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U.S. poised to hand over $197 million to San Jose solar panel startup
Mercury News ^ | 9/24/12 | Nichola Groom - Reuters

Posted on 09/24/2012 2:50:16 PM PDT by NormsRevenge

LOS ANGELES -- A tiny San Jose solar company named SoloPower will flip the switch on production at a U.S. factory Thursday, a major step toward allowing it to tap a $197 million government loan guarantee awarded under the same controversial program that supported failed panel maker Solyndra.

SoloPower has initiated a strategy to differentiate it from struggling commodity players in the solar panel industry. Still, there are several similarities between SoloPower and Fremont-based Solyndra -- which became a lightning rod in the U.S. Presidential campaign this year after taking in more than $500 million in government loans and then filing for bankruptcy.

Like Solyndra, SoloPower is a Silicon Valley start-up and uses the same non-traditional raw material in its solar panels. And, like its now-defunct peer, SoloPower is one of just four U.S. panel manufacturers to clinch loan guarantees under the Department of Energy's $35 billion program to support emerging clean energy technologies. The DOE payments to SoloPower will come on top of the $56.5 million SoloPower has collected in loans, tax credits and incentives from the state of Oregon and the city of Portland, where its first factory will be located.

And, perhaps most importantly, SoloPower is entering the market at a time of cutthroat competition from cheaper solar products made in China.

(Excerpt) Read more at mercurynews.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; Politics/Elections
KEYWORDS: boondoggle; fail; green; poised; sanjose; siliconvalley; solarpanel; solopower; solyndra; startup

1 posted on 09/24/2012 2:50:19 PM PDT by NormsRevenge
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To: NormsRevenge
and America takes another one in the........


2 posted on 09/24/2012 2:52:54 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: NormsRevenge
U.S. poised to hand over $197 million to San Jose solar panel startup

The DOE payments to SoloPower will come on top of the $56.5 million SoloPower has collected in loans, tax credits and incentives from the state of Oregon and the city of Portland, where its first factory will be located.

Well, that's $235,500,000 that US, Oregon, and Portland taxpayers can kiss goodbye so some Greens can feel good momentarily. More once the lawyers get involved during the inevitable collapse.

*sigh*

Maybe I should start a solar power company. For 2 years of work I could end up with several million dollars in self-awarded bonuses and salary after the whole thing collapses. Not bad...
3 posted on 09/24/2012 2:54:16 PM PDT by verum ago (Be a bastard, and Karma'll be a bitch.)
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To: NormsRevenge
And the hits keep coming.


Obama-Promoted Battery Plant Moves to 'Rolling Furloughs' As Company Pulls Back on Jobs Projections (LG Chem)

$150 million from the feds and another $100 million from the state of Michigan.
4 posted on 09/24/2012 2:55:45 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: NormsRevenge

They haven’t learned a lesson at all.

How is this company going to compete with China? China’s is going to be so cheap soon you can paint your house with it


5 posted on 09/24/2012 2:56:20 PM PDT by GeronL (http://asspos.blogspot.com)
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To: NormsRevenge

Probably picked up some nice equipment at a garage sale.


6 posted on 09/24/2012 2:56:57 PM PDT by Vince Ferrer
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To: NormsRevenge

I wonder which execs of the previous failures are in charge of this one?


7 posted on 09/24/2012 2:57:07 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: NormsRevenge

Although the article doesn’t mention in it, I would venture to guess that there is one more similarity to Solyndra. Most likely the guys who run it are big time Democrat cronies and donors. Those are the only folks Obama supports.


8 posted on 09/24/2012 2:57:34 PM PDT by Cicero (Marcus Tullius)
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To: verum ago

It will shut in 2 years and the guys who started it can walk away with a million or two in each pocket


9 posted on 09/24/2012 2:58:54 PM PDT by GeronL (http://asspos.blogspot.com)
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To: NormsRevenge

If it were profitable and there were a market for it, you’d have investors doing handstands and would not need govt money.


10 posted on 09/24/2012 2:59:26 PM PDT by informavoracious (Abortions are unproductive wrongs, not reproductive rights.)
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To: cripplecreek

Let me guess the CEO or management will each get paid $50,000 a month for 2 years get a bonus and then shut down the company


11 posted on 09/24/2012 3:00:10 PM PDT by GeronL (http://asspos.blogspot.com)
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To: Chode
Photobucket
12 posted on 09/24/2012 3:05:00 PM PDT by EGPWS (Trust in God, question everyone else)
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To: NormsRevenge

The ‘green’ industries are nothing more than MONEY LAUNDERING OPERATIONS FOR TEAM OBAMA.


