Skip to comments.Solar co. nets $150M loan despite crash of Evergreen, Solyndra
Posted on 09/10/2011 3:16:53 PM PDT by NoLibZone
Bay State start-up 1366 Technologies Inc. has steered clear of the dark clouds shrouding the nations solar industry.
The Lexington company yesterday finalized a $150 million loan guarantee from the U.S. Department of Energy the same day FBI agents raided bankrupt Solyndra, a DOE-backed California solar panel maker thats become a symbol of green government investment gone wrong.
There are a lot of taxpayer protections in here, 1366 spokesman Craig Lund said. If we deliver on certain milestones then weve got certainty of funding, and on the flip side I think the government has very strong conditions in there.
Lund said 1366 executives werent worried that the meltdown of Solyndra, which landed a $535 million loan guarantee, and the bankruptcy filing by Marlboro-based Evergreen Solar, which received millions in financial aid from Massachusetts, would threaten the DOEs support.
MIT professor Ely Sachs came up with 1366s technology as well as Evergreen Solars.
Solyndra and Evergreen were priced out of the solar panel market by Chinese manufacturers an economic reality that actually reinforced the DOEs faith in 1366, whose technology drives down the cost of solar manufacturing.
This type of pioneering technology is needed to compete and thrive in the global race for solar manufacturing, said U.S. Energy Secretary Steven Chu.
Lund said the loan backing will help 1366 start production and create 70 jobs in Lexington. A full-scale factory, in an undetermined location, would follow with the potential for 500 jobs.
Republican lawmakers have blasted the Obama administrations aid for Solyndra. The Patrick administration took heat last month when Evergreen went belly up, but has
If this sh*t “company” is doing such a great job, why do they require taxpayer dollars to keep their doors open?
Keep in mind -
these are government funding of companies - that are functioning in a government subsidized market -
This is double dipping economic fraud.
Watch the next one - government will fund some solar, so they can sell below market value, so that some other entity can claim that “see - solar is economically viable!” (oh - wait - that is the GM Volt story - another double dipper.)
Thieves are more honest than this administration.
Prof. Emanuel Sachs, 1366 Technologys Chief Technical Officer, to the US Congress: By 2020 were talking trillions of dollars in total revenue."
Hmm. Well, you heard it here first. Trillions in revenue. Why do I find myself fingering my wallett to make sure it's still there?
This damn place is a start up, they have no factory, rub your butts you have just been had again.
I wonder if Vegas is making odds and taking bets??
Even without the help of fraud, central planning can’t work, at least when the beneficiary of taxpayer money is a company with a developing technology. Such a company has to be able to turn on a dime when confronted with sudden realities. They must react quickly either to new opportunities, or to disappointing developments, like the fact that a planned on technology has suddenly become outmoded or uneconomical. That’s why the great Silicon Valley companies like Apple and HP started up with a couple of guys in ramshackle surroundings.
Here’s quote from “Parkinson’s Law” from the 1950’s.
“Examples abound of new institutions coming into existence with a full complement of of deputy directors, consultants, and executives, all these coming together in a building specially designed for their purpose. And experience proves that such an institution will die. ..................... When we see an example of such planning- for example when we are confronted by the building for the United Nations- the experts among us shake their heads sadly, draw a sheet over the corps, and tiptoe quietly into the open air.”
Cut the check! This is different! New! Solar! Green! new..sol..gr new
because no banker in his right mind would give any of these “green companies” a dime.
anything “green” that is actually viable economically will simply be produced in China for less like everything else.
It’s a 4 part scam:
You start a so called “green company”
You get a loan for 100’s of millions from the government
You pay yourself a few million a year salary
You go bankrupt and walk away a rich man
The list, ping
Let me know if you would like to be on or off the ping list
That is such a bargain at $2,142,857.14 to justify each job!
What is 70 min wage jobs, when 43,000 are losing their high paid jobs when 0’care goes into effect probably more, that is the ball park figure from the medical equipment makers.
Or today when Kroger’s bought out Schnucks here in Memphis, those who had been with the company for years have to reapply at beginners wages, and loss of seniority.
Or a few days ago when a factory in a neighboring state went up in flames and a 100 or so good paying jobs were lost.
0 can’t turn this economy he destroyed around in 16 months, no matter if he put a trillion $ into the economy, it would all go to union workers, to be funneled into DNC coffers, to get his sorry A re-elected.
I lived through Carter, and Carter was a piker compared to this MARXIST!