The Range Fuels cellulosic ethanol plant in
Georgia was supposed to turn pine trees into ethanol to fuel
automobiles. It failed and has now been sold for pennies on dollar.
As the Atlanta Journal Constitution reports:

The Range fiasco harkens other, failed renewable energy
companies that received major taxpayer funding. California solar
panel maker Solyndra got $535 million in federal loan guarantees.
Beacon Power of Massachusetts, which makes energy-storage
equipment, took in $43 million in federal money. Both filed for
bankruptcy last year.

Range cost U.S. taxpayers $64 million and Georgia taxpayers
another $6.2 million. Tuesday’s sale netted $5.1 million which will
help offset losses suffered by the U.S. Department of Agriculture.
Georgia’s money, which paid for some of the ethanol-making
equipment, won’t be recouped outright, but state officials expect
LanzaTech [new owner] to use the machinery….

The Bush administration’s Energy Department steered a $76
million federal grant to Range. The Department of Agriculture
followed up with an $80 million loan guarantee. Georgia officials
pledged $6.2 million. Treutlen County, one of the state’s poorest,
offered 20 years worth of tax abatements and 97 acres in its
industrial park.

Private investors reportedly put up $158 million. In all, the
project raised more than $320 million.

Range, unable to turn wood into ethanol, closed its doors a year
ago. It never came close to creating the 70 jobs once promised.

The numbers in the article don’t quite add up: If one includes
the
DOE grant of $76 million plus the $80 million USDA loan
guarantee, the total loss to taxpayers would seem to amount to $156
million.

In any case, read the whole article
here.