Posted on 07/18/2012 1:38:35 PM PDT by Nachum
Here we go again.
Yet another example of the Obama White House's failed attempt to pick winners and losers and doing so by gambling with our our tax dollars, this time to the tune of $6 million in tax credits and $15.6 in grant money from the U.S. Department of Energy.
This company, Amonix, is only 14 months old.
How in the world did it qualify for that kind of tax dollar windfall without any kind of track record?
Oh:
Nevada Sen. Harry Reid, U.S. Rep. Shelley Berkley, D-Nev., and Gov. Brian Sandoval were among the political leaders who lauded the company when it announced it would start making solar cells in the Golden Triangle Industrial Park.
And naturally, Obama has his fingerprints all over it:
The Amonix solar manufacturing plant in North Las Vegas, heavily financed under an Obama administration energy initiative, has closed its 214,000-square-foot facility 14 months after it opened.
Officials at Amonix headquarters in Seal Beach, Calif., have not responded to repeated calls for comment this week. The company today began selling equipment, from automated tooling systems to robotic welding cells.
(Excerpt) Read more at breitbart.com ...
This is HO HUM to the media....they will NEVER cover this.
The list, Ping
Let me know if you would like to be on or off the ping list
A quick check will show that several of the executive mangement team were either bundlers or max-amount contributoras for Obamugabe.
This is what happens when somebody tries to build a company without roads in front of it, or without great teachers in somebody's lives, or without the government-internet or....
Looks like they must not have had the great teachers, roads and bridges that successful businesses had.
It is sad to see any American manufacturing plant close.
But the the businesses who cannot compete and make a profit will fail.
Who never knows somone could have some of their growing pains..... how about some bonuses!!! /s
Can President Obama Name ONE Clean (Green) Energy Success?
Heritage Action for America ^ | 04/10/2012 | Ashe Schow
Posted on Wednesday, April 18, 2012 9:12:44 AM by Responsibility2nd
For those who only hear about these failing companies one by one, the following is a list of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy. The liberal media hopes you’ve forgotten about all of them except Solyndra, but we haven’t.
That’s 17 (that we know of so far). We also know that loans went to foreign clean energy companies (Fisker sent money to their overseas plant to develop an electric car), and that 80% of these loans went to President Obama’s campaign donors.
The President is trying to claim in his first official campaign ad that he’s created 2.7 million clean energy jobs. When you look at all the companies going bankrupt, some of those jobs might have been paid for by the stimulus, but they are gone now. You can’t claim we’re up 2.7 million jobs if so many of those jobs have been subsequently lost.
Keep this list in mind the next time the media pretends that Solyndra was the only failure.
(Excerpt) Read more at heritageaction.com ...
Wow. Thanks for the list.
In this case, we can say to the bundlers who started this business, “you didn’t build that, you had help along the way”.
Obama needs more mad money for his campaign...?
My question is...have there been ANY solar/green
companies backed by this administration that have
been successful???
THANK YOU for that list. Heritage actually has a list of 22 (so far). Put the link on my site.
Here is the link to the Heritage page:
http://heritageaction.com/2012/07/can-president-obama-name-one-clean-energy-success/
unlikely
USA solar faces two big problems:
Chinese low cost competition
and cheap nat gas as a very viable alternative
Great.
I’m glad that someone is keeping up with the phony-baloney green energy crap that Øbama is spending billions of taxpayer dollars on.
follow the money...no one wants to investigate or audit these companies to find out where the cash went????/
Thanks for this list (and the link). This info would look great as a letter to the editor of the local rag.
Amonix is another company declaring bankruptcy after not being able to make it in the solar energy market. This is another company that was heavily subsidized by the federal government with 6 million dollars in tax credits and a 15 million dolllar grant from the US Department of Energy. The company has only been open for 14 months.
This is one of a long line of clean energy companies that have recently failed or faced difficulty
* Solar Trust of America - Opened in 2009 and went bankrupt in April of 2012. Solar Trust received a 2.1 billion dollar loan guarantee from the Dept of Energy but fortunately turned it down.
* Bright Source - Opened in 2008 and is still in business thanks to a last minute 1.6 billion dollar loan in March of 2011 that staved off financial failure. Interestingly enough, the loan is now part of an ethics probe. Apparently, Bright Source hired Vice President Joe Biden’s former chief of staff to lobby the administration for the loan.
