When "Green Energy Stimulus" Runs Dry

[malloc]

Stimulus-backed Solyndra files for Chapter 11


In a move that the company says will result in 1,100 layoffs, solar energy firm Solyndra announced its intent to file for Chapter 11 bankruptcy protection. The company shuttered its headquarters Wednesday.

In a statement, Solyndra announced that it was suspending manufacturing operations and seeking bankruptcy protection.

The company said Wednesday it would “evaluate options, including a sale of the business and licensing of its advanced CIGS [copper indium gallium diselenide] technology and manufacturing expertise” while in Chapter 11.

President Obama extended a $535 million loan guarantee to Solyndra in the American Recovery and Reinvestment Act. One significant Solyndra investor, George Kaiser, was also a major fundraiser for Obama’s 2008 campaign.

The Solyndra loan guarantee had been a flashpoint for critics of the Obama-backed stimulus package. The Energy Department initially estimated that the loan guarantee would create 3,000 construction jobs and a further 1,000 manufacturing jobs.

On Wednesday Solyndra officials cited competition from foreign manufacturers and “regulatory and policy uncertainties” as hurting the company’s ability to raise capital.
LINK

These fly-by-government-dole "energy" companies are dropping like flies as taxpayer funds run dry. Who woulda thunk it? Oh, yeah, we all did, except our libtard trolls who will be along to say it ain't so any time now.

I mean, if we greedy, fossil fuel burning eco-meanies had just dropped everything and bought these expensive energy alternatives instead of relying on good, cheap, reliable fossil fuels, the stimulus would have worked and Obama's "Green Energy" initiative wouldn't have made him look like a tool, right?

[lacarnut]

Electric costs per KW derived from those windmills off the coast of MA will double and triple the price from previous sources. Suck it up dummies. Plus, the green energy in Spain has been a financial disaster.

[malloc]

First something hilarious!

The Energy Department initially estimated that the loan guarantee would create 3,000 construction jobs and a further 1,000 manufacturing jobs.

the company says will result in 1,100 layoffs,

Solyndra officials cited competition from foreign manufacturers and “regulatory and policy uncertainties” as hurting the company’s ability to raise capital.

This absolute tool of a President and his agencies are regulating his very own "stimulus" into oblivion! How thick do you have to get? How much funnier and embarrassing for President Downgrade does it get? Obama's regulations have made U.S. companies non-competitors, and have suspended their hiring practices, exactly the opposite of what Obama needed to pull a success out of QE2. It always fills me with mirth when a socialist shoots himself in the foot with his own socialism.



On a more serious note:

One significant Solyndra investor, George Kaiser, was also a major fundraiser for Obama’s 2008 campaign.

Would be interesting to find out if George's stock got sold before the company went tits up, but after it flushed with cash from the government backed loan that the company won't be paying back.

[Chuck58]

This is the 3rd or 4th one of these greenie projects to bite the dust.

[malloc]

This is the 3rd or 4th one of these greenie projects to bite the dust.

They will continue to do so as reality kicks in, and in reality, there is very little demand for this sort of eco-weenie crap. The government diverted resources, by fiat, which could have gone into more sustainable job creation and price reduction in the real energy industry. Now we will pay the price. It's Hazlitt's public works fallacy all over again. If our economy was in better shape, this would have been a "green energy bubble" fueled by malinvestment into a sector no one really wants.

[enslaved1]

What amazes me about all the green energy stuff is, if it's so wonderful and efficient and will save the world and hand everyone their very own pony ect, ect, then why aren't companies falling all over themselves to be the first in line for this major source of profits? Why, libs, it green energy is the greatest thing since sliced bread, does the government have to beg and plead and give tons of money away to get anyone to work on it? I know you guys hate capitalism and common sense, but when both say your idea sucks, maybe y'all need to start listening.

[Nubs]

What amazes me about all the green energy stuff is, if it's so wonderful and efficient and will save the world and hand everyone their very own pony ect, ect, then why aren't companies falling all over themselves to be the first in line for this major source of profits? Why, libs, it green energy is the greatest thing since sliced bread, does the government have to beg and plead and give tons of money away to get anyone to work on it? I know you guys hate capitalism and common sense, but when both say your idea sucks, maybe y'all need to start listening.

It is simply not economically feasible under economic reality. Watch what happens to the Johnson Controls/Saft JV in Holland, MI. This project has been visited twice by Obama.

It appears there is conflict brewing between Saft and JC. This was to be a lion car battery plant only as Ssft has the lion technology from small battery market and JC is automotive. Since the automotive end seems to becoming less viable, JC wants to branch into the small battery market. Saft is having a fit over this as they do not want direct competition. This could very well cause the JV to dissolve and cause this plant to go belly up.

[wineslob]

The local College (Butte) is fat and happy about their "green solar". Good on them, except for one thing, they woulden't have done it without public funding.

The new 15,000 solar panels will be placed atop rooftops and will create covered parking areas and walkways, in addition to being mounted on the ground. The total funding for the project is $17 million, which $12.65 million is made possible by federal Clean Renewable Energy Bonds (CREBS) which are low-interest loans that can be used for clean energy projects. The remainder, up to $4.35 million, will be funded by college.

http://www.prnewswire.com/news-relea...-99934639.html

[Constitutionally Speaking]

This is the 3rd or 4th one of these greenie projects to bite the dust.

You forgot to add "in the last couple of weeks"

[RobJohnson]

Wow, a green company with ties to the President is going bankrupt. Next you will try and tell me the sky is blue. :D