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Taxpayer-backed solar firm faces layoffs, shakeup just months after opening
fox news ^ | 3/20/2013 | By Dan Springer

Posted on 03/20/2013 1:40:28 PM PDT by tobyhill

When Solyndra went bankrupt and cost taxpayers up to $530 million, the Obama administration's green energy loan program was subjected to congressional hearings and became an election-year issue. Now, another solar panel company may be headed for a similar fate.

SoloPower, which makes thin-film solar panels at a new plant in Portland, Ore., opened Sept. 27 with an upbeat ribbon-cutting ceremony. Local and state politicians gushed about the company eventually operating four production lines and creating 450 well-paid green jobs. Just a few months later, those predictions, and SoloPower's future, are on shaky ground.

The first production line was never completed. In January, the company had a round of layoffs. SoloPower won't say how many of its 60 employees received pink slips.

A management shakeup soon followed -- gone are the chief executive, president and chief technology officer. The company is now trying to raise money by selling some of its equipment through a third party and is attempting to restructure its $197 million federal loan guarantee.

(Excerpt) Read more at ...

TOPICS: Extended News; News/Current Events
KEYWORDS: bankrupt; boondoggle; farce; fleecing; globalwarming; green; solar; warming; waste

1 posted on 03/20/2013 1:40:28 PM PDT by tobyhill
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To: tobyhill


2 posted on 03/20/2013 1:43:21 PM PDT by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: tobyhill

Remember, if the Obamadork and his West Wing Clown Show of Felon/Cretins chose a company to finance, it was (or would become)inept, corrupt, and bound to fail.

Such is the curse of those who possess no talent, creative ability, and intelligence.

And remember, they are our gubmit...and know better than us what is good for the collective.

3 posted on 03/20/2013 1:44:52 PM PDT by Da Coyote
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To: lowbridge
The former mayor of Portland seems to suggest the answer is more help from U.S. taxpayers.

"They survive by downscaling and being responsible with the resources they have," said Sam Adams, "by reducing costs and being able to wait out, hopefully, until Congress passes new energy tax credits."

In other words the mayor knows that this company can not survive on its own merits.

This company like so many GREEN companies can not survive in the real world even with government start up loan guarantees.

These companies can not survive because green energy is a fraud. It will never be able to compete with fossil fuels or nuclear.

4 posted on 03/20/2013 2:44:03 PM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: tobyhill

Why don’t the republicans stop this nonsense????

I am so done with the party of wimps. Third party or stay home. No point in voting for the same people who go along with everything Obama does.


5 posted on 03/20/2013 2:53:59 PM PDT by ilovesarah2012
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To: tobyhill

Dear American company CEOs:

Can your company build solar panels and sell them to the end user for $.50/watt? If you can’t then you are in the wrong business. Because that is the market you are facing whether you or Obama like it or not.

And Obama, note that the cost of installing solar system is typically in the $3.00/watt range. That’s good old American labor. Cheap Chinese solar panels make installing solar systems a viable business.

Bottom line: Be patient, soon there will be no solar panel manufacturing in the U.S. But the solar systems will still be viable.

6 posted on 03/20/2013 2:59:23 PM PDT by InterceptPoint
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To: InterceptPoint
soon there will be no solar panel manufacturing in the U.S. But the solar systems will still be viable.

Solar systems will never be viable. It's an industry condemned to bankruptcy without government subsidies -- labor costs have nothing to do with it.

The Sun only puts out so much energy and even if the cost of panels is driven to zero and their efficiency rises to 100%, the amount of land necessary to harvest that energy and the undependability of the energy source, itself, will forever price solar out of rational consideration.

Let the Chinese lose the money. We should find better investments for ours.

7 posted on 03/20/2013 3:10:30 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment. -Ludwig von Mises)
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To: tobyhill

500M to Solyndra and now 200 M for this one.

That could have funded WhiteHouse tours till the year 4027

8 posted on 03/20/2013 3:28:31 PM PDT by NoLibZone (I predict the exact same Freepers will hate the GOP Candidate for: 2016,2020,2024,2028, 2032.)
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To: tobyhill

When will the majority of people realize that the criminal fascist syndicate in DC is an outlaw operation designed to steal every penny that you own?

It’s way past time to be hanging these SOBs from lampposts, but I’m still trying to convince fat-ass conservatives to organize and show up at their local village council meetings to oppose sidewalk taxes.

9 posted on 03/20/2013 5:11:54 PM PDT by sergeantdave
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To: tobyhill

I just applied for a grant to produce my electric generator that runs off the electricity that it produces. It is so efficient that there is a surplus of energy. The surplus from a $200.00 generator is enough to power 3000 average homes. The biggest problem is trying to limit the surplus for powering vehicles. I am going to be very rich. Not rich from producing the generators. But rich from the billions that the big O will invest. But hey it’s your money so I’m not worried about it.

10 posted on 03/20/2013 5:26:10 PM PDT by Conspiracy Guy (I voted Republican, no Conservative was on the ballot.)
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