Good News: Two Other “Green” Energy Firms That Received Stimulus Funding Went Bankrupt…
As DeMint called it today, “venture socialism.”
(Fox News) — Solyndra, the solar panel company whose highly publicized failure and consequent investigation by federal authorities has flashed across headlines recently, isn’t the only business to go belly up after benefiting from a piece of the $800 billion economic stimulus package passed in 2009.
At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.
Evergreen Solar Inc., indirectly received $5.3 million through a state grant to open a $450 million facility in 2007 that employed roughly 800 people. The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn’t compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.
SpectraWatt, based in Hopewell Junction, N.Y., is also a solar cell company that was spun out of Intel in 2008. In June 2009, SpectraWatt received a $500,000 grant from the National Renewable Energy Laboratory as part of the stimulus package. SpectraWatt was one of 13 companies to receive the money to help develop ways to improve solar cells without changing current manufacturing processes.
The company filed for bankruptcy last month, saying it could not compete with its Chinese competitors, which receive “considerable government and financial support.”
On Tuesday, Deputy Secretary of Energy Daniel Poneman wrote an editorial for “USA Today” in which he blamed China in part for the failure of U.S. solar energy manufacturers to compete.
Posted by ZIP on Thursday, September 15, 2011, at 5:34 pm | 
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Solyndra pales in comparison. When at first you don’t succeed, try try again and don’t forget to TRIPLE the dollar investment!
$1.2 billion loan guarantee will annually produce 250 MW of power and will be the first U.S. utility-scale deployment of Abengoa’s latest Solar Collector Assembly (SCA). Project will create more than 830 construction jobs and 70 operating jobs.
https://lpo.energy.gov/?projects=abengoa-solar-inc-mojave-solar
http://canadafreepress.com/index.php/article/40133
Other firms took the stimulus money, then subcontracted the jobs to China.
Don’t know where FOX got there figures on Evergreen Solar but they gor over 54 million in a financial aide package & Massachusetts is trying to recoup 4 million of that…
–”Heavily courted by Patrick and billed as a “symbol” of the state’s new green economy, Evergreen landed a deal in 2007 that included $58 million in state grants, tax credits, loans and free use of state land in exchange for creating hundreds of jobs. Evergreen now maintains that it owes the state a paltry $4 million refund. State officials said yesterday that the firm never claimed $7.5 million in tax credits.”–
http://www.bostonherald.com/business/general/view/20110118evergreensflight_rilestop_officials/srvc=home&position=0
(Sound Familiar?) Yet another example of why I call Massachusetts the Progressive Petry Dish…
Why oh why cannot the U.S. government seize the remaining assets, or have they been set aside for other more vested creditors? The lowly taxpayer will get the short end of the stick no matter who holds title to what.
Keywords: Money Laundering, Acorn, Illegal-alien voters.
Bartholomew Roberts
It would seem to me that this is a huge scandal worthy of the lead story on any network. What do we hear? Crickets.
“saying it could not compete with its Chinese competitors, which receive “considerable government and financial support.””
Let’s not forget the lack of environmental and safety regulations on top on what is essentially slave labor.
And people still support Obama. Until death do they part. It’s so frustrating to me that so many are ignoran,t and even more so, that the media is nothing more than a wing of the Democrat Party. Hey I have a great idea: blame Bush.
OK the panels on the right are generating lots of power now sir, so could you please turn around the other way?
(Because sunlight supposedly shines out of his ass)
Looks like the green movment is starting to whilt dry up and turn brown
Instead of calling it “Venture socialism,” why not call it what it is, theft, or a looting of the Treasury. Babies that aren’t even conceived are being saddled with this, while he’ll collect a pension? He’s a thief and impostor.
the gravy train has left the station