Mass Governor conspiring with First Wind to destroy Maine so Mass citizens can feel "green"

From the archives -- wasn't First Wind (now Sun Edison) CEO Paul Gaynor some sort of green energy adviser to then Mass Governor Deval Patrick?

Who are these people destroying Maine?

EXCERPTS:

Time is running out for Gov. Deval Patrick’s clean energy bill, and he is starting to sound a little worried about its prospects.

I caught up with him today as he toured First Wind’s offices in Boston’s Leather District with Paul Gaynor, the wind farm developer’s CEO. Gaynor is a big fan of this bill that would require the state’s major electric utilities — namely Northeast Utilities and National Grid — to solicit long-term power-buying agreements from clean-energy companies over the next several years. 

Gaynor told Patrick that the clean-power purchases would provide a boost for the company, in part by offering First Wind a broader market in which to sell power from its wind turbines in Maine. 

 

http://www.bizjournals.com/boston/blog/mass_roundup/2014/07/gov-dev...

Fair Use Notice: This website may reproduce or have links to copyrighted material the use of which has not been expressly authorized by the copyright owner. We make such material available, without profit, as part of our efforts to advance understanding of environmental, economic, scientific, and related issues. It is our understanding that this constitutes a "fair use" of any such copyrighted material as provided by law. If you wish to use copyrighted material from this site for purposes that go beyond "fair use," you must obtain permission from the copyright owner.

Views: 521

Comment

You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!

Join Citizens' Task Force on Wind Power - Maine

Comment by Barbara Durkin on October 4, 2015 at 11:37am

Ian Bowles undersecretary... 

EnerNOC NASDAQ: ENOC former VP Phil Giudice undersecretary to Ian Bowles EOEEA:

 What has the public to show for our $10 million to EnerNOC?


EnerNOC
was featured in Forbes [May 14, 2012]: “Who’s a Fat Cat”, “Who is the most over paid?”

 

 "The most overpaid executives are at Comverge and EnerNOC, both in absolute millions of dollars, and as a percentage of market capitalization."

http://www.forbes.com/sites/tomkonrad/2012/05/14/whos-a-fat-cat/

State energy agency awards $10M pact to chief’s ex-firm

http://www.bostonherald.com/business/general/view/20100416state_ene...

“State energy commissioner Phil Giudice’s former employer, EnerNOC Inc., was recently awarded a $10 million economic-stimulus contract by Giudice’s own department, raising ethical questions from a top government watcher.”

EnerNOC more ties...

Susan F. Tierney former  Assistant Secretary by US Department of Energy, Secretary-Environmental Affairs by State of Massachusetts  Dr. Susan F. Tierney is Independent Director at EnerNOC, Inc.,  She also served on the board at Evergreen Solar, Inc..." Evergreen Solar filed for bankruptcy protection leaving 800 workers jobless.

At $10 million, the Enterprise Energy Management System (EEMS) contract represents nearly 20 percent of State Energy Program funding awarded to Massachusetts by the U.S. Department of Energy under the American Recovery and Reinvestment Act (ARRA). 

 

The EEMS contract calls for tracking energy use at 33 state-owned sites encompassing 470 buildings throughout the Commonwealth. EnerNOC will install and monitor state-of-the-art energy meters to measure the performance

http://www.mass.gov/?pageID=eoeeapressrelease&L=1&L0=Home&a...

 

http://www.marketwatch.com/investing/stock/enoc/insiders?pid=75538444

Bowles undersecretary, Giudice, parachuted to AMBRI (molten battery storage, too, like Xtreme that filed for bankruptcy protection.  Companies like AMRI are favored by the energy market restructuring, 7 times, by this team advised by First Wind Paul Gaynor.  By the regulations formed and implemented by MA Energy Secretary and undersecretary, citizens are encumbered by BILLIONS,,,because project merit wasn't the driver!  Thus, Deval Patrick's legacy is failing green companies spawned by his cronies. 

AMBRI has just laid off 25% of their workforce because their MIT prototype failed. 

Hawaii Free Press
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/15912/Kahuk...

Sept 13, 2015

Kahuku Windfarm Batteries Fail Before They Are Installed
By Andrew Walden @ 2:28 PM :: 313 Views :: Energy
 
by Andrew Walden

Remember the Kahuku Windfarm Fires? 

