Obama: "Kiss of Death" to Yet Another "Green" Company

Remember when Barack Obama told us that "Green" energy was the wave of the future, providing the jobs the economy needed while keeping the air cleaner and enabling us to clone unicorns?? Okay. I may have made that last part up!



But, another company that Obama visited, hyped and funneled large amounts of federal money to, is going belly up. I know! Big surprise!

“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra's CEO said.



A California-based solar company that received a $535 million loan guarantee from the Obama administration announced Wednesday that it will shut down.



The company, Solyndra Inc., said Wednesday it would suspend its manufacturing operations and lay off 1,100 employees effective immediately. The company said it intends to file a petition for Chapter 11 bankruptcy protection.



“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra CEO Brian Harrison said in a statement. “Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”

Oh, really? "Regulatory and policy uncertainties"? Would those be the regulations and policies generated by the Democrat controlled legislature and governor's mansion, or the would those be the regulations and policies generated by the Democrat controlled Senate and White House?



The mind reels!

Solyndra received the $535 million stimulus loan guarantee from the Energy Department in 2009 to help finance the construction of a new plant to manufacture solar panels.

A half a billion here, a half a billion there...pretty soon it adds up to real money!



What are the odds that the current resident of the White House will take this as a sign that "Green" technologies are not necessarily the engine to drive the economy out of this recession, or do you think he will double down on stupid?



Yeah. Me, too.



H/T Memeorandum

Another "Green" Company Goes Belly Up in the Age of Obama

This time in the land of liberals, Taxachusetts.

Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.



Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The cash-strapped company announced today has sought a reorganization in U.S. Bankruptcy Court in Delaware and reached a deal with certain note holders to restructure its debt and auction off assets.

Getting a sense of déjà vu yet? Just last month, we heard that an electric car company in Salinas padlocked their doors after half a million dollars from state and local governments.



A month before that, electric car company Think Global AS filed for bankruptcy, too.

Think Global AS plans to liquidate its assets, according to a statement from its exclusive battery supplier, Ener1 Inc.



Ener1, which engineers and makes its batteries in the Indianapolis area at its EnerDel subsidiary, notified investors Wednesday that the company would take a charge of more than $32 million on unpaid loans and accounts receivable from Think Global.

Green cars, batteries for green cars, solar panels...all the industries that people like Obama tout as the hope for American and for jobs seems to be illusory at best. Particularly, after the public money runs out.



In May of 2010, Obama visited Solyndra Solar, in Fremont, California.

President Obama toured the Solyndra plant in Freemont, (sic) Calif. and gave an address before the press and state officials, including California Governor Arnold Schwarzenegger, outlining his vision for a thriving U.S. alternative energy sector buoyed by government funding.



"The promise of clean energy isn’t just an article of faith,” Obama said, “It’s not just some abstract possibility for science fiction movies or a distant future or 10 years down the road or 20 years, it’s happening right now. The future is here.” – President Obama, speaking at Solyndra Solar.

And just how did that work out, Mr. President? According to Jane Jamison:

Solyndra Solar Panel plant in Fremont, California has wasted a billion dollars, $535 million of those a direct bailout from U.S. taxpayers, and it is going “bust.”



The Solyndra Solar panel plant in Fremont, California served as the convenient “backdrop” for Barack Obama’s “green economy” speeches in California, and other campaigning Democrats.

So, for those of you without a score card, there are two types of "green" energy companies in the Age of Obama: Plants that produce expensive energy and cars no one wants to drive, that are only kept afloat by the massive infusion of government subsidies, and plants that produce expensive energy and cars no one wants to drive, that could not keep their doors open despite a massive infusion of government subsidies.



Got it? Now if only someone in this administration could!



Cross posted at LCR, Say Anything.

Deflation Hits Another Government Program

A $150million U.S. Army airship crash landed in woods today after it could only reach half of its expected altitude on a test flight. The unmanned solar-powered airship was only in the air for less than three hours after it launched in Akron, Ohio, on Wednesday morning. It ascended as planned up to 32,000ft but the Lockheed Martin airship then encountered problems and was not able to get up to 60,000ft.

A hundred and fifty million for a solar powered blimp? I guess all those years of subsidizing the strategic helium reserves has finally paid off!

H/T Support Your Local Gunfighter