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After federal grant, US battery-maker taken over by Chinese

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    DOE under fire for backing another failing green energy company

  • Duration 4:21
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-- after the Obama administration grants 249 million dollars in taxpayer cash to yet another failing green energy company the Department of Energy.

Standing by its grant of the US battery maker despite an announcement that a Chinese company.

Is looking to take over the DOE has been under fire for -- these kinds of financial flops like the -- Solyndra solar panel company which went belly up.

After getting a 535.

Million dollar loan.

Utah Republican Jason -- is on the house committee on oversight and government reform in congress but you'd think that after the Solyndra mess.

The administration would be very careful about these kinds of things that yet it looks like it's happening again.

Now they seem to have an an insatiable desire.

To continue to pour hundreds of millions of dollars into the so called that green energy types of companies.

It it's consistent with president Obama's philosophy that he believes that government is the solution as opposed to the private sector.

This is totally unacceptable and -- it's -- This is even worse because this 249 million dollar's gonna go to a company that is going to be acquired.

By Chinese that company the -- gonna end up going to benefiting the Chinese probably more than it will the united stay.

This is a company we should said that makes batteries to go in to electronic cards.

A the company is called a 123.

Is there anything that congress can do can congress -- being here anyway you can block this deal find a different way to keep this.

This company afloat and keep the Chinese from getting a chunk of it.

What we should stop giving way billions of dollars the private entities and try to pick winners the losers.

My colleague cliff Stearns is done a great job there in the energy and commerce committee.

He's been tenacious in going after this -- the -- to type companies this is not the first time this has happened there was a solar panel company.

That when they got this Department of Energy grants.

Immediately they signed a term sheet with a French company.

Did -- -- these companies are savvy they see that the Department of Energy in the Obama administration.

Handing out literally billions of dollars and they signed turned the -- term sheets that.

And try to access that capital if if these were such good investments.

Private equity private investment would have come in and supported these types of things that these are losing propositions.

And not something we should be gambling with American taxpayer dollars.

Our country has a long history though congressman of granting.

Tax breaks for example or tax relief to companies.

-- what's the difference between giving tax breaks to the oil companies.

Burris is giving grants to some of these companies that are -- non clean air technology do you see a future.

In clean -- technology is that something that we should be investing in.

Well what you want to do is create an even playing field so for instance.

Our research and development tax credit which is across the board anybody can access that if there at that there -- I'm meeting certain criteria what's unacceptable is when you pick winners and losers and you literally use this crony capitalism.

Where the Obama administration will go to their friends or people that they like and say well we're gonna give it to this particular company what about the other companies that are trying to compete in this in this sector.

That's what become so unfair and so unacceptable.

And really what congress should dive into because the executive branch should not be picking winners and losers like this.

When you look at the future of cleaner energy technology.

I mean do you acknowledge that it is a big part of the future and are we in danger of sort of ceding that to the Chinese.

-- got a country that has government mandates in place that require.

-- certain types of technology to be in use by its people and what can we do talk about a level playing field to be -- level with the Chinese.

Well in this particular one we're funding that what will be a Chinese company take a 123 I'm sure there good find people working there.

But -- -- give 249.

Million dollars to a single company.

That's just unacceptable how about a research and development tax credit that would go across the board and that would create an even playing field and allow others that's happened to this.

That's what's that's what's just wrong imagine how frustrating is to investors.

People working at the companies that are competing in this space head of the federal government comes along give somebody.

A quarter of a billion dollars that's just not right Jason -- -- is a Republican congressman from the great stated you talk.

Mr.

congressman thank you very much for your time.

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