The Department of Energy's loan guaranty conditional commitment to UltraSystems, Inc. [Fructose production]
Purpose of the audit was to determine whether the Department's conditional commitment to UltraSystems, Inc. (UltraSystems) was in compliance with the Geothermal Energy Research, Development and Demonstration Act of 1974 and applicable regulations. It was found that the loan guaranty conditional commitment was contrary to regulations, subordinated the government's claim to certain assets, and provided for a guaranty greater than the 80% limit prescribed by the Office of Management and Budget. It also exposed the government to numerous risks which increased the potential for loss. As of December 1986, the UltraSystems application had been under consideration for over 5 years. It is recommended that the Assistant Secretary, Conservation and Renewable Energy, discontinue consideration of the UltraSystems loan guaranty application.
Year of publication: |
2007-05-14
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Subject: | general and miscellaneous//mathematics, computing, and information science | GEOTHERMAL ENERGY CONVERSION | DEMONSTRATION PROGRAMS | US DOE | LOAN GUARANTEES | AUDITS | BUSINESS | FRUCTOSE | LEGISLATION | MANUFACTURING | RISK ASSESSMENT | US DOE INSPECTOR GENERAL | CARBOHYDRATES | CONVERSION | ENERGY CONVERSION | FINANCIAL ASSISTANCE | FINANCIAL INCENTIVES | FINANCING | HEXOSES | KETONES | MONOSACCHARIDES | NATIONAL ORGANIZATIONS | ORGANIC COMPOUNDS | SACCHARIDES | US ORGANIZATIONS |
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