Skip to comments.Beacon Power bankrupt; had U.S. backing like Solyndra
Posted on 10/31/2011 6:10:41 AM PDT by kcvl
(Reuters) - Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.
The bankruptcy comes about two months after Solyndra -- a solar panel maker with a $535 million loan guarantee -- also filed for Chapter 11, creating a political embarrassment for the administration of President Barack Obama, which has championed the loans as a way to create "green energy" jobs.
Beacon Power drew down $39 million of its government-guaranteed loan to fund a portion of a $69 million, 20-megawatt flywheel energy storage plant in Stephentown, New York.
There are several key differences between the two loans, an Energy Department spokesman said on Sunday, noting the Beacon plant continues to operate, unlike Solyndra, which shut down shortly before filing for bankruptcy.
The Energy Department also had agreed to restructure Solyndra's debt in a last-ditch effort to keep the company alive, a deal which put taxpayers behind $75 million in private investment. But for the Beacon project, the government loan is the first debt the company must pay, the spokesman said.
(Excerpt) Read more at reuters.com ...
WHERE ARE THE REPUBLICANS????
Doesn’t all this obvious crony capitalism count as bribery and robbery? The Repubs should be out and about and screaming at the gods over this waste of our taxpayer money! Yet silence is all we hear save the Rush Limbaugh’s, Mark Levin’s.
I have a silly anecdotal comment about solar power and welcome brickbats if I’m nuts....but I love yard ornaments of all sorts. I have little grave markers for my deceased pets, raccoons holding lanterns, crabs scurrying in the garden. A lot of this stuff has so-called solar panels in them. NONE OF THEM WORK!
They’re supposed to, I dunno, glow at night or some such, after gathering power all day from the sun. They’ve never worked since I’ve got them and don’t work now, no matter the age and even if situated in direct sunlight.
I’m jus’ sayin’.
Seems like a loan from Obama is the kiss of death..
“But for the Beacon project, the government loan is the first debt the company must pay, the spokesman said.”
Whew! That sure eases my worries....NOT!
What is one more political embarrassment to Obama?
Political embarrassments do not harm him in any way.
He is supported by a percentage of followers who wear blinders,because of his race and his political party.
Fast and Furious, his atropcious Obamacare, his handing the Middle East to the Muslim Brotherhood, his travels at our expense, vacations, His EO’s and regulations destroying jobs ,should be a burden no President could overcome, but nothing seems to faze his followers. Even the fact that blacks are suffering more than anyone from no jobs and illegals taking their jobs.
Zero is SO GOOD at picking winners. . . . .
Why didn’t this show up in my post??? Sure hope it works. Copying and pasting didn’t!!!!
Where is this company ??
If I skimmed the article correctly its in Massachusetts.
Maybe part of the bankruptcy cause is the HEALTH CARE SHAM in Mass ??! Romneycare.
Will the media investigate this? Nope.
1200 Pennsylvania Ave.
``Bring us your items!
-We will give you cash!-
-We won`t even check to see if they work or not!``
Beacon Power Corp
65 Middlesex Rd
Tyngsboro, Massachusetts 01879
Andover, MA 01810
Beacon Power Corporation/CEO OBAMA, BARACK (D)
OBAMA VICTORY FUND $500
I built one of these in my garage but I'm still trying to finalize design on the perpetual motion power source to drive it.
What about that Duck thingy.
I thought it was 1600 Pennsylvania Avenue?
Check the batteries. There is probably something like a little piece of paper in there to keep the battery from making a connection so that it won’t cycle on and off while in the store.
Thanks for posting.
DEFUND socialist collectives. This crony fascism/socialism/totalitarianism is destroying America.
I used to have one of those robots when I was a little kid! Brings back memories of Christmases past...
A good investigative reporter would want to know who held the $75 million in debt to Solyndra who benefited from the last minute restructure.
We are watching Atlas Shrugged play out in real time.
I shall do that. Though I do remember slips of paper sticking out from time to time.
Please remember these are various items I’ve bought over the years. One example are little lanterns that hang on a short shepherd’s crook type of pole. They sit in the sun all day and are suppose to glow at night. They look nice during the day but so far as I remember they never glowed at night. But I’ve had them for five years.
Then some kind of rock thing that has a solar panel. Supposed to be a monument for a dead pet buried beneath or some such. The thing has NEVER glowed.
There really is plenty of sunshine in my yard. Maybe they don’t glow all that brightly?
Hey, maybe it’s just me but I’m convinced this is a technology needed more work.
Nobody likes an occupier. Nobody likes a thief. This man is a THIEF and he is ROBBING the American people to get himself rich and to get his friends rich.
Command-and-control is such a miserable way to run an economy that even the Russians and Chinese have given it up. Only here, with this warmed-over, rehashed, sophomoric, marxist-leninist garbage, is the left trying to play the same tired old song of greed and envy.
As a smart guy on CNBC once said...
China has central planning by engineers, mathematicians, and scientists, and the US has central planning by lawyers.
By definition, they win.
It is true they are some who will never tire of Obama, there are more than a few who are disillusioned. His poll numbers are low not just because of Republicans.
They want to stay under the radar......glass houses, stones etc....silence is preferred to having their own warts uncovered.
So true, ichabod1.
Now it is true that if one considers the sheer pleasure of commanding to be the greatest joy in life, he contemplates a crime against society - Frederic Bastiat 1801-1850
“Theyre supposed to, I dunno, glow at night or some such, after gathering power all day from the sun. Theyve never worked since Ive got them and dont work now, no matter the age and even if situated in direct sunlight.”
Sounds like an apt description of millions of Democrats to me.
Looks good....as long it can crank out enough power to spin a 35 ton flywheel.
You'd need a duck weighing at least 140 tons.
Luckily for you, I happen to have one for sale. Just send check or money order for $1,000,000 to ....(redacted)
, and you'll have your giant perpetual motion duck in practically no time. Or, for just $1,000 more, we can send your duck via FTL shipping, and you'll have it last Thursday.
Gonna need a bigger duck.
White collar crime is way past due to be raised to a much higher level of punishment and investigation. Every aspect of the CEOs and crooks involved need investigated and examined in detail. Strip them of their ill got gains and taxpayer accumulated wealth, and I would have done the same with Wall St. bankers too.
Ill gotten gains need to be forcibly extracted and returned to taxpayers even if they all are as I suspect very politically connected and it could be to both Parties.
How were these individuals that benefited from taxpayer largesse actually selected? What and who did they know and who specifically selected them? What were their qualifications to run such a company? Many were financiers without any technical knowledge of product or experience.
Was this one headed up by James Taggart or Orrin Boyle? Atlas Shrugged is being played out right before our very eyes.