After the third Kahuku Windfarm Fire, in August, 2012, burned the Kahuku battery storage facility to the ground over the course of three days, Kahuku developers FirstWind, now part of SunEdison, came up with a ‘bright’ new idea—batteries from Ambri Inc, that are already on fire because they are powered by molten magnesium and molten antimony. 

Ambri announced its ‘red hot’ scheme in November, 2013.  The Hawaii Energy Excelerator then wasted money ‘investing’ in Ambri, on the condition “that it must lead to an actual Hawaii-based project.”  Hawai’i Free Press mocked them for once again embracing a plan which was doomed to failure in a November, 2013 article: “ Playing with Fire: Kahuku Windfarm to Install Molten Magnesium Batteries ”.  Notably, Hawai’i Free Press also mocked the original Kahuku Windfarm battery plan when it was announced in November, 2010: “ Xtreme Power: A Pig-in-a-poke For Hawaii Wind Farm .”

Now Ambri has crashed and burned—precisely as we predicted.  Here are the details from the Boston Globe, September 10, 2015 :
Ambri Inc., an MIT spinout that has spent years creating efficient batteries that use liquid metal electrodes, will cut a quarter of its workforce because of developmental delays.
The company cut 14 workers as a result of the slowdown, according to an e-mail from Phil Giudice, Ambri’s chief executive. Despite promising results in tests over the past year, the company’s high-temperature seal for its liquid metal battery “did not perform sufficiently well” under tests conducted this summer.
“Ambri’s board and investors share our disappointment that progress has not happened more quickly or easily, but fully understands the accomplishments we have achieved, the challenges we face and Ambri‘s potential,” Giudice said. “The market opportunity for grid-scale energy storage is large, growing and global. Bringing new scientific discoveries in the physical sciences to commercial success is hard; the process is not entirely knowable or amenable to predictable timelines.”
Words to the wise: “Not entirely knowable.”  The unknowability of their success translates into the knowability of their failure.  Research does not equal production.
Kahuku has been back up and running with a DVAR voltage-smoothing system since February, 2014.  Will they now seek out a new battery scheme to funnel more Hawaii taxpayer dollars?
Take a walk down memory lane:

 

Comment by Barbara Durkin on October 4, 2015 at 11:14am

This is all about stimulus, grants and loan guarantees, not about public benefits.  Energy policy in MA impacts the ratepayers and residents of New England.  Ian Bowles restructured the MA energy market seven times and founded Rhumb-Line Energy to service this market with his staffers. 

Former state energy officials join to form Rhumb Line, new consulting firm

May 5, 2011

By Scott Kirsner, Globe Columnist

A quartet of senior officials who served in the state's Executive Office of Energy and Environmental Affairs under Deval Patrick are forming a new consulting and project development firm, Rhumb Line Energy. The founders are Ian Bowles, the department's secretary, who left last December, and undersecretary Phil Giudice, who plans to resign at the end of this month. Joining them are Vivek Mohta, who served as the director of energy markets at the state's Department of Energy Resources, and Bob Keough, who had served as the energy department's head of public affairs.

 

MassCEC: FloDesign Wind Turbine Wins $3M Financing Package From Massachusetts Clean Energy Center

April 12, 2010  (So, the 5 yr. financing package term was up in April of 2015, but Flo-Design has since changed their name to OGIN)

To help facilitate this expansion, the Massachusetts Clean Energy Center (MassCEC) has approved a $3 million financing package for FloDesign. The package includes a five-year $700,000 forgivable loan, contingent on the company maintaining its corporate headquarters and primary R&D facility in Massachusetts, creating or retaining 150 jobs in the next three years and maintaining those jobs for an additional two years. In addition, the package includes a $600,000 convertible grant, which gives MassCEC an equity stake in FloDesign should the company receive additional financing, and $1.7 million from MassCEC's Renewable Energy Trust to defray a portion of the cost of installing the company's first "shrouded" wind turbines at state or local public entities and non-profit organizations.

http://www.outlookseries.com/N6/Financial/2698_Ian_Bowles_MassCEC_F...

