Listening to Obama’s speech today about his Clean Energy Intiative, questions were raised about his TPI Composites reiteration more than once in his speech.
SO…..investigation began as to why this specific company was mentioned.
A search of TPI Composites Company resulted in this:
TPI Raises $26M for Advanced Wind Blades, GE Comes Back for More
Posted December 4th, 2009
TPI Composites, which builds lightweight wind turbine blades, on Thursday announced it completed a $26 million round of funding. The deal was led by Element Partners and included participation from existing investors Landmark Growth Capital Partners, NGP Energy Technology Partners, Angeleno Group and GE Capital, the investment arm of General Electric.
GE’s participation is of particular interest because it signals GE’s long-term bullishness on the wind industry in general and TPI’s technology in particular. In January, GE contributed to TPI’s $20 million second round of funding, although the companies have not disclosed how much GE has contributed to either round. GE is one of the world’s leading wind energy equipment suppliers, and besides being an investor in TPI, it’s also a client — TPI opened factories last year in Newton, Iowa, and Taicang, China, under supply agreements with GE.
TPI’s strategy is to build and operate factories that produce custom wind blades for each client and target market. TPI says this leads to reduced costs through savings on transportation and labor, and results in long-term partnerships that meet “captive sourcing” needs with reduced risk. Besides executing this strategy with GE, TPI has partnered with turbine supplier Mitsubishi Power Systems to build a manufacturing plant in Ciudad Juarez, Mexico.
TPI total financing amounts to at least $68 million, including a $22 million first round of funding announced in October 2007. Given the tight credit and equity markets, TPI’s recent success at fundraising suggests it’s found a winning business plan for an innovative technology.
If TPI is able to fund iteself with MILLIONS of dollars, why should our government via the taxpayers pay to fund this company?
GE ties to TPI Composites should send up red flags; but will it?
Jeffrey Immelt is connected to Obama, is on his Economic Recovery Advisory Board, is the CEO of General Electric (GE) and is a director at the Federal Reserve Board.
Will anyone investigate the connections of Immelt to TPI Composites?
Will a phantom account be set up to put any kickbacks into? Will anyone follow the money? Will anyone investigate how many taxpayer $$’s will go to TPI Composites?