Skip to comments.Solyndra Not Sole Firm to Hit Rock Bottom Despite Stimulus Funding
Posted on 09/15/2011 11:50:31 AM PDT by Oldeconomybuyer
Solyndra, the solar panel company whose highly publicized failure and consequent investigation by federal authorities has flashed across headlines recently, isn't the only business to go belly up after benefiting from a piece of the $800 billion economic stimulus package passed in 2009.
At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.
Evergreen Solar Inc., indirectly received $5.3 million through a state grant to open a $450 million facility in 2007 that employed roughly 800 people. The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn't compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.
SpectraWatt, based in Hopewell Junction, N.Y., is also a solar cell company that was spun out of Intel in 2008. SpectraWatt was one of 13 companies to receive the money to help develop ways to improve solar cells without changing current manufacturing processes.
The company filed for bankruptcy last month, saying it could not compete with its Chinese competitors, which receive "considerable government and financial support."
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This issue is becoming a “were there’s smoke, there’s fire” issue real quick
What did BHO know and when did he know it?
The list, ping
Let me know if you would like to be on or off the ping list
He wants to bankrupt our country.
These companies have to be too risky, or unsuccessful to attract private financing. Otherwise, how would the “stimulus” money “create or save jobs”? They also have to be promising enough to merit the “investment” of public money.
That can only work, where government analysts have “discovered” little bits of gold, that the private sector dumped in the tailings pond. Most of what glitters there are pyrites & that is what the government analysts are most likely to “discover”.
Put heavy tariffs on China and things will level out.
The problem isn’t merely that a couple of companies that took stimulus money failed. Failure is a normal part of any risky endeavor.
The REAL issue is that there are NO success stories to counterbalance the failures. None. Zero, zip, zilch, nada.
If there were they’d be in our face 24/7, courtesy of the Obama Press Corps.
No, the best result they can claim from this taxpayer rape is that “not every green-tech company we funded has gone bankrupt yet”. Lame.
If the GOP is skillful at communicating and exploiting this, it will be a torpedo below Barky’s waterline.
Special prosecutor! !!!!!
and what is he doing right now to keep any of these others from filling bankruptcy and landing in the headlines?
And the hits just keep on coming. What a tangled web they weave.
Maks sense to me...SCREW the consumer, right?
California, Mass, NY and Wisconsin.
What do these 4 states (now 3) have in common? Anyone? Bueller?
Solar is a waste of money. Call a Solar company and get a quote. Then figure out how long you’ll have to live to pay it off. I did and the cost was over $30K. No way was I going for that, if with a refund.
People who would benefit from stupid moves like jacking up tariffs to protect domestic union workers?
We knew this was coming, but we all thought they could hide it past 2012.
American taxpayers, workers, and their children have been robbed by Hussein Obama.
Been hearing a lot of radio ads around Albany, NY regarding Solar City, another Solar company. Albany has an averages about 53% of available year round sunshine and the shortest day of the year us a 9 hours and 3 minutes. It appears that Solar City locks you in to purchase Solar panels for years. Since the days are really short in the winter it would not appear that the payback period will NOT work out very well but will check it out. They entice potential customers by dangling tax credits as discounts.
Will check further.
Yep. Straight A’s.
For me, it's the idea that the President - any President - is playing venture capitalist. If I wanted to invest in a start up, I can do that myself. There's also the "moral hazard" concept. It has been removed in this case just like in the case of bundling mortgages and pawning them off on investors.
>> For me, it’s the idea that the President - any President - is playing venture capitalist.
In my post I may have implied that that concept was okay. It isn’t. My bad.
I just read about lease arrangements where the solar company retains ownership of the panels .. they get much better incentives/rebates than homeowners ,, they also get a higher price for electricity sold back to the power company .. you get a fixed percentage of electricity sales .. low down $$$$ ..
‘Fast & Furious’ & Solyndra & would be enough to impeach any White President !!