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Solar company touted by Obama closing -- despite $535 million from feds...

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posted on Sep, 1 2011 @ 08:06 AM
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$535 million down the tubes...


Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.

"I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.


Apparently they are now seeking Chapter 11 bankruptcy and are seeking reorganization.

Obama's kiss of death

Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. "

The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.

www.nbcbayarea.com...

So, what's the lesson learned here?? I think the lesson learned boys and girls is for the govt. to butt out of private industry. They destroy everything they touch in the private sector. Look at the ever floundering General Motors, Fannie and Freddie, The cash for clunkers program, first time home buyer program etc. etc The formula of simply dishing out cash does not work if the markets themselves are not sound enough to support the business. PERIOD!!

Imagine giving a $500 million dollar govt. loan to a fledgling American CFL bulb maker to start up operations. They hit the ground running and screech to a halt when the reality a CFL market dominated by the Chinese hits them like a brick wall.


Republican Congressman Cliff Stearns of Florida warned, "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies."

www.nbcbayarea.com...

It's a bitter reality.

edit on 1-9-2011 by jibeho because: (no reason given)




posted on Sep, 1 2011 @ 08:10 AM
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When the American Dollar collapses along with the Economy, how are Multinational Oil companies going to profit if they have all those Solar panels lying around giving cheap energy?


Hence, they are shutting them down.

edit on 1-9-2011 by CasiusIgnoranze because: .



posted on Sep, 1 2011 @ 08:15 AM
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If I owned a business and saw Obama coming, I would lock the doors.

Seems like every time Obama visits a company, they go bankrupt or go out of business soon afterwards.



posted on Sep, 1 2011 @ 08:18 AM
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Is this the visit video?

vimeo.com...



posted on Sep, 1 2011 @ 08:22 AM
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reply to post by derickonfire
 


That's it. Love the music
and clip of Arnold before his fall from grace. Ohhh! the irony of it all.



posted on Sep, 1 2011 @ 08:25 AM
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Originally posted by CasiusIgnoranze
When the American Dollar collapses along with the Economy, how are Multinational Oil companies going to profit if they have all those Solar panels lying around giving cheap energy?


Hence, they are shutting them down.

edit on 1-9-2011 by CasiusIgnoranze because: .


The oil companies are not worried about this even though Wind and Solar are being rammed up the nation's anus. I'm not too far off of having my view of Lake Erie contaminated forever by the presence of an experimental Wind Farm for cryin' out loud. Wind Mills with most of the parts made in China. Just like the new MLK Statue unveiled in DC.

We won't be driving wind powered vehicles anytime soon and as long as GM is involved with electric vehicles oil is here to stay.



posted on Sep, 1 2011 @ 08:33 AM
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Originally posted by Carseller4
If I owned a business and saw Obama coming, I would lock the doors.

Seems like every time Obama visits a company, they go bankrupt or go out of business soon afterwards.


----------------
Solyndra isn't the only Obama disaster.
Check out the wonderful company called Evergreen Solar!
They moved their jobs to China.
--------
Another Obama failure.
The big question is whether he will learn from his mistakes or just double down on failure.



posted on Sep, 1 2011 @ 08:45 AM
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reply to post by Eurisko2012
 


Let's not forget Obama's buddy and the nation's job Czar Immelt moving GE's corporate XRay headquarters to China. Somebody please make this amusement park ride stop... I'm tired of the perpetual nausea...



posted on Sep, 1 2011 @ 08:48 AM
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Very similar to the "EVERGREEN SOLAR" debacle in Massachusetts. Gotta love government enabled- corporate robber barons. Is there really any other kind?


BEIJING — Aided by at least $43 million in assistance from the government of Massachusetts and an innovative solar energy technology, Evergreen Solar emerged in the last three years as the third-largest maker of solar panels in the United States.

But now the company is closing its main American factory, laying off the 800 workers by the end of March and shifting production to a joint venture with a Chinese company in central China. Evergreen cited the much higher government support available in China.


www.nytimes.com..." target="_blank" class="postlink" rel="nofollow"> www.nytimes.com..." target="_blank" class="postlink" rel="nofollow">NYTIMES
edit on 1-9-2011 by METACOMET because: fxlink



posted on Sep, 1 2011 @ 09:15 AM
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reply to post by jibeho
 


So now they just shift all the plant and equipment, purchased with the help of taxpayer $$$'s, over to China and a new company, leaving the US creditors to fight over nothing..

When will the people wake up to this scam??
I'd wager some pollies have shares in the newly formed company.



posted on Sep, 1 2011 @ 09:20 AM
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Originally posted by METACOMET
Very similar to the "EVERGREEN SOLAR" debacle in Massachusetts. Gotta love government enabled- corporate robber barons. Is there really any other kind?


