Controversial Biden energy czars launch advisory firm for green energy firms
- Former energy loan czars Jigar Shah and Jonathan Silver are launching Multiplier, an advisory firm for green energy companies.
- The firm will exchange advisory services for equity stakes while the Department of Energy is revisiting prior funding decisions.
- The venture is controversial due to Shah and Silver's troubled histories in managing federal loans for green projects, raising concerns about ethics and conflicts of interest.
In the United States, on May 3, 2025, Jigar Shah and Jonathan Silver, former officials in the Biden and Obama administrations, announced the launch of an advisory firm called Multiplier. This firm aims to assist green energy companies in developing successful business practices and navigating the complex funding landscape. The launch comes in the wake of scrutiny by the Department of Energy regarding previous federal loan programs that Shah and Silver oversaw, many of which faced criticism due to bankruptcies and alleged conflicts of interest. Both Shah and Silver had a history linked to federally funded green energy companies that have experienced significant failures, such as Solyndra, which filed for bankruptcy after receiving a substantial federal loan. This history has made their new venture controversial. Emails revealed during Silver's tenure indicated pressure to expedite loan approvals, raising ethical questions about the governance of such energy projects. Shah’s critics are now examining whether lessons were truly learned from previous mistakes. As the Department of Energy re-evaluates its approach to loan programs in light of substantial risks associated with funding decisions made under previous administrations, Shah and Silver appear to be repositioning themselves strategically. Their advisory firm, Multiplier, aims to secure 'modest equity stakes' in the companies they plan to assist. The firm’s mission is to guide these companies in achieving profitable exits while ensuring sustainable practices, reflecting the Biden administration's renewed focus on green energy. The timing of the launch is significant, coming as lawmakers and regulatory bodies assess the effectiveness and ethics of past funding decisions from the Loan Programs Office, where both individuals had influential roles. Investigations into potential conflicts of interest surrounding the distribution of federal loans highlight ongoing concerns about transparency and accountability in such initiatives. Despite these challenges, Shah and Silver claim that their experience positions them to help others avoid the pitfalls associated with the previous initiatives, suggesting that they believe they can contribute positively to the future of renewable energy funding.