The Butcher’s Bill for Green Energy
posted at 2:41 am on October 22, 2012 by Matt Vespa
As Obama continues to slam coal, its workers, and their families in this misguided crusade to – well – destroy the American dream, let’s go through all of the failed government funded ventures into green energy. The Heritage Foundation was kind enough to provide the butcher’s bill.
- Evergreen Solar ($25 million)*
- SpectraWatt ($500,000)*
- Solyndra ($535 million)*
- Beacon Power ($43 million)*
- Nevada Geothermal ($98.5 million)
- SunPower ($1.2 billion)
- First Solar ($1.46 billion)
- Babcock and Brown ($178 million)
- EnerDel’s subsidiary Ener1 ($118.5 million)*
- Amonix ($5.9 million)
- Fisker Automotive ($529 million)
- Abound Solar ($400 million)*
- A123 Systems ($279 million)*
- Willard and Kelsey Solar Group ($700,981)*
- 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 ($6.5 million)*
- Stirling Energy Systems ($7 million)*
- Azure Dynamics ($5.4 million)*
- GreenVolts ($500,000)
- Vestas ($50 million)
- LG Chem’s subsidiary Compact Power ($151 million)
- Nordic Windpower ($16 million)*
- Navistar ($39 million)
- Satcon ($3 million)*
- Konarka Technologies Inc. ($20 million)*
- Mascoma Corp. ($100 million)
*Denotes companies that have filed for bankruptcy.
UPDATED: Heritage made make some corrections.
Figures for four companies have been updated: Beacon Power received $43 million from the U.S. government, not $69 million as originally reported. Azure Dynamics received $5.4 million from the federal government, not $120 million as originally reported. Compact Power Inc. received $151 million as part of the stimulus, not $150 million as originally reported. Willard and Kelsey Solar Group received $700,981 in government funding, not $6 million as originally reported.
The following companies have been removed from the original list: AES’s subsidiary Eastern Energy, LSP Energy and Uni-Solar did not receive government-backed loans, based on additional research. The National Renewable Energy Lab did received $200 million in stimulus funding, but it is a government laboratory.
However, it just proves the impotence of government’s ability to create jobs and economic growth. As conservatives, Mitt Romney, and the Republican Party have been saying for years, it’s private enterprise that creates jobs, which facilitates economic growth – so America can maintain its title as the arsenal for democracy.
CBS News’ Sharyl Attkisson also filed a report last January, which aired on This Morning that showed eleven green energy companies had either filed for bankruptcy or were in serious financial condition. Furthermore, they received government loans that were rated “CCC+,” which is way below investment grade. In fact, in the long term, they have a 70% chance of failing, according to economist Peter Morici. It’s a junk bond. The government knew they were junk bonds, but crony capitalism has a funny way of mudding the waters of free enterprise.