* Solyndra - Founded in 2005 and bankrupt in August of 2011. Solyndra was considered for a US Dept of Energy Loan by the Bush Administration, but it was eventually unanimously declined. In March 2009, the US Dept of Energy approved a 527 million loan even though a budget analys stated that the project “This deal is not ready for prime time.” Solyndra received a 25 million dollar tax break from California. To help sales, in 2010, the IRS chipped in and gave an additional 30% tax credit for customers who installed 10,000 dollars worth of Solyndra panels.
* Azure Dynamics - In another case of good fortune, the DOE did not give a grant or loan to Azure Dynamics before it declared bankruptcy in the spring of 2012. The state of Michigan did give a 1.7 million dollar tax credit in 2009. Azure did receive a four year 112 million dollar contract from the Government Service Agency which allowed the military and government agencies to order the Transit Connect EV.
Related to this, Johnson Controls received a 299 millon dollar grant from the American Recovery and Reinvestment Act and 168.5 millions dollars in incentives from the state of Michigan to build a plant in Holland, MI. This plant was supposed to work in conjunction with Azure Dynamics to build electric vehicles. The bankruptcy unfortunately has caused a slow down in production at the plant and caused Johnson Controls to lose money that it invested in Azure Dynamics.
* Beacon Power - Beacon was founded in 1997 and went bankrupt in October of 2011. In 2009, Beacon received a 43 million dollar loan guarantee for the DOE. Beacon also received an additional 29 million dollars in grants from Pennsylvania and the US. As a side note, in Feb of 2012, Rockland Capital, a private equity group, bought most of the companies assets. As another aside, partner Joseph Lambeth of Rockland gave 20,000 to the DNC and Barack Obama in 2011.
* Abound Solar - Abound Solar received a 400 million dollar loan from the DOE in 2010. In declared bankruptcy in June of 2012. Forutnately for tax payers, it is reported that only 40 to 60 million dollars of the loan will be lost after the sale of assets. In 2010, President Obama praised the company in one of his speeches: “The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.” Pat Stryker, one of the wealthiest 400 people in America, was a major back of the plant and a bundler for President Obama.
* Evergreen Solar - Founded in 1994, it went bankrupt in August of 2011. Evergreen received 58 million dollars in financial aid from the state of Massachusetts. After the bankruptcy, Evergreen was sued by the DOE in order to prevent it from selling patents to firms not based in the US. It is argued that these patents were developed between 2002 and 2005 using a 3 million dollar federal grant.
* Ener1 - Ener1 received a 118.5 million dollar grant from the DOE in 2010. The company declared bankruptcy in March of 2012. In January of 2011, Vice President Biden visited Ener1 in order to proclaim how successful it was.
* Uni-Solar - Uni-Solar received a 13.275 million dollar federal tax credit in January of 2010. Then, in June of 2012, Uni-Solar declared bankruptcy. In May of 2006, The Greenville City Council approved 45 millions dollars worth of incentives for Uni-Solar. These included tax breaks, grants, and employee training.
* Energy Conversion Devices - Another Michigan company declared bankruptcy in February of 2012. This company was a subsidiary of Uni-Solar. In the Spring of 2009, it did receive a 13.3 million dollar tax credit from the stimulus program and it was predicted that the company would create 600 new jobs. In order to save money, in August of 2010, it shipped 140 jobs from its Michigan factory to Mexico.
* A123 Systems - In August of 2009, A123 received 249 million dollar grant from the DOE. Part of the grant was used to refurbish plants in Livonia and Romulus MI. In November of 2011, 125 workers were laid off from these plants after A123 produced faulty batteries for another DOE grant recipient Fisker Automotive. The faulty batteries were quite the embarrassment since they prevent consumer reports from test a Fisker automobile. As of now, there is a 55 million dollar recall effort out by A123 to reclaim faulty batteries. The DOE grant was supposed to be completely used by the end of 2012, but the DOE has extended the period to the end of 2014. In 2011, A123 lost 257 million dollars in 2011, 152.6 million in 2010, and 85 million in 2009. At the start of 2010, A123’s stock price was over 20 per share. Now it is under 90 cents. It is currently being sued by a NY based law firm over inadequacies in disclosure related to the defective batteries.
