Green Stimulus for Billionaires: Obama Bundler Pat Stryker, Company Invested Millions in Abound Solar, Recipient of $400M DOE Loan Guarantee
Complete Colorado‘s Todd Shepherd first broke ground last September on the pay-to-play implications behind Abound Solar’s $400m Department of Energy loan guarantee touted by President Barack Obama in a July 2010 radio address and its connections to a Democratic Congresswoman seeking reelection and one of the state’s highest-profile Democratic donors.
Shepherd took a look at the political triangulation between former Rep. Betsy Markey (D, CO-4), Colorado billionaire and Colorado Democracy Alliance donor Pat Stryker, and Abound Solar. He noted the direct connection between Stryker’s company–Bohemian Companies–and its investment in Abound Solar, and the push for the DOE loan guarantee by Markey and other key Democrats. The amount of investment, however, was still unclear at that time, but Stryker’s connection to the company was not.
In many of the donations to Democratic candidates, Stryker is listed as “owner” of Bohemian Companies.
Amy Oliver, Shepherd’s colleague at Colorado’s Independence Institute, followed up on this story earlier this week with an extensive detailing of more of Stryker’s donations to Colorado (and national) Democratic interests, including donations to President Obama, and a deeper connection between Abound Solar and Bohemian Companies.
Abound Solar, then AVA Solar, completed several rounds of venture financing, concluding with a later round of equity financing worth more than $104,000,000 in August 2008 that included Stryker’s Bohemian Companies. Oliver noted a higher figure of $260m of equity financing, but it is unclear what role Bohemian Companies may have had in the larger investment figure.
Here’s the screencap of the announcement made by Abound Solar (listed as AVA Solar in the press release) of the $104m, prominently featuring Stryker’s Bohemian Companies, LLC:
While Stryker’s donations to Obama and other Democratic candidates and issue committees are no secret (she has given thousands to his campaign in the lead up to 2008 and in this cycle already), there’s an even bigger amount noted by President Obama’s Inaugural Committee. Stryker was a bundler for the President Obama, to the tune of $87,500:
Like Solyndra’s George Kaiser, Colorado also features an Obama bundler whose direct investments included a solar company that received $400m in loan guarantees from an eager Obama administration.
Beyond the financial connection alluded to in Shepherd’s report (linking to an image that showed Bohemian Companies as an investor of Abound Solar) and now confirmed as part of a $104m deal, the loan guarantee was awarded to a company that can best be described as harboring an inherent “culture of corruption” as noted by Hot Air and The Weekly Standard.
As early as 2007, Abound Solar–then AVA Solar, Inc.–received $3m from the DOE.
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