It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press.... The truth is that the problem is widespread.
The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial....
So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy. The amount of money indicated does not reflect how much was actually received or spent but how much was offered.
The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.
The complete list of faltering or bankrupt green-energy companies:
- Evergreen Solar ($24 million)*
- SpectraWatt ($500,000)*
- Solyndra ($535 million)*
- Beacon Power ($69 million)*
- AES’s subsidiary Eastern Energy ($17.1 million)
- Nevada Geothermal ($98.5 million)
- SunPower ($1.5 billion)
- First Solar ($1.46 billion)
- Babcock and Brown ($178 million)
- EnerDel’s subsidiary Ener1 ($118.5 million)*
- Amonix ($5.9 million)
- National Renewable Energy Lab ($200 million)
- Fisker Automotive ($528 million)
- Abound Solar ($374 million)*
- A123 Systems ($279 million)*
- Willard and Kelsey Solar Group ($6 million)
- Johnson Controls ($299 million)
- Schneider Electric ($86 million)
- Brightsource ($1.6 billion)
- ECOtality ($126.2 million)
- Raser Technologies ($33 million)*
- Energy Conversion Devices ($13.3 million)*
- Mountain Plaza, Inc. ($2 million)*
- Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
- Range Fuels ($80 million)*
- Thompson River Power ($6.4 million)*
- Stirling Energy Systems ($7 million)*
- LSP Energy ($2.1 billion)*
- UniSolar ($100 million)*
- Azure Dynamics ($120 million)*
- GreenVolts ($500,000)
- Vestas ($50 million)
- LG Chem’s subsidiary Compact Power ($150 million)
- Nordic Windpower ($16 million)*
- Navistar ($10 million)
- Satcon ($3 million)*
*Denotes companies that have filed for bankruptcy.
The 2009 stimulus set aside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made.
Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.
Pardon me for a moment while I indulge in the temptation to say, "We Told You So" -- back in April (15th) 2009!
The American Tea Party movement arose from the simple gut instinct of patriots. Our response was not acknowledged, much less embraced. There is nothing left to us but to vote, and vote we will.