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.