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One of those companies was Li-Cycle, a battery recycling firm that received $375 million in taxpayer-backed funding just two days before the 2024 election. Barely months later, in May 2025, Li-Cycle suspended operations and is now hunting for a buyer.
“Shah poured taxpayer money into the company even though the warning signs were flashing red about its financial situation.”
Critics are now calling this a blatant example of political favoritism overriding fiscal responsibility. Despite repeated red flags, the Energy Department approved the loan — with little explanation as to how such a failing firm passed due diligence.
Then there’s Sunnova Energy, a solar panel installer that scored a record-setting $3 billion loan from the Biden administration in 2023 — the largest ever awarded to a solar firm in U.S. history. That same company is now preparing to file for bankruptcy amid explosive allegations of targeting elderly customers with misleading long-term lease agreements.
“Sunnova is now preparing to file for bankruptcy after accusations that it swindled elderly customers to sign long-term solar leases.”
Once hailed by the White House as a symbol of green innovation and job creation, Sunnova’s rapid decline has become a glaring warning sign about the administration’s approach to energy spending.
And while these companies burn through American taxpayer money, Shah is reportedly helping them flee to Europe, where they’re now seeking subsidies from foreign governments.
Bloomberg reports: “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.”
In other words, not only are these so-called green leaders going bankrupt — they’re jumping ship entirely, abandoning U.S. workers and leaving a trail of financial wreckage in their wake.
To make matters worse, Shah has apparently pivoted to a new role — assisting these failing firms in securing European funding, after the Trump administration cut off the green energy gravy train.
It’s a stunning reversal from Biden’s original promise to “build American companies” and “create good-paying jobs”. Instead, we now see a pattern of failed ventures, wasted billions, and a quiet exodus overseas.
“Hundreds of billions of taxpayer dollars were wasted on companies where only insiders and Biden officials like Shah benefited.”
While average Americans struggle with inflation and skyrocketing energy costs, it seems Biden’s green investments have turned into golden parachutes — but only for those at the top.
As the dust settles, the question remains: who will be held accountable for this reckless, ideologically driven spending spree?
In the words of one Energy Department insider, “The entire thing was doomed from the start. No one wanted to say it out loud, but we were throwing money at ideas, not results.”
With more companies rumored to be in financial distress, this may just be the beginning of the Biden green bust. And as Americans watch their hard-earned dollars vanish into the void, many are asking: was this ever about the planet — or just politics?