13 posted on 09/24/2012 3:05:17 PM PDT by Obama_Is_Sabotaging_America
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To: NormsRevenge

Payback for consistent Democrat campaign donations.

CAVALIER, JOHN
LOUDONVILLE, NY 12211
MAPINFO

SWEENEY, JOHN E.
VIA SWEENEY FOR CONGRESS, INC
09/29/2006 1000.00 27940014444

CAVALIER, JOHN
LOUDONVILLE, NY 12211
MAPINFO CORPORATION

BROOKS, TRACEY
VIA FRIENDS OF TRACEY BROOKS
03/31/2008 1000.00 28931747589

CAVALIER, JOHN
LOUDONVILLE, NY 12211
NOT EMPLOYED

GILLIBRAND, KIRSTEN ELIZABETH
VIA GILLIBRAND FOR SENATE
06/30/2009 2000.00 12020103950

CAVALIER, JOHN
LOUDONVILLE, NY 12211
RETIRED

TONKO, PAUL DAVID
VIA PAUL TONKO FOR CONGRESS
09/23/2010 500.00 10932122060

CAVALIER, JOHN
LOUDONVILLE, NY 12211
RETIRED CHAIRMAN, CEO, PRESIDENT

BROOKS, TRACEY
VIA FRIENDS OF TRACEY BROOKS
08/18/2008 1300.00 28991953780

CAVALIER, JOHN
LOUDONVILLE, NY 12211
SELF

SCHUMER, CHARLES E
VIA FRIENDS OF SCHUMER
05/27/2010 2400.00 10020524228

CAVALIER, JOHN
NEW YORK, NY 10010
CREDIT SUISSE

SPECTER, ARLEN
VIA CITIZENS FOR ARLEN SPECTER
05/20/2008 1500.00 28020322384


14 posted on 09/24/2012 3:05:17 PM PDT by Uncle Miltie (You didn't build that. The private sector is doing fine. We tried our plan and it worked.)
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To: verum ago
hand over $197 million
on top of the $56.5 million

that's $235,500,000

Have you considered applying for a government accounting job?

;-)

15 posted on 09/24/2012 3:05:24 PM PDT by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: GeronL

LG is a big global company and shouldn’t have needed subsidies in the first place.


16 posted on 09/24/2012 3:06:28 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Uncle Miltie

197 million is going to be used for campaign contributions, it seems this is just a money laundering scheme.

(kind of like giving a judge campaign contributions and then recieving court appointed cases from the same judge)


17 posted on 09/24/2012 3:07:17 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Vince Ferrer
Probably picked up some nice equipment at a garage sale.

Probably the one at Solyndra.

18 posted on 09/24/2012 3:09:35 PM PDT by Bob
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To: Izzy Dunne
Have you considered applying for a government accounting job?

;-)


LOL no, I'm just a bit dyslexic when doing math in my head:
235.5 --> 253.5

I think it may be time to invest in a calculator :D
(Can I get a government grant for a solar-operated one...?)
19 posted on 09/24/2012 3:10:43 PM PDT by verum ago (Be a bastard, and Karma'll be a bitch.)
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To: NormsRevenge

When will Americans have enough that they will storm the Bastille ??


20 posted on 09/24/2012 3:17:09 PM PDT by jmax (Full mag inserted, round in chamber, hammer is back...safety is OFF.)
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To: Jonty30

>>I wonder which execs of the previous failures are in charge of this one?

I wonder when Congress appropriated the money . . . never mind.


21 posted on 09/24/2012 3:27:16 PM PDT by Jacquerie (Exterminate rats.)
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To: Uncle Miltie

GREEN SCAM: 80% Of Green Energy Loans Went To Obama Donors - 19 Companies Went Bust
http://www.freerepublic.com/focus/f-news/2906481/posts


22 posted on 09/24/2012 3:42:11 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: cripplecreek

I totally agree.

If they think corporations are overtaxed, there is a way to deal with it. Cut the tax rates.


23 posted on 09/24/2012 4:03:57 PM PDT by GeronL (http://asspos.blogspot.com)
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To: NormsRevenge

24 posted on 09/24/2012 4:27:33 PM PDT by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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