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Green energy in the News

Discussion in 'Off Topic' started by timac, Oct 16, 2012.

  1. timac

    timac Loading Magazines! Well-Known Member

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    Battery maker with $249 million in taxpayer cash goes bankrupt...


    Obamas #1 Green energy champion of his campaign just went BUST!
    with YOUR money............................ wow is this not Déjà vu??? huh_small.gif



    Electric Car Battery Maker A123 Systems Files Bankruptcy

    A123 Systems Inc. (AONE), the electric car battery maker that received a $249 million federal grant, filed for bankruptcy protection after failing to make a debt payment that was due yesterday.

    The filing may fuel further political 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. 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

    Obama’s Call

    President Barack Obama called A123 Chief Executive Officer David Vieau and then-Michigan Governor Jennifer Granholm during a September 2010 event celebrating the opening of the plant in Livonia, Michigan, that the company received the U.S. grant to help build.

    “This is about the birth of an entire new industry in America -- an industry that’s going to be central to the next generation of cars,” Obama said in the phone call, according to a transcript provided by the White House. “When folks lift up their hoods on the cars of the future, I want them to see engines and batteries that are stamped: Made in America.”

    Electric-vehicle sales since 2011 totaled fewer than 50,000 through September, just 5 percent of Obama’s target to have 1 million such vehicles on U.S. roads by 2015.

    The debtors’ two largest customers are Fisker and AES Energy Storage LLC and its affiliates, which accounted for about 26 percent and 24 percent of their total revenue during the year ended December 31, 2011, respectively, court papers show.

    Republican presidential candidate Mitt Romney said last month that Obama has picked “losers” for alternative-energy loans and grants. His running mate, Paul Ryan, has called for all green-energy subsidies to be eliminated.

    A123 has posted at least 14 straight quarterly losses. Its shares have fallen 85 percent this year to 24 cents at yesterday’s close in New York and traded at 16 cents at 8:29 a.m. before the start of regular trading.

    The case is In re A123 Systems Inc., 12-49658, U.S. Bankruptcy Court, District of Delaware (Wilmington).

    To contact the reporter on this story: Dawn McCarty in Wilmington at dmccarty@bloomberg.net: Craig Trudell in Southfield, Michigan at ctrudell1@bloomberg.net;
     
  2. Stomper

    Stomper Oceania Rising White Is The New Brown Silver Supporter

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    You DO realize that you will now be added to a few NWFA forum member's "ignore list" for having the GALL to post documentation of their "chosen one's" failures and exposing his big scams ... Hmmm?
     
  3. Dunerunner

    Dunerunner You'll Never Know Well-Known Member

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    Must be a long list!!
     
  4. Cuthbert Allgood

    Cuthbert Allgood Clark County, WA Well-Known Member

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    wow, crappy timing for them to go bust. tonight is round 2 of the presidential debate. something tells me it's going to be a spicy topic. i'd like to watch the verbal fireworks, but i'll be at work.
     
  5. netsecsys

    netsecsys near: Bellingham, WA Active Member

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    Trying to force the market to their pet projects will not work, period. Will they just keep throwing our money at green energy without understanding that the market will determine the winner? I think so... They fail to realize that the energy companies are not stupid. There is still a lot of money to be made with fossil fuels and when it starts to run out enough to impact the energy companies, the energy companies will turn to alternatives. The energy companies invest far more into the green energy market than anyone else yet they are the villains...
     
  6. Cuthbert Allgood

    Cuthbert Allgood Clark County, WA Well-Known Member

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    when a company relies on corporate welfare to stay in business, all they're doing is delaying the inevitable. being 100% dependent on corporate welfare is NOT the way to run a successful business.
     
  7. Garg

    Garg east of portland metro Hold my beer..... watch this Bronze Supporter

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    Not sure how gun (2A) related this is..........
     
  8. Mason3379

    Mason3379 Oregon City Active Member

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    Green energy is a joke! They subsidize the h-e-double hockey sticks out of it so that it looks like it is the way to go. I will take gas and coal fired turbines long before any so called "green energy"!
     
  9. Nwcid

    Nwcid Yakima and N of Spokane Well-Known Member

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    No, that is how the government is run............ :eatpop:
     
  10. Nwcid

    Nwcid Yakima and N of Spokane Well-Known Member

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    Dont get me wrong I like the solar/batteries system I set up in my trailer but I did not do it for "savings" or "being green". It was the most effective way to get power for the way I use it. I would love to have my house set up like my trailer is but it is FAR from cost effective so not worth it.
     
  11. Stomper

    Stomper Oceania Rising White Is The New Brown Silver Supporter

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    It's like CCWing your Glock into Ikea's "no firearms" zone, because its a picture of a 92F and figure they just don't like Berretta.... Plus this is the, "off topic" forum. ;)
     
  12. Redcap

    Redcap Lewis County, WA Well-Known Member

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    Off topic post is off topic.
     
  13. Sgt Nambu

    Sgt Nambu Oregon Bronze Supporter Bronze Supporter

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    Wow! Here is an inexpensive way to diversify into a politically correct, greener portfolio! And it's win, win! If Obama wins he'll pump another billion or two into it and even if he loses think how wonderful you will seem at the cocktail parties! "Ah yassss my dear, I knew it was risky but I just had to do my part for the environment and the little people!"
     
