Energy Dept. ‘Unable to Locate’ $500,000 in Equipment Bought With Stimulus Money

0 Posted by - July 18, 2012 - Career & Business, Economics, Money

dept of energy 2 0 300x200 Energy Dept. Unable to Locate $500,000 in Equipment Bought With Stimulus MoneyAn audit conducted by the Energy Department’s Office of Inspector General was “unable to locate” $500,000 worth of equipment purchased with stimulus money by a recipient of funds distributed through the deparment’s “Advanced Batteries and Hybrid Components Program,” according to an audit report published by the OIG.

The DOE said it would not be “appropriate” to release the name of stimulus-money recipient where the $500,000 worth of equipment could not be located.

The program was given nearly $2 billion in stimulus funds “to support the construction of U.S. based battery and electric drive component manufacturing plants.” As of June, DOE had “expended” about $1.2 billion of that money and had made grants to “30 for-profit manufacturers,” according to the July 10 audit report.

CONTINUED at CNS News.

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