Skip to comments.Solar energy company missed state payments over Iron Range plant
Posted on 09/05/2012 3:39:50 PM PDT by TurboZamboni
The solar energy systems manufacturer has missed the first two payments of a $1.5 million state loan to build a factory on the Iron Range last year, but state and company officials say they're optimistic the business can still thrive if a state rebate program are extended. Silicon Energy failed to make $80,000 in schedule quarterly payments earlier this year, and it has reduced its workforce at its Mountain Iron, Minn., assembly plant from 15 employees to 11, Tony Sertich, commissioner of the Iron Range Resources and Rehabilitation Board, said Wednesday, Sept. 5.
Silicon Energy, based in Washington State, has made less than half its projected first year revenue of $6 million to $8 million and is going to negotiate a new payment schedule with the state agency, CEO Gary Shaver said Wednesday.
(Excerpt) Read more at twincities.com ...
[. . . it has reduced its workforce at its Mountain Iron, Minn., assembly plant from 15 employees to 11. . .]
“Assembly plant” with 11 employees. If these guys were using their own money they’d just call it a “shop” or “my garage.”
"State and company officials say they're optimistic the business can still thrive if a state rebate program are extended."
Their business model is flawed - The company cannot operate profitably.
They need taxpayer funded rebates to sell their overpriced products.
The company will fold the minute the subsidies stop.
GREEN SCAM: 80% Of Green Energy Loans Went To Obama Donors - 19 Companies Went Bust
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 Obamas stimulus that are now failing or have filed for bankruptcy. The liberal media hopes youve forgotten about all of them except Solyndra, but we havent.
Evergreen Solar SpectraWatt Solyndra (received $535 million) Beacon Power (received $43 million) AES subsidiary Eastern Energy Nevada Geothermal (received $98.5 million) SunPower (received $1.5 billion) First Solar (received $1.46 billion) Babcock & Brown (an Australian company which received $178 million) Ener1 (subsidiary EnerDel received $118.5 million) Amonix (received 5.9 million) The National Renewable Energy Lab Fisker Automotive Abound Solar (received $400 million) Chevy Volt (taxpayers basically own GM) Solar Trust of America A123 Systems (received $279 million) Willard & Kelsey Solar Group (received $6 million) Johnson Controls (received $299 million) Schneider Electric (received $86 million)
Thats 19 (that we know of so far).
why would anyone build a factory up on the range unless it uses the natural resources from the local area? everything would have to be trucked in and out from a long distance, just the logistics alone would prove the venture unprofitable