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Solyndra Closes Doors DESPITE 500 MILLION in Taxpayers Money

westwall

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Yep, Solyndra, the company that Obama said was the next bee's knee's in green energy technology took our money and ran. They managed to burn through 535 million bucks in a YEAR! They only had 1100 employees or so. I wonder where the rest of the money went?





Solyndra to Declare Bankruptcy | NBC Bay Area
 

Trajan

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yup, the Obama Brown stop off for green tech. rah rah has screwed the pooch.

we have had several conservations on Solyndra, going way back ( see links below) .

I watched their second plant break ground and get built everyday as I rode past it on 880 Nimitz freeway on the way to work and, here we are, a scant 18 months later, as I alluded to in my article last summer, they're model was not workable and, they are bust.



http://www.usmessageboard.com/energy/137175-solar-panel-production-china-eats-our-lunch.html

http://www.usmessageboard.com/energ...lf-billion-dollar-green-energy-boondogle.html


* SEPTEMBER 1, 2011

Solar Flare-out
Another green government favorite goes belly up.

Another day, another stimulus burnout. On Wednesday, solar panel maker and White House favorite Solyndra announced plans to suspend business and file for bankruptcy. Its demise is a reminder of the perils of politically directed investment.

This wasn't supposed to be the storyline. In March 2009, Solyndra was the first company to get an Energy Department loan guarantee, worth $535 million. Vice President Joe Biden spoke via closed circuit TV at the groundbreaking of the company's Fremont, California plant, and President Obama touted the thousands of jobs the stimulus money would create. Such investments were all the better, Mr. Obama said at a visit to the plant last spring, because "The true engine of economic growth will always be companies like Solyndra." You know, "green jobs."

Lots of venture capital companies bought into the hype, investing in green technology to piggyback their own capital on federal favoritism. Solyndra's relationship with the White House came under special scrutiny because of Solyndra backer and Tulsa billionaire George Kaiser's history as an Obama fundraiser. In a letter to Energy Secretary Steven Chu in February, the House Energy and Commerce Committee raised concerns about the loan, noting that the company had suffered "financial setbacks," and asking for information about "whether Solyndra was the right candidate" for the loan guarantee.

The Department of Energy marched on anyway, and yesterday it said it has "always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed." Well, sure, businesses fail, but most failures don't saddle taxpayers with as much as $535 million in potential losses.

more at-

Review & Outlook: Solar Flare-out - WSJ.com
 

Trajan

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Yep, Solyndra, the company that Obama said was the next bee's knee's in green energy technology took our money and ran. They managed to burn through 535 million bucks in a YEAR! They only had 1100 employees or so. I wonder where the rest of the money went?





Solyndra to Declare Bankruptcy | NBC Bay Area

the money got literally sunk into the ground by way of that second plant I watched get built. I know folks who work there in my particular field, they never had confidence they would make it deep down.....
 

editec

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Vexing that.

Heads ought to roll in Obama's admin.
 

IanC

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does the money lost in boondoggles like this get factored into the price of renewable energy?

sorry, stupid question. we all know the answer.
 

bitterlyclingin

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Just keep repeating "High Speed Rail!" "High Speed Rail!" to yourself, you'll get over it. Just forget the inconvenient little truth that that project itself through California's flatter than a pancake Central Valley is 6.8 billion over budget (Courtesy Michael Barone: Bus Ride Back To The Future)
What we are witness to is Government of Boondoggle, by Boondoggle, for Boondoggle.
What else could we expect? "A little weed and a little blow and whaddyano? With a stroke of the hand you're signing bills that become the law of the land"
 

signelect

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This is a prime example of the type of people that Obama listens to and caters to. Go Green, recycle Obama in 2012
 

ScienceRocks

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This is a prime example of the type of people that Obama listens to and caters to. Go Green, recycle Obama in 2012

No question about it. 40 percent of this country are these kinds of people.

Now if Solar can be proven to be a cheap and reliable energy that can take some of the weight off main energy producers(coals, nuclear, ect). I personally wouldn't be shutting any of them down, but we must think about what is best, cheapest for the future of our nation. We need to balance this with the poor and lower middle class in mind.
 

manu1959

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solar is great...poblem is the american payscale does not compete with the chinese pay scale...

same panel can be made cheaper outside the us .... said it when obama was there and sayin it now....

the us labour force has priced themselves out of the world market....
 

flacaltenn

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The Department of Energy marched on anyway, and yesterday it said it has "always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed." Well, sure, businesses fail, but most failures don't saddle taxpayers with as much as $535 million in potential losses.

I love it when the Feds compare themselves to Venture Capital angels.. Just out there taking 4 losses to get one success. Unfortunately, they must not realize that they are socializing the losses and privatizating that occasional gain.. Stimulus --- no. Idiocy -- yes.

Give it all to Harry Reid to take to Vegas -- Put half on red and half on black..
 

ScienceRocks

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solar is great...poblem is the american payscale does not compete with the chinese pay scale...

same panel can be made cheaper outside the us .... said it when obama was there and sayin it now....

the us labour force has priced themselves out of the world market....



That is the sad truth. We can't compete with solar within the United states...Nuclear or coal, yes, but this is just another reason not to switch over to it.
 

flacaltenn

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solar is great...poblem is the american payscale does not compete with the chinese pay scale...

same panel can be made cheaper outside the us .... said it when obama was there and sayin it now....

the us labour force has priced themselves out of the world market....

Nope -- in this case, it's not really labor. It's the cost of the square feet of factory space. The idiots at Solyndra paid 12 times per sq ft for NEW buildings what it cost to have large floor space in China. In SILICON VALLEY?

At least come to Tenn like Hemlock Solar did... Then it's only 4 times per sq ft..

Also the cost of compliance and regulation and power. IN SILICON VALLEY? Can't compete there. They were nuts.
 

Meister

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1,100 people laid off at Solyndra. Also...I don't know if it was posted 2 others have filed for bankruptcy, Spectrawatt Inc. of NY, and Evergreen Solar Inc. of Mass.

Maybe they just need some government money to right themselves.
 

Trajan

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1,100 people laid off at Solyndra. Also...I don't know if it was posted 2 others have filed for bankruptcy, Spectrawatt Inc. of NY, and Evergreen Solar Inc. of Mass.

Maybe they just need some government money to right themselves.

they have both been sucking on the gov tit for a while, Deval Patrick kissed Evergreens booty, no dice, they're toast;)
 

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