(Ian Bowles)

He is also serving as an adviser for Harvest Power, a Waltham company that produces biogas, fertilizers, and soil products from food and yard waste, and FloDesign Wind Turbine Corp. of Waltham, which is developing a new kind of wind turbine. Last year, the state gave FloDesign $3 million in grants and loans in exchange for a promise to remain in Massachusetts and gradually create additional jobs. Bowles said he will not be involved in FloDesign’s work that was funded with state money. Harvest Power, meanwhile, raised nearly $52 million in venture capital in March.

In addition, Bowles is working with two stealth start-ups funded by Cambridge venture capital firm General Catalyst and considering launching a start-up of his own that would work in energy efficiency. “It’s an interesting time in clean energy for sure,’’ Bowles said.

http://articles.boston.com/2011-05-06/news/29517350_1_energy-resour...

News 22 WWLP.com

FloDesign receives $8.3 mill stimulus

Updated: Monday, 23 Nov 2009, 8:31 PM EST
Published : Monday, 23 Nov 2009, 8:31 PM EST

WILBRAHAM, Mass. (WWLP) - A Wilbraham company that is developing wind turbines to be used as a renewable energy source, has received an $8.3 million dollar federal stimulus grant.

FloDesign Wind Turbine is developing turbines that could lead to breakthroughs in how we produce energy.

Congressman Richard Neal announced the grant during a visit this morning.

http://www.wwlp.com/dpp/news/flodesign_receives_$8.3_mill_stimulus

Flo-Design ENRON bedfellow

Matthew Commons

CFO, FloDesign Wind Turbine Corp
Wind Power Panelist

Matthew Commons is Chief Financial Officer for FloDesign Wind Turbine Corp., which manufactures high efficiency utility-scale shrouded wind turbines.  He is responsible for financial management, business development and strategic planning.  He has worked with renewable technologies since 2001 in positions at Enron, American Electric Power, LS Power Equity Advisors and The NorthBridge Group.  His experience includes development, financing, and power sales agreements for over 500 MW of wind resources.

http://greenovationconference.com/conference-info/speaker_bios.cfm

MassCEC also granted FloDesign $3 million in grants while Ian Bowles served as Advisor to FloDesign and was acting Executive Secretary of Energy and Environment and as Chairman of the MassCEC under the Deval Patrick Administration. 

 

During 2010, Ian Bowles, Founding Chairman and acting Chairman of the Board of the Massachusetts Clean Energy Center, granted FloDesign $3 million, including a 5-year $700,000 forgivable loan, and $1.7 million from MassCEC’s Renewable Energy Trust.

 

The term expires April 2015 for MassCEC grant/loan to FloDesign in 2010.  While FloDesign changed their name to Ogin (of the Netherlands) in November of 2013.  MassCEC terms required “FloDesign” to create or retain 150 jobs in Massachusetts.  “… contingent on the company maintaining its corporate headquarters and primary R&D facility in Massachusetts, creating or retaining 150 jobs in the next three years (2013) and maintaining those jobs for an additional two years,(2015), according to the Patrick Administration. 

 

During November of 2013 FloDesign changed their name to Ogin. 

MassCEC then granted a share of $2.3 million to Ogin. 

 

 2014

Since 2010, MassCEC has provided over $2.3 million in matching funds to seven Massachusetts-based ARPA-E awardees, including 1366 Technologies, Ogin, FastCAP, MIT and INFINIUM. Awardees have gone on to raise more than $290 million in additional funding, and hire more than 280 employees.

http://www.masscec.com/

While Ogin Intellectual Property is listed in the “Official Gazette of the Montenegrin Intellectual Property Office’ 2014/15. http://www.ziscg.me/doc/Glasnik_15.pdf

 

[Note:  “Montenegrins” Wikipedia:  (Montenegrin and Serbian: Црногорци / Crnogorci, pronounced [tsr̩nǒɡoːrtsi] or [tsr̩noɡǒːrtsi]) are a nation and South Slavic people mainly living in the Balkans, primarily inhabiting Montenegro. Bigger migrant communities exist in Turkey and smaller migrant communities exist in Serbia, Bosnia and Herzegovina, Croatia, Albania, and the Republic of Macedonia.]

http://en.wikipedia.org/wiki/Montenegrins

Comment by Barbara Durkin on October 4, 2015 at 10:44am

Revolving doors, crony capitalistsm, greed and graft appear to have influenced our energy market, to the extent that we're losing billions. 

