Thankfully, we at Bunkerville are well, and appear to have survived Sandy in good shape after a harrowing couple of days. My wishes are that my fellow bloggers fared as well, and prayers go out to all who now have to endure the result of Sandy’s wrath.
Hot Air has a good selection of the pertinent facts of the released documents:
In reference to the bankruptcy of taxpayer-supported Abound Solar last week, President Obama’s proclaimed that “these are decisions, by the way, that are made by the Department of Energy, they have nothing to do with politics,” but evidence abounds (heh, see what I did there?) to the contrary, which was picked up by the House Oversight and Government Reform Committee and released as part of their official investigation today.
Of course, our Commander-in-Chief has found his way to the “Situation Room” for a photo-op, and portray his cred as a fearless leader ready to take on Sandy, not so much anything else. With that, blogging must continue. We hear much about Solyndra, but that is just the tip of his crony capitalism. So lets lay out all that has gone wrong with this misadventure of going “Green”. Here we go:
The 2009 stimulus set aside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made. Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.
It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.
The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.
The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.
UPDATE: Add one more: Another DOE-Backed Solar Company Goes Bankrupt
Heritage: Satcon Technology Corp. announced the decision in a Wednesday news release. “This has been a difficult time for Satcon,” president and CEO Steve Rhoades said. “After careful consideration of available alternatives. Satcon received a $3 million DOE grant
The complete list of faltering or bankrupt green-energy companies:faltering or bankrupt green-energy companies:
- Evergreen Solar ($25 million)*
- SpectraWatt ($500,000)*
- Solyndra ($535 million)*
- Beacon Power ($43 million)*
- Nevada Geothermal ($98.5 million)
- SunPower ($1.2 billion)
- First Solar ($1.46 billion)
- Babcock and Brown ($178 million)
- EnerDel’s subsidiary Ener1 ($118.5 million)*
- Amonix ($5.9 million)
- Fisker Automotive ($529 million)
- Abound Solar ($400 million)*
- A123 Systems ($279 million)*
- Willard and Kelsey Solar Group ($700,981)*
- Johnson Controls ($299 million)
- Schneider Electric ($86 million)
- Brightsource ($1.6 billion)
- ECOtality ($126.2 million)
- Raser Technologies ($33 million)*
- Energy Conversion Devices ($13.3 million)*
- Mountain Plaza, Inc. ($2 million)*
- Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
- Range Fuels ($80 million)*
- Thompson River Power ($6.5 million)*
- Stirling Energy Systems ($7 million)*
- Azure Dynamics ($5.4 million)*
- GreenVolts ($500,000)
- Vestas ($50 million)
- LG Chem’s subsidiary Compact Power ($151 million)
- Nordic Windpower ($16 million)*
- Navistar ($39 million)
- Satcon ($3 million)*
- Konarka Technologies Inc. ($20 million)*
- Mascoma Corp. ($100 million)
*Denotes companies that have filed for bankruptcy. Full story: Heritage
H/T: Wixom Web