Two in a week. Another solar company goes bankrupt

[Lovebears65]

Another Tax-Payer Funded Solar Company Goes Bankrupt - Solar Energy - Fox Nation

How much more tax dollars have to be wasted on these companies

 

[depotoo]

this does not surprise me. I started trying to get/find what info I could on the companies that have gotten the loans, grants, etc. It was very interesting. I expect many more to fail.

 

[tinydancer]

Another Tax-Payer Funded Solar Company Goes Bankrupt - Solar Energy - Fox Nation

How much more tax dollars have to be wasted on these companies

These so called companies were just basically Democrat political laundering money machines. Probably the biggest scam I've seen in my lifetime.

I'm a serious conservationist.

I believe in solar and wind energies to be explored but the Dem's found a way to put millions of dollars into companies run by Obama donors.



I mean seriously what's wrong with this picture?

 

[tinydancer]

this does not surprise me. I started trying to get/find what info I could on the companies that have gotten the loans, grants, etc. It was very interesting. I expect many more to fail.

I'm trying to remember who had it. I think it's Ace of Spades. My good Lord. I think it was 75% of monies went to Obama donors. Who had all of a sudden became "green".

 

[depotoo]

this does not surprise me. I started trying to get/find what info I could on the companies that have gotten the loans, grants, etc. It was very interesting. I expect many more to fail.

I'm trying to remember who had it. I think it's Ace of Spades. My good Lord. I think it was 75% of monies went to Obama donors. Who had all of a sudden became "green".

what can I say?

 

[Annie]

Another Tax-Payer Funded Solar Company Goes Bankrupt - Solar Energy - Fox Nation

How much more tax dollars have to be wasted on these companies

I don't know if your citation made the list, it came awhile after this post:

The Complete List of Obama's Taxpayer-Backed Green Energy Failures

It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.

The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.

So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy. The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.

The complete list of faltering or bankrupt green-energy companies:

1. Evergreen Solar ($24 million)*
2. SpectraWatt ($500,000)*
3. Solyndra ($535 million)*
4. Beacon Power ($69 million)*
5. AES’s subsidiary Eastern Energy ($17.1 million)
6. Nevada Geothermal ($98.5 million)
7. SunPower ($1.5 billion)
8. First Solar ($1.46 billion)
9. Babcock and Brown ($178 million)
10. EnerDel’s subsidiary Ener1 ($118.5 million)*
11. Amonix ($5.9 million)
12. National Renewable Energy Lab ($200 million)
13. Fisker Automotive ($528 million)
14. Abound Solar ($374 million)*
15. A123 Systems ($279 million)*
16. Willard and Kelsey Solar Group ($6 million)
17. Johnson Controls ($299 million)
18. Schneider Electric ($86 million)
19. Brightsource ($1.6 billion)
20. ECOtality ($126.2 million)
21. Raser Technologies ($33 million)*
22. Energy Conversion Devices ($13.3 million)*
23. Mountain Plaza, Inc. ($2 million)*
24. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
25. Range Fuels ($80 million)*
26. Thompson River Power ($6.4 million)*
27. Stirling Energy Systems ($7 million)*
28. LSP Energy ($2.1 billion)*
29. UniSolar ($100 million)*
30. Azure Dynamics ($120 million)*
31. GreenVolts ($500,000)
32. Vestas ($50 million)
33. LG Chem’s subsidiary Compact Power ($150 million)
34. Nordic Windpower ($16 million)*
35. Navistar ($10 million)
36. Satcon ($3 million)*

*Denotes companies that have filed for bankruptcy.

The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.

The 2009 stimulus set aside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made. Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.

 

[Annie]

Really, when it comes to R & D, the government has a roll to play in incentives. However, picking winners and losers? Not so good.

Give incentives to R & D, but let the marketplace play out.

 

[RoadVirus]

Another Tax-Payer Funded Solar Company Goes Bankrupt - Solar Energy - Fox Nation

And how much did they donate to Obama/Democrats?

 

[Qantrill]

Another Tax-Payer Funded Solar Company Goes Bankrupt - Solar Energy - Fox Nation

How much more tax dollars have to be wasted on these companies

These so called companies were just basically Democrat political laundering money machines. Probably the biggest scam I've seen in my lifetime.

I'm a serious conservationist.

I believe in solar and wind energies to be explored but the Dem's found a way to put millions of dollars into companies run by Obama donors.



I mean seriously what's wrong with this picture?

And if anyone thinks Obama won't realize a big kickback of all that wasted money after November 6, I've got some prime beach front property for sale down in the Florida Everglades you may be interested in.

 

[tinydancer]

Another Tax-Payer Funded Solar Company Goes Bankrupt - Solar Energy - Fox Nation

And how much did they donate to Obama/Democrats?

I know he bailed out a Kennedy. *disclaimer stoned on NyQuil* I'm not firing on all cylinders.

There was one Kennedy kid who donated millions to Obama and then the money came back around.

All of the sudden out of the blue the Kennedy kid had the $$$$$$$$$$$$$$$ for a solar company.