Look who's been writing energy policy, the beneficiaries.  Is it any wonder that the public continues to fund renewable failure(s), while comprising the security; of our energy supply?  Public merit is not the driver.  UPC First Wind CEO partnered with the Patrick Administration to draft policy that exclusively favors wind and solar he sells in his marketplace, on and offshore. 

First Wind CEO Paul Gaynor was appointed by MA Governor Patrick to serve as Advisor to Executive Secretary of Energy and Environment Ian Bowles.  Ian later served as Director of First Wind bought by SunEdison SUNE (that lost over 70% of its value in three months following renewable purchases).   

Xtreme Battery was backed by Ian Bowles’ Sail Capital Partners, a venture capitalist group.  Xtreme Power director is First Wind Director Patrick Wood III, (former FERC Chairman who failed to rein in ENRON.  Xtreme has filed for bankruptcy protection following First Wind Kahuku Xtreme battery storage facility fires. 

UPC First Wind press release provides Michael Jacobs Mass DPU analyst, joined First Wind as VP of transmission: 

http://www.firstwind.com/news/press-release-upc-wind-names-michael-...

-- UPC Wind, a leader in U.S. wind power production, today announced that Michael Jacobs will assume the position of Vice President of Transmission reporting directly to President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization.

Earlier in his career, Jacobs worked as a sales manager at Second Wind, Inc., and held the position of utility analyst for the Massachusetts Department of Public Utilities.

www.upcwind.com.

http://www.thefreelibrary.com/UPC+Wind+Names+Michael+Jacobs+Vice+Pr...

BILLIONS IN GREEN ENERGY COMPANY FAILURES

Patrick Wood III was Director Sun Power (and part-owner), and Director of Range Fuels

Obama’s ‘Green’ Energy Failures

October 19, 2012

By ASHE SCHOW | THE FOUNDRY | OCTOBER 19, 2012

It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.

The complete list of faltering or bankrupt green-energy companies includes

SunPower ($1.5 billion)

Range Fuels ($80 million)*:

http://realagenda.wordpress.com/tag/range-fuels/

Patrick Wood III

Mr. Wood serves as a Director of TPI Composites, Inc., First Wind Energy Systems and has been a Director of Range Fuels Inc. since June 2008, Quanta Services Inc. since May 24, 2006, and Sunpower,Inc. since September 2005. He served as the Chairman of the Public Utility Commission of Texas from 1995 to 2001. He holds a B.S. in Civil Engineering from Texas A&M University and J.D. degree from Harvard Law School.

 http://investing.businessweek.com/businessweek/research/stocks/peop...

 TPI Composites Director Patrick Wood III

TPI Composites’ Statement On Award of More than $9 Million In Recovery Act Manufacturing Tax Credits from the Obama Administration. http://www.tpicomposites.com/press-room/press-releases/tpi-composites%E2%80%99-statement-on-award.aspx

Massachusetts Clean Energy Center (MassCEC) has awarded TPI a $250,000 grant http://www.sustainablebusiness.com/index.cfm/go/news.display/id/20936

“After all, TPI Composites has also received accolades from Barney Frank, Debbie Wasserman Schultz, and President Obama. Iowa companies have received more than $160 million in Department of Energy stimulus grants. How unfortunate that some Republican contenders chose to endorse more of the same instead of taking the opportunity to explain the senselessness of such a system. One would think that the Iowa Straw Poll would have been the optimal event to explain the free market perspective rather than acquiesce to the demands for more corporate welfare…”

 

http://biggovernment.com/jgriffith/2011/08/25/wasserman-schultz-and...

