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Solar power company banks on loan, but skeptics question government investment in industry
Fox News ^ | September 30, 2012 | Dan Springer

Posted on 09/30/2012 11:50:11 AM PDT by jazusamo

The federal government is making another big bet on solar panel manufacturing with taxpayer money, hoping the third time will be the charm.

SoloPower held its grand opening Thursday in Portland, Ore., with speeches from local politicians and a ribbon-cutting. "It really revolutionizes rooftop applications, and it makes solar both easy and cost effective for nearly any commercial and industrial building worldwide," CEO Tim Harris said.

SoloPower closed on a guaranteed government loan of $197 million last August, about the time another solar panel manufacturer, Solyndra, filed for bankruptcy. The failure of Solyndra cost U.S. taxpayers more than a half-billion dollars.

The second solar panel maker that received a loan from the Department of Energy, Abound, is also now in bankruptcy. Based in Longmont, Colo., Abound spent $70 million of its green energy loan and next week will auction off its equipment in hopes of paying some of that back.

Industry analysts are not optimistic about SoloPower's prospects.

"It's questionable at this point," says Andrew Soare of Lux Research, "It's uncertain if solar power will be able to produce efficiently and economically at scale. It's something that has not been done yet, and it's still risky."

Soare points to the price advantage enjoyed by Chinese manufacturers which has helped them grab a majority of the U.S. market share. Chinese solar panels are about 30 percent cheaper than ones made in America. The Commerce Department is urging President Obama to slap a tariff on Chinese imports.

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


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: corruption; doe; greenenergy; guaranteedloan; obama; paytoplay; solopower; solor
Video at link brings out fact that the president of SoloPower gave $30,000 to Obama's 2008 campaign.
1 posted on 09/30/2012 11:50:21 AM PDT by jazusamo
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To: jazusamo

“It really revolutionizes rooftop applications, and it makes solar both easy and cost effective for nearly any commercial and industrial building worldwide,”...

If the Obamadork and his cadre of science and business flunkouts support this company it’s a loser.

Period.


2 posted on 09/30/2012 11:53:49 AM PDT by Da Coyote
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To: Da Coyote
Exactly...If this is truly a revolutionary product venture capitalists and private investors would be lined up to get a piece of it.
3 posted on 09/30/2012 11:57:24 AM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: jazusamo

Chicago Marxism. From each according to his or her abilities. To each according to his or her campaign contributions.


4 posted on 09/30/2012 12:17:40 PM PDT by omega4412
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To: jazusamo

More of Obama’s logic,If your cold burn your clothes to keep warm.


5 posted on 09/30/2012 12:52:47 PM PDT by Vaduz
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