In this week’s edition of the MBJ, we took a look at the latest with GreenTech Automotive, the hybrid vehicle company that supposedly wants to build a $1 billion manufacturing facility in Tunica.
Long story short, not much has happened in the six months since Charles Wang, GreenTech’s founder and CEO, held a bizarre groundbreaking that wasn’t really a groundbreaking. The party line from the Mississippi Development Authority and Gov. Haley Barbour then was the state would sit back and wait for GreenTech to raise capital. That’s still the same.
What is new, however, and didn’t really fit into the print story, was an addition to GreenTech’s leadership team.
Terry McAuliffe, whose time as head of the Democratic National Committee was marked by record fundraising, has taken over role of chairman for the company. Since at least a portion of the capital needed to get the project moving will come from the EB-5 investment program, which offers Visas to foreigners who invest a minimum of $500,000 in U.S. economic development projects, GreenTech will need someone who can separate investors from their money. McAuliffe has shown remarkable skill at just that.
When he chaired the DNC from 2001-2005, McAuliffe led an effort that pulled in over half a billion dollars and hauled the DNC out of debt for the first time in its history. He went on to manage Hillary Clinton’s presidential campaign in 2008 and made an unsuccessful bid for governor of Virginia last year.
Barbour, who will tell anybody willing to listen that his first priority is job creation, clearly has to be intrigued by GreenTech, though he won’t say anything beyond the standard wait-and-see response he’s given since last fall. Barbour sees the energy sector as one that holds a lot of promise for Mississippi.
So it’s interesting that one of Barbour’s long-time political adversaries is playing a major part in what would be a major energy project for the state.
“Terry’s an old friend of mine,” Barbour said recently when we asked him about McAuliffe’s affiliation. “Our politics are different, but I’m grateful he’s involved. I hope they’ll be able to put together their financing.”
GreenTech has been surrounded by a pile of skepticism (and rightfully so) since news of the company broke last fall. A lot of smart automotive folks think the project is a pipe dream; honestly, it probably is. But McAuliffe has a solid fundraising track record. Still, he needs to pull a lot of money-covered rabbits out of a lot of hats.