From the Wall Street Journal:
The Obama administration has hired a Washington-based venture capitalist to speed its efforts to choose alternative-energy companies and car makers that will win loan money and loan guarantees from the federal government.The appointment of Jonathan Silver -- managing general partner of Core Capital Partners, an investor in alternative energy, advanced manufacturing, telecommunications and software companies -- makes him the latest in a growing roster of venture capitalists in positions of influence at the Department of Energy.
The agency has become a potentially huge source of capital for companies in the renewable-energy industry, many of them relatively small companies that have been battered by the recent turmoil in the credit and private-equity markets. Some renewable-energy trade groups have complained the Energy Department isn't moving fast enough to fund projects.
Mr. Silver, 52 years old, will be executive director of the Energy Department's loan program office, the agency said Tuesday. His job will be to oversee the Department's loan-guarantee program and a DOE program that is supposed to disburse up to $25 billion in loans to auto makers to help them speed the introduction of advanced, fuel-efficient vehicles. Mr. Silver wasn't available for comment.
Since taking office, the Obama administration has announced more than $8 billion in loans to Ford Motor Co., Nissan Motor Co., Tesla Motors Inc. and Fisker Automotive Inc. It also has awarded a loan guarantee to solar-panel maker Solyndra Inc. to help the company build a factory in Fremont, Calif....MORE
Solyndra is backed by Wal*Mart's Walton family and Goldman Sachs.
HT: EC
