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Add another grant or three to Obama's energy program

Posted: Oct 9, 2012

We taxpayers are paying for these batteries. I can understand wanting to help these industries but it's TOO SOON. There's still a lot to be desired in electric cars. Just look at the Chevy Volt. Who wants to buy a car that cost $40K MINIMUM and only gets 18 MPC (miles per charge)? Only time will tell for these companies

Lauded during a visit by President Obama, A123 Systems was supposed to be a centerpiece of his administration’s effort to use $2 billion in government subsidies to jump-start production of sophisticated electric batteries in the United States.

A123 had to cut workers at its new factory in Livonia, Mich., financed in part with the promise of a $249 million government grant, after its battery for one new electric vehicle faltered and required an expensive recall. Completion of the factory has been delayed. The company is running short of money and has warned that unless it raises more cash from private investors, it might not be able to stay in business.

The government, for its part, recently gave A123 an extra two years to meet production targets at its Michigan factory and earn the full $249 million grant, which is being disbursed in tranches. So far, only about half the money has been given to the company.

In addition to the factory grant, A123 has received about $14 million in Energy Department money for research and development.

The LG Chem and Johnson Controls factories were built with the support of some $300 million in federal grants through President Obama’s controversial 2009 stimulus package, and the president flew to Holland for the LG groundbreaking in July 2010 to tout his administration’s support for advanced manufacturing in the United States (throwing in a snide political jab at then-U.S. Rep. Pete Hoekstra in the process). The president made a return visit in August 2011 to reinforce the green energy message at the JCI plant.

Today, it’s obvious that the expected battery boom hasn’t materialized yet. With combined employment of about 400 workers, staffing at the plants is well below projections, and LG has put employees on rolling furloughs while its production line sits idle.

The problem for the Holland factories may primarily be one of timing rather than technology. As The Wall Street Journal has reported, the federal grants for the advanced battery industry came with requirements for quick development and hiring that bore no relation to actual demand. In other words, LG and JCI aren’t building the wrong product, they’re building it too early. LG’s fortunes are closely tied to those of the Chevy Volt, which has failed to meet its lofty initial sales goals, leading to factory shutdowns to reduce inventory. However, Volt sales have picked up in recent months as General Motors has begun offering big incentives, and it’s worth noting that Volt sales are comparable to those of the now-popular Toyota Prius at the same time in its history.

;

Did you read my post about the car company that has opened - free charging stations from SUNLIGHT right now? SM

[ In Reply To ..]
It's the Tesla, stations are open in 3 states so far, and they have plans to build free charging stations for their car across the country in the next four years. I think you can drive about 3+ hours at 60 mph on a *free solar* charge.

This company was one of the technology innovators that got our green energy investment money under the Obama administration. It's yet to turn a profit, so perhaps that's what's making it a failure in Romney's mind, but tech start-ups typically do not at first. (Vulture capitalists go after enterprises others have already built.)

BTW, this Romney statement at the debate is a flat-out lie: "You put $90 billion, like 50 years worth of tax breaks, into solar and wind, to Solyndra and Fisker and Tesla and Ener1," he told the president. "I had a friend who said: 'You don't just pick the winners and losers; you pick the losers.'"

If I recall right, 36 companies have been awarded green money and something like 33 are busy developing away. All their pioneers very much believe they can and will succeed in fixing many of the problems threatening to submerge us today.

According to the Christian Science Monitor: "Of the $90 billion handed out, less than $1 billion has been lost, even counting two other failures Romney didn't mention: Beacon Power and Abound Solar. That's less than the $2.4 billion Congress has set aside for losses, The New York Times points out. If Romney had that kind of record at Bain Capital, he'd be a proud member of the billionaire's club right now."

The CSM article link is here: http://www.csmonitor.com/Environment/Energy-Voices/2012/1004/Romney-zinger-Obama-backs-green-energy-losers.-Is-he-right-video

It's good, and it should make people wonder about Romney's judgment.

It was 33. - SK1

[ In Reply To ..]

33 companies were awarded money. Of those, 14 have failed, so about 42%.

List Of Failed Green Energy Jobs & Companies – By Obama

Update: 7/19/12: The Amonix Solar: FAIL! – manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration, has closed its 214,000 square foot facility a year after it opened.

- Solar Trust of America: FAIL! - Filed Bankruptcy in Oakland, CA, April 3, 2012

- Bright Source: FAIL! - Bright Source warned Obama’s Energy Department officials in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would embarrass the White House and force the solar-energy company to close. Bright Source lost billions of dollars but is getting more money to keep trying. Can you say, “This isn’t working Mr. President?”

- Solyndra: FAIL! - Obama gave $500,000,000 (that’s a HALF BILLION!) in taxpayer money to Solyndra who shut its doors and laid off 1100 workers in August 2011 after billions in losses due to failure to make a solar product that works! Barack Obama was not vetted before being elected President and neither was Solyndra before Mr. Obama threw that taxpayer money down the drain of unproven technology.

- LSP Energy: FAIL! - LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012

- Energy Conversion Devices: FAIL! – On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy

- Abound Solar: FAIL! - Abound Solar received a $400 million loan guarantee from Barack Obama then announced in June, 2012 that it would file for bankruptcy. Many of these failed corporations, such as Abound, donated MILLIONS and continue to donate to Barack Obama’s campaign. Can you say, “Democrat Slush Fund”? Yes this is illegal. But Democrats are being protected from being prosecuted, for now.

- SunPower: FAIL! - SunPower stopped producing solar cells in 2011 at near bankruptcy then restructured with the help of, get this, oil giant TOTAL, Inc. who owns 60% stake in SunPower. Irony? The company is still struggling.

