Another Obama-Backed Green Energy Company Files For Bankruptcy, American Taxpayers On The Hook For $43 Million…
If there’s one thing this administration excels at it’s pissing away taxpayer cash.
(Reuters) — Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.
The bankruptcy comes about two months after Solyndra — a solar panel maker with a $535 million loan guarantee — also filed for Chapter 11, creating a political embarrassment for the administration of President Barack Obama, which has championed the loans as a way to create “green energy” jobs.
Beacon Power drew down $39 million of its government-guaranteed loan to fund a portion of a $69 million, 20-megawatt flywheel energy storage plant in Stephentown, New York.
Posted by ZIP on Monday, October 31, 2011, at 9:55 am | 
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Yet with my federal loans, I am not allowed to declare bankruptcy.
So Beacon Power Corp. filed for bankruptcy on a……Sunday? And what did they do with that $43 million in a year’s time??? Still waiting to hear where that $535 million to Solyndra went as well…..
Flywheel Energy Storage uses electricity to accelerate these high density discs using off peak power, and redistributes it during times of peak usage.
They have been operating at a loss…meaning they pay more for the power they use than than they sell it for.
Sounds plenty “green” to me.
Whole lot of bankruptcy going on, concurrent with Obama not being able to raise campaign funds to the levels he previously enjoyed.
Coincidence?
Nothing to worry about the administration is looking into the DOE.
Move along.
@Chris W:
Indeed. Money laundering much?
Green energy is just another enviromental rip off since his dolphin safe tuna bull kaka and those darn wind turbines are bird and bat mutilators
It’s green technology all right. Green cash for all of Obama’s bundlers and major contributors. Green and transparent.
Like Solyndra, I’m sure there is conyism behind this loan too. Who in the administration is the owner of this company “friends” with?
I’ve commented about the case at http://www.lawinjustice.com, and worth commenting again about it. This is the case in Texas where a Dallas business owner was involved in a civil dispute and paid millions of dollars to lawyers, and when he objected to additional fees after settling the case, they had a “friendly” judge seize all of his possessions, without any notice or hearing, and essentially ordered him under “house arrest” as an involuntary servant to the lawyers. The business owner has been under this “servant” order for 10 months and is prohibited from owning any possessions, prohibited from working, etc..
To me, the really relevant question is how much of this money ended up in Sambo’s off-shore bank accounts?
It ain’t easy being green, but laundering money is something they are well versed in accomplishing.
Nothing to see here! Move along! Repeal the Bush tax cuts! Stop the banks! Move along!
The Alternative Energy industry, subsidized with taxpayer dollars, is the biggest scam in the history of this nation.
Well, maybe it’s the second biggest, the housing bubble was a scam that the 106th Congress and Bill Clinton “legalized” in 1999.
The government has always been involved in commercializing energy. Land grants helped build the coal industry. Government spending created hydroelectric dams. The DoD helped develop the first nuclear reactors. Tax incentives for fossil fuels were over $12 billion in the 1970s. btw, Boehner is backing a $2 billion Energy Department loan guarantee sought by USEC Inc. for its American Centrifuge Plant in Piketon, Ohio. In fact, Republican House members host $11.8 billion in loan guarantees in their districts. Love the hypocrisy!Seems Obama doesn’t have to commit a crime to be impeached, he already did. Being black in a racist country.Granted, Obama hasn’t done a great job but it’s hard following one of the worst presidents in history. We were attacked on Bush jr’s watch and we got bin laden on Obama’s watch. Twist it however you like, those are facts not in dispute. President Obama has NOT imitated our #$%$ Bush who destroyed our nation. He has been working very hard to reverse Bush’s failled policies and wars that brought our nation to financial ruin, no jobs, and a huge debt. Thank God we have an actual leader in President Obama – one who is intelligent, strong, and keeps delivering successes that Bush could never accomplish. The right wing of America have becom total racist loser and as plastic and people-hating as they come.