Photo: AP Photo/Ben Margot
Beacon Power, a Massachusetts-based clean energy company, filed for bankruptcy protection on Sunday Reuters reported, potentially leaving taxpayers on the hook for up to $43 million.The energy storage company, like the California-based Solyndra, received a federally-backed loan guarantee from the Department of Energy, and like that company, went bankrupt just years after receiving the loan.
House Republicans are already investigating the Department of Energy loan program — and Secretary Steven Chu is expected to testify to the House Energy and Commerce Committee next month. Another bankruptcy just pours fuel on the fire.
Taxpayers will be among the first in line to collect among Beacon’s creditors — a major difference from the much-derided Solyndra loan — but regardless of how much the federal government recoups, the bankruptcy lends a major blow to the Obama administration.
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