Some companies that Obama has given tax dollars to that still failed
Solyndra (green energy/solar)
Amonex (Green energy/ Solar)
Chevy sold just 603 Volts in January 2012. (It sold almost five times as many gas-guzzling, 12 mpg Suburbans that same month.) Nissan moved just 676 Leafs, and the company hasn't sold more than 1,000 in five months.
Consumers' lack of interest in electric cars helped push another Obama-backed company — Ener1 — into bankruptcy protection late last week, despite the $118 million grant its battery-making subsidiary got from the Energy Dept. As the CEO put it, the company suffered a lack of demand, thanks to lower-than-hoped-for electric car sales.
Ener1 joins two other failed green companies — Solyndra and Beacon Power — that took $571 million in taxpayer subsidies down with them.
Unfortunately, like a bad investor, Obama wants to double down on his failure.
"The payoffs on these public investments don't always come right away," he said in his January State of the Union speech. "Some technologies don't pan out; some companies fail. But I will not walk away from the promise of clean energy."
That may be so, but solar, wind and electric cars are hardly new technologies — electric cars were being sold back in the late 1800s.
Indeed, the only thing new here is
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., reportedly received $5.3 million of stimulus cash through a state grant to install 11,000 photovoltaic panels installed at 11 colleges and universities, a recycling facility and an education center in Massachusetts.
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."
Read more: http://www.foxnews.com/politics/2011/09/15/despite-stimulus-funding-solyndra-and-4-other-companies-have-hit-rock-bottom/#ixzz217xQ6UhG
Another winner of stimulus who ultimately lost is Mountain Plaza Inc. Despite declaring bankruptcy in 2003, the company received $424,000 from the Tennessee Department of Transportation as part of a grant aimed at installing "truck stop electrification" systems that allow idling truckers to plug-in during extended stops and turn off their exhaust-belching, environment polluting diesel engines.
Mountain Plaza had filed for bankruptcy protection again in June 2010. TDOT, which received a $2 million stimulus grant from the Environmental Protection Agency for the project, said it didn't learn about the bankruptcy until October, but it is closely monitoring the project.
Elsewhere, Olsen's Crop Service and Olsen's Mills Acquisition Co. also failed despite Olsen's Mills receiving $10 million to increase employment, add equipment and machinery, refinance existing debts and work capital for operations and acquire land. The payout -- part of a $64 million package to nine rural businesses in Wisconsin for economic development loan assistance -- was delivered in January 2010, after Olsen's Mills filed for bankruptcy protection for defaulting on a $60 million bank loan.
Read more: http://www.foxnews.com/politics/2011/09/15/despite-stimulus-funding-solyndra-and-4-other-companies-have-hit-rock-bottom/#ixzz217xr82C3
Three hundred million dollars went to Johnson Controls to make electric batteries. According to the White House, which errs on the side of optimism if not delusion, that led to the creation of ...drum roll please...150 jobs. That comes out to a cost of $2 million per job. Investor's Business Daily has listed more examples of the "Wasted Stimulus" but the examples abound are far too numerous to list in a single column. Green jobs are a myth-like unicorns, writes Walter Russell Mead.
Read more: http://www.americanthinker.com/2011/09/obama_green_jobs_con_job_and_the_ill_wind_that_blows_from_spain.html#ixzz217ylykOD
It is a useful exercise to compare and contrast the job growth in the oil and gas industry versus that of the green economy. In other words, compare reality versus fantasy. Stephen Moore writes in the Wall Street Journal:
President Obama is expected to seek another $250 billion or so in new stimulus funds next week, with plenty of money for clean energy and the creation of so-called green jobs.
Never mind that no one can seem to find many Americans who got green jobs as a result of the original stimulus spending.
Moore does note that energy jobs are being created at a rapid clip, but in the one sector that Obama considers a mortal political enemy and villain; the oil and gas industry.
According to data from the Federal Reserve Board's Industrial Production Indexes, the oil and gas industry, which the Obama Energy Department loathes, has had more growth in output than any other manufacturing industry in the U.S. from 2005 through 2011. As a reward, the administration is proposing $35 billion in new taxes on the industry to slow it down. Even if we accept the dubious White House claim that all the oil and gas tax write-offs are unwarranted loopholes, a 2011 Congressional Research Service study finds that per unit of electricity produced, for every two cents of tax subsidy to Big Oil, Big Green (wind and solar) get closer to $1 in handouts.
Read more: http://www.americanthinker.com/2011/09/obama_green_jobs_con_job_and_the_ill_wind_that_blows_from_spain.html#ixzz217zKTB6l
Update: 7/19/12: The Amonix solar manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration, has closed its 214,000 square foot facility a year after it opened.
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. Canyou 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 struggling…
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’s Department of Energy loan guarantees and after the 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 ter millions in Obama “Stimulus”
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
And many many more on the horizon…
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