 

Range Fuels Inc. Director Patrick Wood III

 

DOE is doing a lot of soul searching at the behest of the White
House because of the dearth of bio-energy project successes. Political pressure
will not make it happen, money will not make it happen, but a serious well
developed , innovative, simple process and technology will.
Below are some of the massive failures:
Occidental's flash pyrolysis unit in Sad Diego: $100mm
Britestar/EDL pyrolysis unit in Australia: $200mm
Range Fuels: $300mm
Molten Metals: $90mm(mostly DOE earmarked funds)
Hawaii IGT/EPRI/Westinghouse/HPL/ gasification unit: $30-50mm?
Battelle's dual fluidized bed gasification system: $60mm?
Thermoselect's two stage combustion system: $125mm/plant 4-5 plants except
for the one in Japan which I think is still operating.
PRM's Philadelphia sewage sludge gasification system: $2-3mm (blew up and
was shut down very shortly after installation, I was called to see if wanted
the plant for scrap).

http://listarc.com/showthread.php?2111593-Range+Fuels+Closing+Plant...

Quanta Services Director Patrick Wood III

 

PRESENT DAY-QUANTA SERVICES

SEC asks Quanta Services to preserve FCPA-related documents

By Julie DiMauro | Monday, May 12, 2014 at 6:28AM

The Securities and Exchange Commission asked Quanta Services Inc. to preserve documents tied to its Foreign Corrupt Practices Act compliance program, the company said in a securities filing Thursday.

Houston-based Quanta Services provides engineering, procurement and construction services for infrastructure.

It said the SEC is looking into its operations in foreign countries, including South Africa and the United Arab Emirates.

In its Form 10-Q filed with the SEC on May 8, 2014, it said:

On March 10, 2014, the SEC notified Quanta of an inquiry into certain aspects of Quanta's activities in certain foreign jurisdictions, including South Africa and the United Arab Emirates. The SEC also requested that Quanta take necessary steps to preserve and retain categories of relevant documents, including those pertaining to Quanta's U.S. Foreign Corrupt Practices Act compliance program. The SEC has not alleged any violations of law by Quanta or its employees. Quanta has complied with the preservation request and is cooperating with the SEC.

- See more at: http://www.fcpablog.com/blog/2014/5/12/sec-asks-quanta-services-to-...

http://www.fcpablog.com/blog/2014/5/12/sec-asks-quanta-services-to-preserve-fcpa-related-documents.html#

SunPower Director and 10% Owner Patrick Wood III is Director of TPI Composites, and Director of First Wind

SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama

Congressman's son lobbied for failing solar panel company

by Neil W. McCabe

10/11/2011

 

How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.
 
The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization.  If SunPower was a bank, the feds would shut it down.  Instead, it received a lifeline twice the size of the money sent down the Solyndra drain

TPI Composites  Director of TPI Composites is Director of First Wind Patrick Wood III

TPI Composites’ Statement On Award of More than $9 Million In Recovery Act Manufacturing Tax Credits from the Obama Administration. http://www.tpicomposites.com/press-room/press-releases/tpi-composit...

Massachusetts Clean Energy Center (MassCEC) has awarded TPI a $250,000 grant http://www.sustainablebusiness.com/index.cfm/go/news.display/id/20936

“After all, TPI Composites has also received accolades from Barney Frank, Debbie Wasserman Schultz, and President Obama. Iowa companies have received more than $160 million in Department of Energy stimulus grants. How unfortunate that some Republican contenders chose to endorse more of the same instead of taking the opportunity to explain the senselessness of such a system.  One would think that the Iowa Straw Poll would have been the optimal event to explain the free market perspective rather than acquiesce to the demands for more corporate welfare…”

http://biggovernment.com/jgriffith/2011/08/25/wasserman-schultz-and...

   On the promise of jobs to his district, in 2005 Congressman Dave Hobson (7th District, Ohio), secured a $4.5 million earmark for TPI Composites to develop an Army vehicle similar to the Humvee, but with lighter materials.  Lobbyist Juliet Pacquing collected $60,000 from TPI Composites.  Her husband, Kevin Cook was Hobson’s top staffer for the House Appropriations subcommittee on Energy and Water.  For nearly seven months after the Springfield (OH) plant closed in March 2009, Mr. Hobson and his successor, Steve Austria, took credit for up to 100 jobs at that facility.  That claim may have helped Mr. Hobson and Mr. Austria raise campaign cash, but if those jobs exist at all they now do so at TPI Composites facilities in China, Mexico, Rhode Island or Iowa.  (Sources: Springfield News Sun, Mar 18, 2009, and USA Today, October 16, 2006).  Regardless of the success of the Humvee upgrade program, there is a strong argument that the $4.5 million earmark to TPI Composites was purely political and fraught with inefficiencies, not the least of which is the recurring overhead on a vacant production facility at 2145 Airpark Drive in Springfield subsidized by the U.S taxpayer.

