Skip to comments.The worlds biggest solar PV seller was worth $13bn: now bankrupt
Posted on 05/06/2013 8:16:55 PM PDT by Leto
Shi Zhengrong was called a hero of the environment by Time Magazine. He was a billionaire who ran the worlds largest seller of solar PV cells. But the glory days of 2008 2011 are gone. Another bubble bursts. Wiped out in two years. How fast was this fall?
In 2008, CNN named Shi Chinas Sunshine Boy. In 2009, Fortune anointed him Chinas new king of solar. That year, New York Times columnist Thomas Friedman also cited Shi and Suntech as models of Chinas green leap forward which he called the Sputnik of our day and a spur for U.S. clean energy policy.
Now, however, the Chinese Sputnik has crashed to Earth, and the Sun King has been toppled.
(Excerpt) Read more at joannenova.com.au ...
Solar will never have the energy density to compete with real energy sources.
Hah hah hah, I never heard of “Sputnik of our day” before today. Serves ‘em right.
your analysis is correct .....unfortunately the bozo in the WH is ignorant and thinks this is still viable....worse he hires stupid phds like Chu to back him up
Friedman and the fried man, success as lomg as the sun shines.
also OBAMA DONOR and KICKBACK.
Shi blames his partner, Li Ying Fuk, the “Sun King of Shanghai.”
With each revelation of another solar manufacturer going bankrupt, I keep waiting to see how long the charade will continue in San Antonio.
San Antonio’s socialist mayor, Julian Castro, has made deals to create thre large solar energy collection fields as well as more deals (doubtless tax credits) for a solar panel manufacturer to come to San Antonio and open a facility.
Any day, now, I expect the see this bubble burst like so many before it. And, the idiots in San Antonio will never see it coming!
Solar,windmills,batteries,and electric cars(forklifts,buses,truck) all have niche markets where they are the best current solution.
From what I’ve seen and heard, the air in China is so polluted that the sun can’t reach the solar panels.
Who would want to breathe something they couldn’t see?
Wacker Polysilicon to expand Charleston, TN, operations again
The current construction of the new Wacker plant near Charleston, TN. Photo by Doug Strickland /Chattanooga Times Free Press.
CLEVELAND, Tenn. Wacker Polysilicon officials are expected to announce an additional $300 million investment in their northern Bradley County operations after receiving a one-time $1 million property tax abatement for 2014.
Wacker, originally having made a $1 billion commitment to its Charleston facility, ultimately will increase its investment to $1.8 billion, said Farlow. He noted that the company already had made an additional $500 million investment without asking for further concessions from the county.
In addition to the property taxes that Wacker will provide the county, it will pump an estimated $65 million into the community through salaries and wages for its projected staff of 600 employees, said Farlow
“Solar,windmills,batteries,and electric cars(forklifts,buses,truck) all have niche markets where they are the best current solution.”
This of course correct, however the government has no business subsidizing niche markets (or any other markets) or promoting niche energy sources as the direction the economy needs to go in.
Yet another item/story that is eminently qualified for the keyword :: “FailedGreen” :: -—
See my home page for others that qualify, and please feel free to add it to other qualified stories.
Do you have any stories about the amount of Federal and State subsidies that this company is getting?
If you do a search you see that there are large state and county subsidies. The company is German I believe.
I have been by the site several times and as a construction professional am awed by the size of the project.
The location was selected because of the nearby TVA nuclear power. The switch yards are enormous.
It is my understanding that they will make silicone products (glass?) that others use to make solar panels. The lace has been under construction for years and I wonder if it will have a market when completed.