Between 2008 up until now, executives from the company donated more than 22000 dollars to Barack Obama, the Democratic Senatorial Campaign Committee, Senator John Kerry, and Representative Ed Markey while sending 1000 dollars to Scott Brown.
* Ecotality - In August of 2009, Ecotality received a 99.8 million dollar grant from the DOE. In June of 2010, it received another 15 million dollar grant from the DOE. Since June of 2010, Ecotatlity has been investigated by the SEC for stock issues, sued the state of California for working with NRG in building a competing network of charging stations. Ecotatlity turned it first ever profit in the first quarter of 2012, making 1.2 million dollars. The stock was valued at 34.80 in August of 2007. In July of 2012, it is valued at .47 per share.
* SunPower - The already financially troubled SunPower (800 million in debt) received a 1.2 billion dollar loan guarantee from the DOE in the spring of 2011. Shortly thereafter, it sold a 60% stake of itself to French Energy company Total, who then gave the company a 1 billion dollar credit line. The 1.2 billion dollar loan was to be used to create a solar power ranch. This was actually sold to NRG. The ranch is projected to create 15 full time jobs. Representative George Miller has stated that SunPower is a success after touring one of its plants. Mr Miller’s son works for the lobbying firm employed by SunPower. Interestingly enough, after the Solyendra scandal broke, someone at the DOE went back and scrubbed the website of references to SunPower.
The Obama Administration has stated over and over that each of these companies received funding based on merit. In the book “Throw Them All Out”, the author Peter Schweizer shows that 71% of the DOE grants and loans went to bundlers for Obama’s Presidential campaign, members of Obama’s National Finance Committee, or large donors to the Democratic Party. The 71% raised 457,834 dollars for Obama and the Democratic Party and received 11.35 billion dollars in DOE handouts.
Amonix is another company declaring bankruptcy after not being able to make it in the solar energy market. This is another company that was heavily subsidized by the federal government with 6 million dollars in tax credits and a 15 million dolllar grant from the US Department of Energy. The company has only been open for 14 months.
This is one of a long line of clean energy companies that have recently failed or faced difficulty
* Solar Trust of America - Opened in 2009 and went bankrupt in April of 2012. Solar Trust received a 2.1 billion dollar loan guarantee from the Dept of Energy but fortunately turned it down.
* Bright Source - Opened in 2008 and is still in business thanks to a last minute 1.6 billion dollar loan in March of 2011 that staved off financial failure. Interestingly enough, the loan is now part of an ethics probe. Apparently, Bright Source hired Vice President Joe Biden’s former chief of staff to lobby the administration for the loan.
* Solyndra - Founded in 2005 and bankrupt in August of 2011. Solyndra was considered for a US Dept of Energy Loan by the Bush Administration, but it was eventually unanimously declined. In March 2009, the US Dept of Energy approved a 527 million loan even though a budget analys stated that the project “This deal is not ready for prime time.” Solyndra received a 25 million dollar tax break from California. To help sales, in 2010, the IRS chipped in and gave an additional 30% tax credit for customers who installed 10,000 dollars worth of Solyndra panels.
* Azure Dynamics - In another case of good fortune, the DOE did not give a grant or loan to Azure Dynamics before it declared bankruptcy in the spring of 2012. The state of Michigan did give a 1.7 million dollar tax credit in 2009. Azure did receive a four year 112 million dollar contract from the Government Service Agency which allowed the military and government agencies to order the Transit Connect EV.
Related to this, Johnson Controls received a 299 millon dollar grant from the American Recovery and Reinvestment Act and 168.5 millions dollars in incentives from the state of Michigan to build a plant in Holland, MI. This plant was supposed to work in conjunction with Azure Dynamics to build electric vehicles. The bankruptcy unfortunately has caused a slow down in production at the plant and caused Johnson Controls to lose money that it invested in Azure Dynamics.
* Beacon Power - Beacon was founded in 1997 and went bankrupt in October of 2011. In 2009, Beacon received a 43 million dollar loan guarantee for the DOE. Beacon also received an additional 29 million dollars in grants from Pennsylvania and the US. As a side note, in Feb of 2012, Rockland Capital, a private equity group, bought most of the companies assets. As another aside, partner Joseph Lambeth of Rockland gave 20,000 to the DNC and Barack Obama in 2011.