http://greeneherald.com/article/open-letter-secretary-ashton-carter

November, 2006: TPI Composites opens Springfield production facility;

April 10, 2007: TPI Composites triples wind blade production capacity in Mexico plant;

April 12, 2007: TPI Composites reaches agreement to manufacture wind blades in China;

May 7, 2007: TPI Composites unveils first all-composite Army-ready truck cab in Warren, R.I.;

October 29, 2007: TPI Composites opens second wind blade plant in Mexico;

November 26, 2007: TPI Composites expands capacity in Iowa facility;

December 17, 2007: TPI Composites opens holding company in Scottsdale, Arizona;

September 16, 2008: TPI Composites opens 316,000 square foot plant in Newton, Iowa;

February 2009: TPI Composites closes Springfield operation;

October 2009: Eight months after the plant closed, Steve Austria removes from his website his claim that he brought up to 100 jobs to the TPI Composites facility at 2145 Airpark Drive in Springfield.

http://xeniacitizenjournal.wordpress.com/tag/against-government-cor...

Xtreme Battery:  Director of Xtreme Battery is Director of First Wind Patrick Wood III

Subject, Battery Storage: 

Xtreme Power a ‘Piginapoke for Hawaii Wind Farm’

http://www.hawaiifreepress.com/main/ArticlesMain/tabid/56/articleTy...

http://hawaii.energy-environment.blogs.civilbeat.com/post/748851823...

"Xtreme Power’s bankruptcy filings indicate that the company has more than $10 million in debts owed to more than 50 parties"

Xtreme Power Bankruptcy Raises Warranty Questions

civilbeat:

Xtreme Power, a Texas-based energy company, has filed for Chapter 11 bankruptcy, raising questions about warranties on the company’s battery storage systems installed on Hawaii wind and solar farms.

The company was in the midst of installing its eighth battery storage system in Hawaii, as of a November 2013 press release from the company.

The Kauai Island Utility Cooperative has Xtreme Power batteries installed at two of its solar farms and is in the midst of ordering a third, according to Jim Kelly, a spokesman for the utility.

"There are warranties, but I think bankruptcy throws everything into question," he said.

Executives at Xtreme Power could not immediately be reached for comment. But the company is hoping to attract a buyer and reorganize.

Xtreme Power’s battery storage system installed at the Kahuku wind farm on Oahu caught fire in August of 2012, taking the project offline for a year and a half. First Wind, the developer of the wind farm, has said that the turbines are expected to be operating at full capacity soon. But the company has suffered lost revenues while the project has been offline.

Xtreme Power blamed the fire on the Dynapower Corp. for allegedly selling it faulty parts for the battery storage system. In court filings related to the fire, Xtreme Power said that it had incurred “millions of dollars in costs” related to repairing and replacing damaged equipment.

Xtreme Power’s bankruptcy filings indicate that the company has more than $10 million in debts owed to more than 50 parties. Creditors include Arnel Investments, which is owed $3.7 million, as well as the U.S. Department of Energy, which gave the company a grant under its Section 1603 renewable energy program. The energy department is owed $372,631.

[end]

Hawaii Free Press

Friday, January 24, 2014

Company Behind Kahuku Windfarm Fire Files Bankruptcy
By News Release @ 11:53 PM :: 319 Views :: Energy, Tax Credits

 

Xtreme Power Seeks Strategic Sale Through Chapter 11

News Release from Xtreme Power

KYLE, Texas, Jan. 23, 2014  -- Xtreme Power, a world-class leader in integrated power management systems and energy storage solutions, announced today that it filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Texas. The Chapter 11 filing will enable the company to continue its operations at all locations as it begins a process to identify an acquirer. The company's core engineering, project development and operations staff will remain in place during this process.

