Wednesday, February 25, 2009

Cleantech faces bankruptcy without quick aid

A follow-up to our earlier post "President Obama on Carbon, Climate and Energy".
From Reuters:
The government must swiftly begin spending $83 billion in the stimulus law for cleantech, or recent growth in the sector will quickly turn into bankruptcies, according to a study released on Tuesday.

"Urgency surrounds numerous cleantech companies," said the report by PriceWaterhouseCoopers on the progress of venture-backed alternative energy companies.

Cleantech, or the use of technology to improve productivity while reducing costs and energy consumption, is a focus of President Barack Obama's new administration. Obama has said that stimulus money is needed for cleantech to address climate change and to create jobs.

Money must start flowing for cleantech from the $787 billion stimulus bill by July to "avert a raft of potential bankruptcies or crippling retrenchments through 2009," the report said....MORE