And the revolving door revolves once again. Someone is going to have to put some WD-40 on those hinges. They’re getting a little squeaky from all the use.
Who is the latest crony to cash in? (Though only as a board member, which is often the sweetest way.) Steven Chu, an architect of the generally ill fated green energy stimulus effort. He will be joining the Amprius board of directors.The firm which in the past has relied heavily on government financing was recently able to raise $30 million in new capital from outside the government. I wonder if Mr. Chu joining the Amprius team influenced the new investment?
I’m sure it didn’t.
(From The Washington Free Beacon)
Former Energy Secretary Steven Chu will join the board of a company that got millions of dollars from the Department of Energy during Chu’s tenure and is backed by some of the nation’s most politically connected investors.
Lithium ion battery manufacturer Amprius announced Chu’s move on Monday. His “ideas and experience will help Amprius accelerate the development of even higher-energy batteries,” the company said in a statement.
Chu has already helped the company accelerate that development through more than $4 million in DOE grant money paid to the company since 2011.