Alan Gotcher, Xtreme Power CEO, said that the company's general creditors will provide the necessary financing, including DIP financing, to enable the search for an appropriate acquirer to proceed. He also said that the Chapter 11 filing was structured to allow one of the company's creditors to file a stalking horse bid for the company in the event that alternative bids during the Chapter 11 process prove to be insufficient. The company is seeking a superior stalking horse bid by February 28th, with a subsequent bankruptcy auction.

"We are very pleased," said Gotcher, "with the steps taken by our general creditors that are supporting our Chapter 11 process and ultimate sale of the company. With our industry-leading expertise, our world-class partnerships with other leading companies including GE Energy Storage, Samsung SDI and Duke Energy, I have no doubt new owners will find Xtreme Power an attractive acquisition, particularly given that we will be free and clear of liabilities."

Xtreme Power retained Gordian Group LLC to assist in the sale of the company. The move comes as interest in Xtreme Power continues to grow. Gotcher said that he predicts a speedy timeline for finding a new owner.

Gordian Group LLC is one of the nation's leading independent investment banks specializing in complex and/or distressed financial advisory and mergers and acquisitions work. Gordian will work with Xtreme Power to help manage the sale process. Interested parties are encouraged to expeditiously submit bids through the Gordian Group ahead of the late February deadline.

Gotcher said that the company's strong pipeline should be very attractive to potential buyers. "With the pipeline in excess of$100 million and letters of intent for $65 million, we have a solid base of new business. We also expect EBITA--earnings before interest, taxes, depreciation and amortization--to be at break-even by later this year with significant upside potential to both EBITA and revenue.

"I believe we're a great company poised for a bright future of renewable energy generation, storage and transmission, " Gotcher added.

With 12 projects in the field accounting for 60 MW of grid-scale installations, ranging from 1MW up to 36 MW, Xtreme Power's operational experience includes more than 34,100 MWh charged and discharged over 472,200 hours of integrated power unit operation. The grid-scale energy storage market is poised for significant growth in the next five years. Xtreme Power has already built the largest energy storage system of its kind for Duke Energy's Notrees wind energy farm in Texas, and has operations spanning from the Hawaiian Islands to the South Pole.

Interested bidders should contact Gordian Group LLC, care of Matthew Jacobs at (212) 486-3600 ext 114 or mj@gordiangroup.com--www.gordiangroup.com for more information.

---30---

About Xtreme Power

Xtreme Power provides scalable, real-time power management and energy storage solutions that enable a more sustainable, reliable, and cost effective electric grid. Xtreme Power's systems combine real time controls and intelligent power conversion systems with efficient energy storage technology engineered specifically to the needs of its customers. Xtreme Power enables multiple participants and technologies to simultaneously operate on the electric grid providing new flexibility that has never been possible before. Xtreme Power is a US company backed by investors SAIL Capital Partners, Bessemer Venture Partners, The Dow Chemical Company, Fluor Corp., BP Alternative Energy, Dominion Resources, POSCO ICT, Skylake & Co. and Spring Ventures, LLC. A 2012 Bloomberg New Energy Pioneer, Xtreme Power earned the 15th spot on Inc. Magazine's 500|5000 list of the fast growing private companies in the U.S. in 2012 – the company's second year in a row making the list. For more information, please visit http://www.xtremepower.com.

  *   *   *   *   *

BACKGROUND: Xtreme Power: A Pig-in-a-poke For Hawaii Wind Farm

Predictable Result: Lloyds of London Lawsuit Reveals Story Behind Kahuku Windfarm Fires

First Wind Proves it has learned nothing: Playing with Fire: Kahuku Windfarm to Install Molten Magnesium Batt...

 

http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/11723/Compa...

Flo-Design   Advisor Ian Bowles while serving as MA Secretary of Energy and Environment

Massachusetts is giving $3 million in grants and loans to FloDesign Wind Turbine Corp. of Wilbraham to keep the company here after several other states tried to lure it away. In return, FloDesign has promised to relocate its headquarters to Waltham and hire more than 100 people. (Full article

http://www.boston.com/business/technology/articles/2010/04/09/flode...

The financial package provided by MassCEC advances three goals Governor Patrick sees as important to expanding the clean energy industry. It will keep an innovative clean energy company right here in Massachusetts, it will help public entities benefit from this advanced renewable energy technology and it will give FloDesign Wind real-world experience to learn from," said Secretary of Energy and Environmental Affairs Ian Bowles, who chairs MassCEC's board of directors.

http://www.masscec.com/index.cfm/page/PATRICK-MURRAY-ADMINISTRATION...

