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STIMULUS: Solyndra Not Sole Firm To Hit Rock Bottom Despite Stimulus Funding – Fox News

September 15, 2011

Solyndra Not Sole Firm to Hit Rock Bottom Despite Stimulus Funding

Published September 15, 2011 | FoxNews.com

AP

In this May 26, 2010, file photo, President Obama, with Solyndra Chief Executive Officer Chris Gronet, looks at a solar panel during a tour of Solyndra, Inc., a solar panel manufacturing facility, in Fremont, Calif.

Solyndra, the solar panel company whose highly publicized failure and consequent investigation by federal authorities has flashed across headlines recently, isn’t the only business to go belly up after benefiting from a piece of the $800 billion economic stimulus package passed in 2009.

At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.

Evergreen Solar Inc., indirectly received $5.3 million through a state grant to open a $450 million facility in 2007 that employed roughly 800 people. The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn’t compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.

SpectraWatt, based in Hopewell Junction, N.Y., is also a solar cell company that was spun out of Intel in 2008. In June 2009, SpectraWatt received a $500,000 grant from the National Renewable Energy Laboratory as part of the stimulus package. SpectraWatt was one of 13 companies to receive the money to help develop ways to improve solar cells without changing current manufacturing processes.

The company filed for bankruptcy last month, saying it could not compete with its Chinese competitors, which receive “considerable government and financial support.”

On Tuesday, Deputy Secretary of Energy Daniel Poneman wrote an editorial for “USA Today” in which he blamed China in part for the failure of U.S. solar energy manufacturers to compete.

via Solyndra Not Sole Firm To Hit Rock Bottom Despite Stimulus Funding | Fox News.

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One Comment
  1. September 16, 2011 6:32 AM

    The whole green energy scam is crashing in on itself not only due to bad science, but also the corruption inherent in allowing unprincipled, technically ignorant pols to channel massive funds to companies of their choosing… sorry GE, you deserve to lose out BIG ha ha

    It’s just like back in Chicago, one of Blago’s stunts was taking kickbacks to award construction contracts for bike lanes and other “green” initiatives built with money jacked from Illinois taxpayers- I’m sure he could have cared less if there were bike lanes or not, all that ever perked his interest was the skim.

    But the solution is simple enough: ONLY the market should be deciding what companies survive, not Barack Obama (nor anybody else)- then we don’t have these kind of problems!

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