"_blank\" rel=\"noopener\">announced<\/a> Monday.<\/p>\n<p>Harrison was CEO of Solyndra when it declared bankruptcy in 2011 after receiving over $500 million in loans from the Obama administration.<\/p>\n<p>The funding could fuel criticism from Republicans over the Biden administration\u2019s energy spending. The Department of Energy\u2019s loan office has poured billions into companies with an array of financial and legal problems, leading to investigations by GOP lawmakers.<\/p>\n<p>President Joe Biden touted the funding to TSMC in a press statement on Monday. The company said it will invest an additional $65 million into its manufacturing compound in Arizona, where it already has two factories and is building a third.<\/p>\n<p>&#8220;Thanks to this investment, TSMC will also build a third chip factory in Phoenix, increasing its total investment in Arizona to $65 million and creating over 25,000 direct construction and manufacturing jobs, along with thousands of indirect jobs,&#8221; Biden said.<\/p>\n<p>The funding comes from the CHIPS and Science Act, which was signed by Biden in 2022 and is intended to boost U.S. chip manufacturing and counter China\u2019s dominance of the semiconductor industry.<\/p>\n<p>Harrison, who is overseeing TSMC\u2019s projects in Arizona, said he was involved in securing the federal financing in a media interview last August.<\/p>\n<p>&#8220;We\u2019re in the process of applications for the CHIPS Act funding,&#8221; he told CNBC.<\/p>\n<p>Harrison joined TSMC Arizona in 2021 and has served as president since last April, according to his LinkedIn profile. He was CEO of Solyndra from 2010 to 2011.<\/p>\n<p>Solyndra received over $500 million in loans from the Obama administration under a 2009 stimulus program. During Harrison\u2019s tenure, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx\/\" title=\"Tom Brady, Steph Curry, Other Celebrities Sued For Pushing \u2018Ponzi Scheme\u2019 FTX\">company declared bankruptcy<\/a> and defaulted on the loans. Federal investigators also reportedly seized Solyndra records from Harrison in 2011, but no charges were ever brought against him or other executives at the company.<\/p>\n<p>An inspector general investigation found that Solyndra executives provided misleading information to Department of Energy officials during the loan negotiations in 2009 and later &#8220;while drawing down loan proceeds.&#8221; The IG report said the &#8220;actions of certain Solyndra officials were, at best, reckless and irresponsible or, at worst, an orchestrated effort to knowingly and intentionally deceive and mislead the Department.&#8221;<\/p>\n<p>Republicans held up Solyndra as an example of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-more-than-half-of-americans-say-bidens-economy-is-in-poor-shape\/\" title=\"POLL: More Than Half Of Americans Say Biden\u2019s Economy Is In Poor Shape\">reckless government spending<\/a>. In 2012, GOP presidential candidate Mitt Romney held a press conference outside the company\u2019s headquarters, calling it a &#8220;symbol&#8221; of &#8220;failure.&#8221;<\/p>\n<p>In the wake of the scandal, the Obama administration scaled down the operations of the Department of Energy\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-may-obtain-primary-ownership-of-u-s-lithium-mine\/\" title=\"China May Obtain Primary Ownership of U.S. Lithium Mine\">loan programs office<\/a>, which had issued the funding.<\/p>\n<p>But now the Biden administration has revived and expanded the office\u2014giving it a massive $400 billion budget for green energy loans.<\/p>\n<p>The spending has come under fire from Republicans, who have noted that the loan office\u2019s director, Jigar Shah, <a href=\"https:\/\/freebeacon.com\/biden-administration\/bidens-energy-loan-czar-founded-a-trade-association-now-its-selling-access-to-him\/\" target=\"_blank\" rel=\"noopener\">appears<\/a> to have conflicts of interest with some of the loan recipients.\t<\/p>\n<p>&#8220;Solyndra is going to look like chump change compared to the amount of money that\u2019s been wasted by this administration,&#8221; Sen. John Barrasso (R., Wyo.) <a href=\"https:\/\/www.eenews.net\/articles\/how-a-doe-loan-guarantee-put-sunnova-in-republican-crosshairs\/\" target=\"_blank\" rel=\"noopener\">warned<\/a> in December.<\/p>\n<p>The Department of Commerce did not respond to a request for comment.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Solyndra CEO Brian Harrison, known for leading the failed green energy company into bankruptcy despite receiving $500 million in loans during the Obama administration, is now heading a semiconductor project receiving $6.6 billion from the Biden administration<\/p>\n","protected":false},"author":120,"featured_media":2215827,"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\/04\/Screenshot-2024-04-08-at-4.27.13-PM.png","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2215826","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\/04\/Screenshot-2024-04-08-at-4.27.13-PM.png","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2215826","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=2215826"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2215826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2215827"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2215826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2215826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2215826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}