- Beacon Power: FAIL! – Beacon Power Corp filed for bankruptcy protection in October, 2011 just a year after Obama approved a $43 million Government loan guarantee. They remain barely in business, still struggling to make energy that makes sense or that works at all.

- Ecotality: FAIL! - ECOtality, a San Francisco green-tech company that never earned any money and remains on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from President Obama, who wants to do some more of this kind of Democrat Slush Fund Guarantees after he is elected to a 2nd term.

- A123 Solar: FAIL! - A123 Solar received $279 million from taxpayers thanks to President Obama’s Department of Energy loan guarantees even after the Solyndra bankruptcy and is getting another $500M from Obama after a loss of $400M.

- UniSolar: FAIL! - Uni-Solar filed for Ch 11 bankruptcy in June 20, 2012 after laying off hundreds of workers. UniSolar received even more Obama money after showing now progress, no profits and is still failing… yet they still remain in business with Obama’s help.

- Azure Dynamics: FAIL! - Azure Dynamics filed for bankruptcy in June , 2012 wasting millions in Obama “Stimulus” money and received abatement on taxes owed and and several tax credits. Azure Dynamics LLC filed for bankruptcy protection in Canada and the US. Azure laid off 120 of its 160 employees in Oak Park; Boston; Vancouver, British Columbia; and the UK.

- Evergreen Solar: FAIL! - Evergreen Solar received $527 Million in Taxpayer money from Obama and filed bankruptcy in late 2011. Evergreen, which closed its taxpayer-supported Devens factory in March, 2011 cut more than 1800 jobs. Evergreen’s $450 million factory, turned out to be a colossal “waste” of taxpayer money.

- Ener1: FAIL! Ener1 Inc. received a $118 million U.S. Energy Department grant from President Obama to make electric-car batteries but filed for bankruptcy protection January 2012 after defaulting on bond debt.

33 total. For the others, please check your facts. And think - positive. These guys are changing our lives

[ In Reply To ..]
for the better, changing our world for the better. Like running a car on sunshine--isn't that exciting? We should not want them to fail.

NOTE AGAIN: "Of $90 billion handed out, less than $1 billion has been lost, even counting two other failures Romney didn't mention: Beacon Power and Abound Solar. That's less than the $2.4 billion Congress has set aside for losses, The New York Times points out."

If 17 of our 33 government-encouraged start-ups had failed, that could not be true. Source check needed.

You know, more and more I'm wondering about Romney's fitness for leadership. He's opposed all government assistance to encourage development of new energy sources that are desperately needed. At a point when our future is in danger and we HAVE to change, he is still clinging to an ideology that's unequal to the situation and completely lacking in vision.

Solar energy is a good thing.... - SK1

[ In Reply To ..]
I don't think ANYONE thinks solar is bad. What's bad is throwing money (that we don't have) willy-nilly at "green" companies. Had this administration done its homework, it would have seen that many of these companies were doomed to failure.

My feeling is, when the roof's leaking bad you fix it even if it - costs money you would rather not spend. But

[ In Reply To ..]
what's happening now is so much better, so much MORE, than just tacking on some new 30-year shingles. :)

People do agree Solyndra was not ready. The Bush admin turned - it down for that reason. But it was

[ In Reply To ..]
on the frontier with great new technology that our country badly, badly needs. I can understand the decision to go for it.

NOTE AGAIN: With Solyndra and the other 2 genuine failures, losses from the green energy start-up program are STILL well below what Congress budgeted for losses.

Yes I did, but according to Musk, they are only for Tesla cars. - backwards typist

[ In Reply To ..]
I really doubt that you will be able to drive free forever....somehow, someway, companies and/or government will start to charge a fee or [government will] tax the stations, who will then turn around and hit the people using those stations. Nothing is ever free in life.

I have no problem with helping start-ups to better the planet BUT the government has to do better research/background checks on these companies. We shouldn't lose a single dollar, let alone $1 billion. That's $1 billion that could have helped someone else...and who's to say GM won't do the same thing and want grants to do it? We all know how well they have done their job with the bailout money they received.

It also bothers me that it might be only the car companies building these stations, which means it would be another monopoly; i.e., you would have to go to their stations to recharge.

Look at how the large oil companies swallowed up gas stations and left most of the mom and pop operations out in the cold, not to mention all the government regulations that helped bury them. In my area, there used to be a gas station on almost every business street, sometimes more than one.

Now they're all outside town,owned by the oil companies with the "managers" having to bear the brunt of the costs. A local station manager told me he only makes a penny on a gallon of gas sold. Yet he cannot expand without approval of the corporation. He's ready to give it up.
_______
“You will be able to drive free forever on pure sunlight. I think it’s pretty hard to beat that.”

So proclaimed Elon Musk last night in Los Angeles as he unveiled a new fleet of solar-powered, public charging stations for the Tesla Model S sedan.

Yes, Tesla stations are for Tesla cars. :) $50k each (-$7500 tax credit) - right now, and sunshine's only free if

[ In Reply To ..]
you're near one of their charging stations or at home. Elsewhere you get to pay for it.

However, if one company can offer free sunshine charges, so can others. And who can compete with that? This is JUST THE BEGINNING. :)

It's not only Congress that's been pushing failure for 4 years. - Great things are happening, but few

[ In Reply To ..]
realize it. Conservative media have been selling gloom and doom, and fear, lots of fear, to our entire nation for 4 years just to prepare for this election. It wouldn't do for people to be happy and excited about all the things we're doing right now to fix our problems and what they're going to mean for us.

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