BEIJING — Aided by at least $43 million in assistance from the government of Massachusetts and an innovative solar energy technology, Evergreen Solar emerged in the last three years as the third-largest maker of solar panels in the United States.

But now the company is closing its main American factory, laying off the 800 workers by the end of March and shifting production to a joint venture with a Chinese company in central China. Evergreen cited the much higher government support available in China.


www.nytimes.com..." target="_blank" class="postlink" rel="nofollow"> www.nytimes.com..." target="_blank" class="postlink" rel="nofollow">NYTIMES
edit on 1-9-2011 by METACOMET because: fxlink


I predict Obama will double down on big government failures and propose high speed
choo choo trains all over America.
It reminds me of a line from RoboCop. The broken down government robot the ED-209.
$25 Million in spare parts! Who cares if it works?!!!



posted on Sep, 5 2011 @ 11:21 PM
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Solyndra gambled with its future -- it made a bet on the direction of the industry, which turned out to be wrong and they're paying for it. Oh wait, no they're not. WE ARE!


But this is what happens when the government gives you a blank check (okay so the check wasn't blank but you know what I mean). You do things you might not normally do -- Solyndra got a little reckless and over-confident, what, with the government practically turning it into a green initiative shell company.

What the government should do, if anything at all, is invest in transmission infrastructure, not the private companies themselves, especially when so much of the money goes overseas to China, most especially in the wind industry, where 8 in 10 US tax stimulus dollars went to China to manufacture parts for turbines and what not. The American government should focus on developing the internal infrastructure needed to take the power generated by wind farms in Texas and transmit it to other states and regions, same goes for Solar. This would really be no different than what the government did with telephone lines and the internet. But that's if the government should be doing anything at all. What do you guys think?



posted on Sep, 5 2011 @ 11:26 PM
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I bet the people would be astonished if we knew just how much of that $535 million of taxpayer money had found it's way into politicians pockets in the form of "campaign contributions". Everything this government does anymore reeks of corruption and deceitful lies that are spun on the claim of environmet, safety, of economy.



posted on Sep, 6 2011 @ 06:32 PM
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Just goes to show once and for all that State investment in something doesn't automatically make it successful. Couldn't they have just skipped this and learned from the Russians?



posted on Sep, 6 2011 @ 07:11 PM
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It is hard to stay in the solar business when Chinese solar companies dominate the industry.

It is hard for people to buckle down and buy solar systems because they're getting more and more efficient and cheaper by the year, everybody wants to hold out for the next best thing.



posted on Sep, 6 2011 @ 09:28 PM
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Originally posted by eLPresidente
It is hard to stay in the solar business when Chinese solar companies dominate the industry.

It is hard for people to buckle down and buy solar systems because they're getting more and more efficient and cheaper by the year, everybody wants to hold out for the next best thing.


That is the point of free market competition. Why would CHinese dominate? Why didn't 535 mil make it work



posted on Sep, 6 2011 @ 10:10 PM
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reply to post by eLPresidente
 


The Chinese don't really dominate the energy market. The main reason why solar power is not more popular is because of the high cost investment compared to very few rewards.

Had the housing market not burst and home construction rates remained stable, Residential Solar firms would be doing much better. The reason for this is that an effective solar solution worth your investment requires a house to be built around it with a focus on energy efficiency.

Taking a bunch of solar panels and littering them all over an existing home is not going to be nearly as rewarding when it is designed with a more classic appeal and on-grid power reliance. An effective solar-based home needs to focus on window placement, wall insulation/thickness, water and air heating/cooling systems, etc.

It's really only worth your investment in new-home construction. The housing market tanked. It's a bad time to be trying to sell residential power systems of any kind.

That said - Obama doesn't really seem to have all that great of an eye for business.



posted on Sep, 6 2011 @ 10:44 PM
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Originally posted by Aim64C
reply to post by eLPresidente
 


The Chinese don't really dominate the energy market. The main reason why solar power is not more popular is because of the high cost investment compared to very few rewards.

Had the housing market not burst and home construction rates remained stable, Residential Solar firms would be doing much better. The reason for this is that an effective solar solution worth your investment requires a house to be built around it with a focus on energy efficiency.

Taking a bunch of solar panels and littering them all over an existing home is not going to be nearly as rewarding when it is designed with a more classic appeal and on-grid power reliance. An effective solar-based home needs to focus on window placement, wall insulation/thickness, water and air heating/cooling systems, etc.

