President Joe Biden's energy loan czar, Jigar Shah, gave out billions to green energy companies. Now, he's trying to help them leave the United States and seek subsidies from European governments.
Shah has reportedly started working with many of the companies that benefited from Biden-era programs that are now looking to shift all or part of their business outside the US. He told Bloomberg that the European Union has a once-in-a-lifetime opportunity to attract these companies, two-thirds of which, he said, are currently based in the United States.
European Subsidies
But, Shah said, the threat of cuts to federal funding has made green energy executives nervous and confused, and European officials will need to be quick about it before the businesses go bankrupt. Energy Secretary Chris Wright hinted at canceling certain loans in a recent interview, saying the administration is focused on funding that will make life for the American people better.
Shah has maintained a relationship with battery company Plug Power since before he joined the Biden administration. He gave Plug Power $100 million in debt financing through Generate Capital, an investment firm he founded, in 2019. During the final week of Biden's presidency, Shah's office in the Department of Energy approved a controversial $1.6 billion federal loan for Plug Power.
Though the Bloomberg report did not mention any companies by name, Plug Power leaders have indicated that their company will pivot to the European market. Chief Executive Officer Andy Marsh said in an earnings call that uncertainty about clean energy programs under President Donald Trump has turned Europe into one of the most exciting strategic frontiers for green corporations.