American Solar Industry: Under a Cloud

Posted: October 8, 2012 by tallbloke in Clouds, Energy, Politics

A lot of taxpayers money is going down the drain (and into the pockets of rats) in the US at the moment. Government intervention in the energy market seems to be a bad idea. The propping up of the carbon price on the European Carbon Market has cost the taxpayer an estimated 280 billion Euros. This much money could have replaced aging coal fired stations and reduced co2 emissions across the E.U. by 42% (estimate by UBS). The Chicago Carbon Exchange (Al Gore’s baby) shut it’s doors a while ago.

Solar Trust of America: FAIL!
– Filed Bankruptcy in Oakland, CA, April 3, 2012 – On April 2, 2012

Bright Source: FAIL!
– Bright Source warned Obama’s Energy Department officials
in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would
embarrass the White House and force the solar-energy company to close. Lost
Billions of dollars but Getting More Money To Keep Trying. Can you say, “This
isnt working?”

Solyndra: FAIL! –
Obama gave Solyndra $500,000,000 in taxpayer money and
Solyndra shut its doors and laid off 1100 workers in August 2011 After Billions
in Losses due to failure to make a solar product that works!

LSP Energy: FAIL! –
LSPEnergy LP filed bankruptcy protection and a sale of its
assets in Feb 2012

Energy Conversion Devices: FAIL!
– On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy

Abound Solar: FAIL!
– Abound Solar received a $400 million loan guarantee
from Barack Obama announced in June, 2012 that it would file for bankruptcy

SunPower: FAIL!
– SunPower stopped
producing solar cells last year at near bankruptcy restructured only with help
of, get this, oil giant TOTAL who owns 60% stake. Irony! Still

Beacon Power: FAIL!
– Beacon Power Corp filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee

Ecotality: FAIL!
– ECOtality, a San Francisco green-tech company that never earned any money on the verge of
bankruptcy after receiving roughly $115 million in two loan guarantees from Obama

A123 Solar: FAIL!
-A123 received $279 million from taxpayers thanks to President Obama’sDepartment of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M

UniSolar: FAIL! –
Uni-Solar filed for Ch 11
bankruptcy in June 20 this year laid off hundreds got more Obama money
still failing but still in business

Azure Dynamics: FAIL! –
Azure Dynamics files for bankruptcy in June wasting
millions in Obama “Stimulus” and tax credits. Azure Dynamics LLC filed for
bankruptcy protection in Canada and the US. Azure laid off 120 of its 160
employees in Oak Park; Boston; Vancouver, British Columbia; and the UK.

Evergreen Solar: FAIL!
– Evergreen Solar
received $527 Million in Taxpayer money from Obama filed bankruptcy

Ener1: FAIL!
received more than $100 million in government funding from the Obama administration filed for
bankruptcy January 2012

  1. CraigM says:

    Really sounds like a dodgy director is behind this and will be on the US version of Don’t Get Done Dom. On a serious note are there common ‘actors’ with these companies? You really have to admire the audacity.

  2. tallbloke says:

    Hi Craig and welcome. I don’t know, but I suspect investigations will be under way before long.

  3. Hugh K says:

    Deja Chu (US Sec of Energy)? I guess these dozens of failed green energy jobs built with taxpayer funded stimulus money just weren’t “shovel-ready”.

  4. p.g.sharrow says:

    The loan guarantees were provided to the Venture firms to make sure they did not lose money on these firms. The money had been lost before the loan guarantees were made. These were non recourse loan guarantees, so the venture firms got to keep the assets and the government paid off the loans. It pays to have friends in high places. pg

  5. ferdberple says:

    Look behind many a bankrupt company and you will find a millionaire. It is a simple matter. Company A get a loan from the government if in return politician B gets a large political contribution from Owner C. Happens all the time.

    Company D invoices Company A for goods and services, and company A ultimately files for bankruptcy, meaning the loans will never be repaid. The owner of Company D however does very well indeed, who if you could look, will turn out to be C, the same person that owned the bankrupt company A.

    However, you will never find the connection between C and D, because it will be hidden. Person E will be paid a small sum to be the “legal” owner of company D, while the true owner C maintains a document making them the owner if they pay E the princely sum of $1 plus valuable consideration.

    In return for making E the owner, C collects 100% of the profits paid into an offshore lawyer’s trust, where it can be neither taxed, traced nor attached. A perfectly legal means by which billions of $$ in taxpayer money is removed from the system to benefit the few.