  14. longcolt

    longcolt Zephyrhills, FL Active Member

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    If you do some light digging you will find that the green companies donated huge sums to Obama in 2008 and then Obama paid them back many times over. Most of the founders of these companies walked away from the bankruptcies with a full personal bank account.

    Obama wins, the green company founders win and the taxpayers take it in the shorts. Just like the deals with the Unions.
     
  15. Sling Blade

    Sling Blade Yamhill County Well-Known Member

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    Gee, I'm sure this us the very first time any polititian ever got money from vested interests. :rollingeyes:
     
  16. timac

    timac Loading Magazines! Well-Known Member

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    President Obama’s Taxpayer-Backed Green Energy Failures
    Ashe Schow
    October 18, 2012 at 8:25 am




    Obama-Solar-Panels-3-2012.jpg
    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.
    So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy. 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.
    The complete list of faltering or bankrupt green-energy companies:

    1. Evergreen Solar ($24 million)*
    2. SpectraWatt ($500,000)*
    3. Solyndra ($535 million)*
    4. Beacon Power ($69 million)*
    5. AES’s subsidiary Eastern Energy ($17.1 million)
    6. Nevada Geothermal ($98.5 million)
    7. SunPower ($1.5 billion)
    8. First Solar ($1.46 billion)
    9. Babcock and Brown ($178 million)
    10. EnerDel’s subsidiary Ener1 ($118.5 million)*
    11. Amonix ($5.9 million)
    12. National Renewable Energy Lab ($200 million)
    13. Fisker Automotive ($528 million)
    14. Abound Solar ($374 million)*
    15. A123 Systems ($279 million)*
    16. Willard and Kelsey Solar Group ($6 million)
    17. Johnson Controls ($299 million)
    18. Schneider Electric ($86 million)
    19. Brightsource ($1.6 billion)
    20. ECOtality ($126.2 million)
    21. Raser Technologies ($33 million)*
    22. Energy Conversion Devices ($13.3 million)*
    23. Mountain Plaza, Inc. ($2 million)*
    24. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
    25. Range Fuels ($80 million)*
    26. Thompson River Power ($6.4 million)*
    27. Stirling Energy Systems ($7 million)*
    28. LSP Energy ($2.1 billion)*
    29. UniSolar ($100 million)*
    30. Azure Dynamics ($120 million)*
    31. GreenVolts ($500,000)
    32. Vestas ($50 million)
    33. LG Chem’s subsidiary Compact Power ($150 million)
    34. Nordic Windpower ($16 million)*
    35. Navistar ($10 million)
    36. Satcon ($3 million)*
    *Denotes companies that have filed for bankruptcy.
    The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.
    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.
     
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  17. Jamie6.5

    Jamie6.5 Western OR Well-Known Member

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    That's not what this is about.
    This is about the obama campaign donation bundlers that were heavily invested in "green energy" companies like Solyndra.
    Those investors were able to recoup their investments from Department of Energy loans, while the companies went bankrupt.

    Obama paid back many many high dollar donors to his '08 campaign with taxpayers dollars, dealt out by the DoE.

    Just like when he closed all those car dealers during the Auto bailout/bankruptcies. Why would anyone close sales outlets for the goods they make?
    Here's why, go to the link below and scroll down to the #19 donor. That would be the largest donor that gives the majority of their donation dollar$ to Republican causes.

    The National Auto Dealers Association!

    Top All-Time Donors, 1989-2012 | OpenSecrets

    So he used taxpayer money and the power of the DOJ and Dept. of Commerce to silence the competition.

    Do you guys think our shouts about this admin's corruption are just made up?
    They're NOT, just follow the money.

    The Enron fiasco's got nothin' on this admin's shenanigans!
     
    Bigfoot and (deleted member) like this.
  18. Jamie6.5

    Jamie6.5 Western OR Well-Known Member

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    Just another example.
    A $151,000,000 grant (not repayable loan) to the company that makes batteries for the Chevy volt. Not to mention the FACT that it's a Korean company!
    Playing video games, cards and sudoku on the taxpayer's dime.
    Just another example of the tertiary money poured down the rat-hole that is the GM bailout and "green energy."


    Battery maker employees pass time playing cards, video games | The Daily Caller
     
  19. PhysicsGuy

    PhysicsGuy Corvallis, OR Resident Science Nut

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    I'm curious at how easily people trust things they read on the internet. Not to say all these companies are not failures, but I know for a fact that First Solar is one of the largest producers of PV cells is the world, and definitely is not in trouble (posted a $111 million profit last quarter). Also Navistar (formally International) is a truck company that supplies MRAPs to our military, not really a "green energy" company (although they do research for hybrid military vehicles), and again they are not in financial trouble either.

    Never trust random sources on teh interwebs!
     
  20. timac

    timac Loading Magazines! Well-Known Member

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    Navistar right now is on the verge of bankruptcy. First Solar has laid off 30% of its work force and stocks dropped another 6 points today, as the markets go.