* Abound Solar - Abound Solar received a 400 million dollar loan from the DOE in 2010. In declared bankruptcy in June of 2012. Forutnately for tax payers, it is reported that only 40 to 60 million dollars of the loan will be lost after the sale of assets. In 2010, President Obama praised the company in one of his speeches: “The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.” Pat Stryker, one of the wealthiest 400 people in America, was a major back of the plant and a bundler for President Obama.
* Evergreen Solar - Founded in 1994, it went bankrupt in August of 2011. Evergreen received 58 million dollars in financial aid from the state of Massachusetts. After the bankruptcy, Evergreen was sued by the DOE in order to prevent it from selling patents to firms not based in the US. It is argued that these patents were developed between 2002 and 2005 using a 3 million dollar federal grant.
* Ener1 - Ener1 received a 118.5 million dollar grant from the DOE in 2010. The company declared bankruptcy in March of 2012. In January of 2011, Vice President Biden visited Ener1 in order to proclaim how successful it was.
* Uni-Solar - Uni-Solar received a 13.275 million dollar federal tax credit in January of 2010. Then, in June of 2012, Uni-Solar declared bankruptcy. In May of 2006, The Greenville City Council approved 45 millions dollars worth of incentives for Uni-Solar. These included tax breaks, grants, and employee training.
* Energy Conversion Devices - Another Michigan company declared bankruptcy in February of 2012. This company was a subsidiary of Uni-Solar. In the Spring of 2009, it did receive a 13.3 million dollar tax credit from the stimulus program and it was predicted that the company would create 600 new jobs. In order to save money, in August of 2010, it shipped 140 jobs from its Michigan factory to Mexico.
* A123 Systems - In August of 2009, A123 received 249 million dollar grant from the DOE. Part of the grant was used to refurbish plants in Livonia and Romulus MI. In November of 2011, 125 workers were laid off from these plants after A123 produced faulty batteries for another DOE grant recipient Fisker Automotive. The faulty batteries were quite the embarrassment since they prevent consumer reports from test a Fisker automobile. As of now, there is a 55 million dollar recall effort out by A123 to reclaim faulty batteries. The DOE grant was supposed to be completely used by the end of 2012, but the DOE has extended the period to the end of 2014. In 2011, A123 lost 257 million dollars in 2011, 152.6 million in 2010, and 85 million in 2009. At the start of 2010, A123’s stock price was over 20 per share. Now it is under 90 cents. It is currently being sued by a NY based law firm over inadequacies in disclosure related to the defective batteries.
Between 2008 up until now, executives from the company donated more than 22000 dollars to Barack Obama, the Democratic Senatorial Campaign Committee, Senator John Kerry, and Representative Ed Markey while sending 1000 dollars to Scott Brown.
* Ecotality - In August of 2009, Ecotality received a 99.8 million dollar grant from the DOE. In June of 2010, it received another 15 million dollar grant from the DOE. Since June of 2010, Ecotatlity has been investigated by the SEC for stock issues, sued the state of California for working with NRG in building a competing network of charging stations. Ecotatlity turned it first ever profit in the first quarter of 2012, making 1.2 million dollars. The stock was valued at 34.80 in August of 2007. In July of 2012, it is valued at .47 per share.
* SunPower - The already financially troubled SunPower (800 million in debt) received a 1.2 billion dollar loan guarantee from the DOE in the spring of 2011. Shortly thereafter, it sold a 60% stake of itself to French Energy company Total, who then gave the company a 1 billion dollar credit line. The 1.2 billion dollar loan was to be used to create a solar power ranch. This was actually sold to NRG. The ranch is projected to create 15 full time jobs. Representative George Miller has stated that SunPower is a success after touring one of its plants. Mr Miller’s son works for the lobbying firm employed by SunPower. Interestingly enough, after the Solyendra scandal broke, someone at the DOE went back and scrubbed the website of references to SunPower.
The Obama Administration has stated over and over that each of these companies received funding based on merit. In the book “Throw Them All Out”, the author Peter Schweizer shows that 71% of the DOE grants and loans went to bundlers for Obama’s Presidential campaign, members of Obama’s National Finance Committee, or large donors to the Democratic Party. The 71% raised 457,834 dollars for Obama and the Democratic Party and received 11.35 billion dollars in DOE handouts.
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