It's really only worth your investment in new-home construction. The housing market tanked. It's a bad time to be trying to sell residential power systems of any kind.

That said - Obama doesn't really seem to have all that great of an eye for business.


Absolutely agree with you 110%, aim. When it comes to private personal solar use, this is absolutely true, which is why no matter how much money our government dumps into a solar company it won't actually make a reasonable profit.

If the government was smart, they would focus their attention on all this business with the banks demolishing houses across the country (increasing home values by lowering the supply is the idea I think). They could maybe figure out a way to give home builders incentive to construct more energy efficient homes akin to what you're talking about, when and if ever large-scale home building starts up again. **Unfortunately, I don't see this ever returning to the levels we saw in the late 80s/90s/early 2000s but one can always hope**

Because that's really the key question here I think. What incentive can we give the market to develop energy-efficient solar-friendly housing, either as consumers or through the government, as much as I would hate to bring Uncle Sam into it...



posted on Sep, 7 2011 @ 12:39 AM
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reply to post by soma100
 


Sometimes, I think you just have to cut the umbilical and let things do what they are going to do.

The fact of the matter is that many Americans were living a lifestyle that was far from self-reliant. Look around the world and look at America - sure, we have a lot of space that makes large homes more viable than in crowded areas... but for single-generation families to have their own home is something that is somewhat unique to America. Two and three generation cohabitation is far more common in the rest of the world.

Americans just got it in their head that everyone deserves their own little house on the prairie. We are now experiencing 'snapback' from that unsustainable lifestyle and will pay for it for some time with a depression before things begin to return to a more agreeable norm. We'll see more "family lots" and a 'collapse' of the population into smaller communities dealing in self-sustaining bartering of goods and service while approaching the 'outside world' from a more collective standpoint using monetary exchange over bartering.

We'll see this trend driven first by housing and second by the rising costs of food and transportation. I can't afford to have my own apartment, not realistically. Hence, I have room mates, and we live in the trailer park owned by one of my room mate's grandparents. The rent is cheap, and if push comes to shove and things go from bad to worse - some kind of system will be worked out. Better yet - our presence here has correlated with a renewed vigor in his grandparents to get rid of the meth addicts that flake on rent and tear # up for no reason other than they're tweaked out.

Anyway - next will be the 'family lots ' (whether or not they are blood/marriage related family is immaterial) organizing for carpooling and trips to the store - this saves on gas money.

Eventually, people will see that purchasing and cooking larger quantities of food is far more economical than TV dinners, fast food, or convenience food. That, and having 'meal time' tends to calm interpersonal tensions and promote further planning.

Anyway - eventually it will all rebound and people will begin seeking their own little house on the prairie, again. In the interim, we may see more communal housing centers being built on private property or sponsored mostly by sole proprietors... but I doubt we'll see huge amounts of it. Even if, tomorrow, the federal and state governments were all to wake up and hit the 'reset' button to bring us back to a constitutionally limited system of government... I doubt we'd see much change in the housing market for another decade or more.

Granted - I'm simply pulling that out of my rectum - I'm no market expert... but not even landlords (or prospective land-lords) are purchasing houses at the moment. There have been houses for sale, here, for well over a year - nice houses that I -wish- I could buy. But the people with money to buy a house have a house and don't see fit to try and purchase rental/resale property, and the people without houses can't afford or feel too compromised to buy a house.

I would -love- the opportunity to design and build energy-efficient homes. Not because I'm a hippy, but because I'm an engineer with a pathological obsession with perfection. I really couldn't care less about carbon footprints, energy star compliance, etc - I just like to see as much bang for the watt as possible with as few watts as possible.

More than likely, however, my experience and expertise with electronics will not go toward designing the next generation of VASMIR propulsion or avionics displays in space craft, but instead used to make sure heart monitors are working as they watch the last of the Baby Boomers pass into history along with social security at the expense of Medicare.

But I still hold onto my dreams of generating and harnessing some form of FTL phenomena and setting up mass production facilities in various orbits about various bodies. Maybe I can make a decent home for a future wife and kids by writing fiction about it.



posted on Sep, 7 2011 @ 10:32 AM
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Originally posted by ThirdEyeofHorus
Just goes to show once and for all that State investment in something doesn't automatically make it successful. Couldn't they have just skipped this and learned from the Russians?


I think it was just another - kick back - scheme. A major contributor to the Obama campaign
"cashed in" on the Solyndra scandal. The purpose of Solyndra was to build a huge corporate palace
and put on a great Dog & Pony show for the media touting the wonders of solar power.
Burn through all the cash in a year. Whatever happens just happens.
---------------
Revenues? Profits??? