Barack Obama has wasted our money with his stimulus plan. However, he was not alone in that. Many in Congress, on both sides of the aisle supported the stimulus, but it’s the fact that the very things he talked about in the debate last night concerning “green energy” that make up the abysmal failures of the stimulus.
The most widely known failure was Solyndra. The Obama administration wasted $535 million in taxpayer money on a solar panel company that the knew would go broke and eventually it did. In the end taxpayers were on the hook for Solyndra’s executives walking away with bonuses, trashing assets and attempting to cheat the IRS out of taxes in filing Chapter 11 bankruptcy.
However, they were just one in a long line of failed “green energy” company Obama invested our money in. As of the end of July, there were at least thirteen “green energy” companies that received federal money that have gone belly up and filed bankruptcy.
1. Abound Solar (Loveland, Colorado), manufacturer of thin film photovoltaic modules.
2. Beacon Power (Tyngsborough, Massachusetts), designed and developed advanced products and services to support stable, reliable and efficient electricity grid operation.
3. Ener1 (Indianapolis, Indiana), built compact lithium-ion-powered battery solutions for hybrid and electric cars.
4. Energy Conversion Devices (Rochester Hills, Michigan/Auburn Hills, Michigan), manufacturer of flexible thin film photovoltaic (PV) technology and a producer of batteries and other renewable energy-related products.
5. Evergreen Solar, Inc. (Marlborough, Massachusetts), manufactured and installed solar panels.
6. Mountain Plaza, Inc. (Dandridge, Tennessee), designed and implemented “truck-stop electrification” technology.
7. Olsen’s Crop Service and Olsens Mills Acquisition Co. (Berlin, Wisconsin), a private company producing ethanol.
8. Range Fuels (Soperton, Georgia), tried to develop a technology that converted biomass into ethanol without the use of enzymes.
9. Raser Technologies (Provo, Utah), geothermal power plants and technology licensing.
10. Solyndra (Fremont, California), manufacturer of cylindrical panels of thin-film solar cells.
11. Spectrawatt (Hopewell, New York), solar cell manufacturer.
12. Thompson River Power LLC (Wayzata, Minnesota), designed and developed advanced products and services to support stable, reliable and efficient electricity grid operation.
13. Solar Trust of America (Oakland, California), developed the Blythe Solar Power Project, the largest solar plant in the world.
Electric car battery maker A123 Systems has recently filed bankruptcy as well. Bloomberg reports,
A123 Systems Inc. (AONE), the electric car battery maker that received a $249.1 million federal grant, filed for bankruptcy protection and said it would sell its automotive business assets to Johnson Controls Inc. (JCI)
The filing may fuel a debate over government financing of alternative-energy and transportation businesses. Federal grants and loans to companies including A123, Fisker Automotive Inc. and Tesla Motors Inc. (TSLA) have drawn scrutiny from congressional Republicans following the September 2011 bankruptcy filing of solar-panel maker Solyndra LLC two years after it received a $535 million loan guarantee from the U.S. Energy Department.
“This action is expected to allow the company to provide for an orderly sale,” A123 said in a press release. Johnson Controls plans to acquire A123’s automotive-business assets in a deal valued at $125 million and will provide financing of $72.5 million to support A123’s operations, according to the release. A deal to sell a majority stake to a Chinese company fell through, A123 said.
The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
The Waltham, Massachusetts-based company said yesterday it expected to fail to make an interest payment due yesterday on $143.8 million of notes expiring in 2016.
While Obama wanted to talk about the “other part of the equation” with reference to new sources of energy compared to coal and oil during the debate, he failed to bring up just how much has been lost by the American people through investments in failed “green” companies which were a part of the wasteful spending that was nearly $800 billion in stimulus money.
It appears that these alternative energy sources should be pursued with private funds, not taxpayer dollars. Then if it fails, it’s all on the investors, not the taxpayers. I wonder if A123 will come under the same criminal investigation as Solyndra or the most recent company to be investigated Abound Solar.Don't forget to Like Freedom Outpost on Facebook, Google Plus, & Twitter. You can also get Freedom Outpost delivered to your Amazon Kindle device here.