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

By Proof

This time in the land of liberals, Taxachusetts.

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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 Proof Positive

1 comment:

  1. You guys are doing a great job keeping track of this debacle. Here in Michigan it's batteries, batteries, batteries.


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