Green Room

The Butcher’s Bill for Green Energy

posted at 2:41 am on October 22, 2012 by

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.

  1. Evergreen Solar ($25 million)*
  2. SpectraWatt ($500,000)*
  3. Solyndra ($535 million)*
  4. Beacon Power ($43 million)*
  5. Nevada Geothermal ($98.5 million)
  6. SunPower ($1.2 billion)
  7. First Solar ($1.46 billion)
  8. Babcock and Brown ($178 million)
  9. EnerDel’s subsidiary Ener1 ($118.5 million)*
  10. Amonix ($5.9 million)
  11. Fisker Automotive ($529 million)
  12. Abound Solar ($400 million)*
  13. A123 Systems ($279 million)*
  14. Willard and Kelsey Solar Group ($700,981)*
  15. Johnson Controls ($299 million)
  16. Schneider Electric ($86 million)
  17. Brightsource ($1.6 billion)
  18. ECOtality ($126.2 million)
  19. Raser Technologies ($33 million)*
  20. Energy Conversion Devices ($13.3 million)*
  21. Mountain Plaza, Inc. ($2 million)*
  22. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
  23. Range Fuels ($80 million)*
  24. Thompson River Power ($6.5 million)*
  25. Stirling Energy Systems ($7 million)*
  26. Azure Dynamics ($5.4 million)*
  27. GreenVolts ($500,000)
  28. Vestas ($50 million)
  29. LG Chem’s subsidiary Compact Power ($151 million)
  30. Nordic Windpower ($16 million)*
  31. Navistar ($39 million)
  32. Satcon ($3 million)*
  33. Konarka Technologies Inc. ($20 million)*
  34. 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.

 

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And beneath the markers o’er their silent graves, our Founders weep for the Republic.

“Ask not what your TEA Party can do for you…” ~ DeepWheat

DeepWheat on October 22, 2012 at 9:20 AM

I’m surprised Tesla Motors isn’t on that list… unless they pulled a Ford…

TMOverbeck on October 22, 2012 at 9:22 AM

While I agree with the thrust of the post, it should be pointed out that not quite all of those companies are failing. Johnson Controls cut back their plans for batteries and that particular venture is struggling, but the company as a whole is healthy.

It would be interesting to see what percentage of alternative energy companies that get gov’t help go under compared to those firms that choose to use private sector financing.

I think that when all is said and done and our long national nightmare is over, a lot of businesses will start reflecting on the danger of taking government money to subsidize their production.

Ronnie Schreiber
Cars In Depth

rokemronnie on October 22, 2012 at 11:31 AM

Ummmm. NO. What about the damage caused by Obama pressuring and destroying and trying to regulate out of existence Coal, Oil, Natural Gas so that money is sent to those whom he bows?

What about the damage done to car companies and the deaths attributed to CAFE standards?

He has much more to answer for.

Bulletchaser on October 22, 2012 at 12:17 PM

How much will the whole “Volt” fiasco cost? Misspent funds, forced choices, government purchases of a product that will now not be maintained.

Bulletchaser on October 22, 2012 at 12:21 PM