The third solar company to fail in the past month, Solyndra, a manufacturing company of solar modules with 1,100 employees, filed bankruptcy today and has closed its doors. It had two plants in California and one in Switzerland. I guess they were using the Stimulus to create jobs overseas.
Not only taking $500,000,000 from Obama's Stimulus, only six months ago it closed on a $75 million secured loan underwritten by existing investors. The proceeds from the financing were to be used to support Solyndra’s working capital requirements, accelerate the Company’s ongoing cost reduction activities and execute its expanded channel and segment sales and marketing strategy.
This is just another example of how the public gets screwed and another failed Obama initiative.
8 comments:
Apparently China played a role in this as well....Please read this article.
http://cleantechnica.com/2011/09/01/learning-the-wrong-lessons-from-the-solyndra-bankruptcy/
A careful read of the article produces this:
"Meanwhile, China has been offering a nearly unlimited amount of low- to no-interest loans for solar manufacturing, while promising to take up excess production domestically by paying half the price for equipment in solar power projects, and subsidizing generating capacity at a rate of 60-90 US cents per watt! Is it any wonder that US solar manufacturers are falling left and right when they are having to fight against high subsidies and lower labor costs?"
The US is subsidizing approx. 80% - 100% of the cost of both wind and solar. Wind (which is a total failure) and solar (which is light years from being a viable alternative) are a greenie's dream, but neither will replace our current generation, as each shares the same inherent flaw; i.e., neither can generate power 24/7/365.
Now we can either continue to spend billions upon billions on these failed technologies, or we can begin using cold fusion and technologies which are safe, plentiful, and workable to ensure our electrical grid.
Right on target and thanks for taking the time to read the article.
http://www.nytimes.com/2011/09/02/business/global/us-solar-company-bankruptcies-a-boon-for-china.html?hp
I thought solar was something big here and that Mark P had solar on his house that sends electricity back to the grid, it seems to have so much potential, but I am sure there is a lot of greed and corruption with this just like anything else. There is just so much waste in our government.
When Obama went on his SELF introduction tour to China he brought a $450,000,000,- gift, to help the Chinese manufacture windturbines, and brought 7 of our best windturbine Engineers from Chicago to give our technology with it.They now sell cheap windturbines in Europe, while 1000's of Chinese jobs were created IN CHINA BY OBAMA'S LARGESSE WITH OUR TAX MONEY!RE-ELECTION , REALLY are we all suckers????
RAT PERRY IS NO LESSa creature. Lying about his record(familiar???in Lake Worth?) DISHONEST ,SUBVERSIVE!
G.E.Scientists in Connecticut have discovered a very cheap solar panel material, which makes it accessable for smaller enterprises,
I gave location and name of Scientist to the Commission(McVoy) . This was arrogantly ignored as their illegal aliens' Community gardens from demolished Lake Worth Historic Houses by the CRA without oversight of the worthless Commissiomn,are more important to them and their dog park.Only their personal opinion,wishes and Agendas,once in office, based on primitive instincts, are realized.It shows a serious lack of manners, ergo, respect!Disrespect is deserved from tax payers, whom they hold their hand up for!!!!
Has anybody investigated the Waterman claims?Our Grant writer left disgusted with the irresponsibilty of the Administration.
Dee
With the present treacherous Government , whatever technology we start, will be handed to China,India, for re-elction campaign contributions which no longer have to be recorded publicly!
Egypt and Libyia had enough. The only way manufacturing and Industry can be revived,food put back on the tables of American families(not thieving Senators and Congress and Rep's) if the corrupt Government imposes 300 to 500% tariffs on all imported goods from 3rd World Countries,China, India, Philippines etc.etc., who are stealing knowledge of all this Country's innovative brainpower has produced.
Reproduction of
everything needed for daily lives is imported with inferior quality and dangerous,at 1/10 the cost and destroys our manufacturing with jobs bases!Obama and Congress and Senate coddle this at the expense of the Nation!Not one of those Hurrican strength windbag Candidates touches this subject!
That is real, not vague, like they
all peddle Nationally as well as in Lake Worth!!
Dee
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