Wednesday, August 1, 2012

Another Claim from Waxman's Campaign

"Moved clean energy legislation that creates thousands of jobs"

Is Waxman talking about and taking credit for Solyndra? The House Energy Committee just finished a mark-up for the "No More Solyndras" Act.

The federal loan guarantees from Congress for these and other green companies have been sunk and lost in bankrupt firms which had first given the impression of financial insolvency.

How many other firms have gone bust in the quest for efficient, green energy?

Let's consider European firms, which have not received American taxpayer dollars:

The firm was carrying more than $500 million in debt and was unable to reach an "amicable solution" with its debtors and investors. In August, we reported that the company shut down its 60-megawatt module manufacturing facility in Tucson, resulting in the loss of around 60 jobs. The firm has about 800 employees, according to Die Welt. Solon is also the lead investor in Global Solar Energy, a maker of CIGS flexible solar panels. The impact that the Solon insolvency will have on GSE is unclear.

Solon joined Solyndra, Evergreen Solar, and SpectraWatt in 2011's bankruptcy pool. ECD joined that team in 2012, along with a number of other firms yet to be announced, the victim of plunging prices, overcapacity and a rough economy in an uncertain time for solar policy.

Companies in Austria are also failing:
In large because of complex tax and regulation structure, the same policies supported by Waxman, these companies cannot thrive. Of course, the immense cost of production and sale diminishes their profitability. More importantly, Americans are losing jobs from these abortive green tech investment.
However, contrary to Waxman's empty assertion that green investment creates green jobs, there is ample evidence that taxpayers are losing money, too:

The company, Ener1, received a $118 million grant from DOE [Department of Energy] in 2010 as part of the president’s stimulus package,” writes the Heritage Foundation’s Lachlan Markay. “The money, which went to Ener1 subsidiary EnerDel, aimed to promote renewable energy storage battery technology for electrical grid use.” (

Beacon Power, which manufactures flywheel energy storage technology, received a $43 million loan guarantee from the same stimulus program that funded Solyndra [emphasis added],” Markay writes. “Despite having used $3 million marked for loan repayment to continue funding its daily operations, Beacon filed for Chapter 11 in November.”

For more information on Solyndra, please vist:

Evergreen Solar Inc. said it has failed to find a buyer for its Devens, Mass., plant and plans to walk away from the facility, which was launched with some $50 million in state aid,” the The Wall Street Journal’s reports.

In case you don’t remember, Evergreen Solar Inc. is the Massachusetts-based “green tech” company that filed for bankruptcy last August — even after receiving million in state aid.


This week, yet another clean energy company heavily underwritten by federal loans, Abound Solar in Colorado, declared bankruptcy, leaving the taxpayers on the hook for $70 million.

And the problem with these massive federal loans supporting failed operations is not limited to solar projects. Nevada Geothermal Power, which has received $98.5 million in federal loan guarantees, is running into serious difficulties paying its bills after having operated at a loss for several years.

While these companies were failing, their top executives were receiving six figure salaries.

Two electric car (including Fisker) companies also are going up in smoke. The Fisker company invested the money in Finland, no jobs were created in the United States. Tesla received 500 million. Will start next year -- the model S Sedan. $57,000-- they claim that there is a robust market -- but for wealthy Americans. Fortune Magazine has indicated that the company will have nothing but losses. Celebrities have championed these cars, but they were not worth the risk, yet the taxpayers have been left holding the bill.
Here's another list with a curt and cutting rundown of the sheer failures associated with green subsidies from the federal government:

Here is another list:

Is this fair, Mr. Waxman? Is it fair for taxpayer dollars to be wasted in these wasteful and disgraceful green investments, loan guarantees which are guaranteed to lost?

Is this fair, Congressman?

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