Was Joule’s business “here and only here” in America as Podesta claimed? Not according to Joule’s own CEO and president, Bill Sims. While thanking Putin’s Rusnano, Sims said the investment would help support “the development of our global presence” and “complements the company’s expansion plans in Europe, the Middle East, and Mexico.” Moreover, Stichting Joule is, itself, an overseas entity. Indeed, Rusnano’s investment in Joule was in part to develop a manufacturing facility in Russia.
And what about Podesta’s contention that Putin’s investment fund represented a “small investment” in Joule? In 2012 the company claimed it had raised $110 million to date.
That meant the Kremlin-backed $35 million investment given to Joule after Podesta’s board appointment represented over 30 percent of Joule’s outside financing.