Ian Bowles founding Chairman of the Massachusetts Clean Energy Center  ...

...that doles out ratepayer surcharges $ to renewable companies that fail leaving citizens on the hook...wash, repeat

Comment by Barbara Durkin on October 3, 2015 at 2:03pm

UPC First Wind is Boston-based with its CEO and President Paul Gaynor serving as Massachusetts Governor Deval Patrick’s appointed Co-chair of “The Climate Protection Advisory Committee” under the Global Warming Solutions Act.  UPC First Wind Paul Gaynor is also co-chair of the Mass Department of Environmental Protection Advisory Committee “Low Carbon Energy Supply Subcommittee.”

Gaynor was also involved in crafting the first in the nation Ocean Management Plan.

Secretary Ian Bowles on June 30, 2009 from cover letter introduction to the Ocean Management Plan. 

Volume 1>

 

“On May 28, 2008, Governor Deval Patrick signed the Massachusetts Oceans Act of 2008,

which directed the Executive Office of Energy and Environmental Affairs to develop a

comprehensive management plan to serve as the basis for the protection and sustainable use of our ocean and coastal waters. The Commonwealth is blazing a trail under the Oceans Act

Renewable Energy Work Group - Ken Kimmell (chair), Executive Office of Energy and

Environmental Affairs; Deerin Babb-Brott, Executive Office of Energy and Environmental

Affairs; Roger Bedard, Electric Power Research Institute; Dwayne Breger, Division of

Energy Resources; Chris Brown, Winergy, LLC; Bruce Carlisle, Office of Coastal Zone

Management; Steven Clarke, Executive Office of Energy and Environmental Affairs; RichardErvin, Department of Energy Resources; Paul Gaynor, UPC Wind; Phil Giudice,”…continue reading:

http://www.env.state.ma.us/eea/mop/draft-v1/draft-v1-complete.pdf

Comment by Martha thacker on July 18, 2014 at 6:35am

Kathy

"All should note that the projected 'savings' to ratepayers are all off in the distant horizon about when the wind turbines are due for replacement."

I guess this is the price of dealing with criminals like they are upstanding businesses. In the permitting stage for Rollins, there were several very small communities which had to sign on. Burlington held out. (pop. about 300) By holding out, they were rewarded with their very own turbine after 20 years . First Wind = some very sick minds.

Comment by Sherwin Start on July 16, 2014 at 10:26pm
I thought Everybody knew that MAINES Natural Resources INCLUDING the Wind Are the Property of every other STATE in the Country! MAINES Natural Resources -Whatever and Where-ever they Exist have been on the AUCTION BLOCK by the State of MAINES Legislature- to the HIGHEST BIDDER(S).If we Had COAL Under our MOUNTAINS They would proceed to LEVEL OUR MOUNTAINS like they Have in Tennessee and Kentucky! OUR Legislature in AUGUSTA -^ years ago has literally OPened a "CAN OF ROTTEN WORMS" ( WIND POWER DEVELOPERS)..
Comment by Kathy Sherman on July 16, 2014 at 1:37pm
This related story should be seen as 'a piece' - http://m.bizjournals.com/boston/blog/mass_roundup/2014/07/price-tag...

And First Wind might not be so enthused if conditions in the bill are really applied (all state and local permits in place; positive impact on relibility in Massachusetts, etc.). They best get their deal with Emera sealed before counting on deals with Canadian Hydro yet to be financed off the backs of New England ratepayers. All should note that the projected 'savings' to ratepayers are all off in the distant horizon about when the wind turbines are due for replacement. What other infrastructure would we spend so much on with such a short shelf life?

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

Not yet a member?

Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?

We have the facts on our side. We have the truth on our side. All we need now is YOU.

“First they ignore you, then they laugh at you, then they fight you, then you win.”

 -- Mahatma Gandhi

"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi 

Task Force membership is free. Please sign up today!

© 2019   Created by Webmaster.   Powered by

Badges  |  Report an Issue  |  Terms of Service