News Story
- $50 million taxpayer dollars down the tubes
ergy Excellence in 2010 by Michigan officials who gave it millions of taxpayer dollars to develop green energy products.
Like many other companies that received favors during the tenure of Gov. Jennifer Granholm, it did not enjoy great success.
Sakti3 was actively promoted by the Michigan Economic Development Corporation under Granholm, who is now the U.S. secretary of energy.
...But after 13 years, $50 million in taxpayer subsidies (according to Venture Beat) and a $90 million corporate buyout, the company’s run appears to have ended.
...Quartz went so far as to say, “In an industry riven with exaggeration and outright lying, Sastry’s resistance to sharing even seemingly innocuous performance data – including with her own employees – has prompted suspicion that she is evasive for reasons no more complicated than that she has little impressive to disclose.”
The suspicions appeared to be validated when in 2018 an electric industry publication reported that Dyson wrote off over 51 million euros ($60 million as of this writing) on its investment in Sakti3...Read all.
Sakti3 was actively promoted by the Michigan Economic Development Corporation under Granholm, who is now the U.S. secretary of energy.
...But after 13 years, $50 million in taxpayer subsidies (according to Venture Beat) and a $90 million corporate buyout, the company’s run appears to have ended.
...Quartz went so far as to say, “In an industry riven with exaggeration and outright lying, Sastry’s resistance to sharing even seemingly innocuous performance data – including with her own employees – has prompted suspicion that she is evasive for reasons no more complicated than that she has little impressive to disclose.”
The suspicions appeared to be validated when in 2018 an electric industry publication reported that Dyson wrote off over 51 million euros ($60 million as of this writing) on its investment in Sakti3...Read all.
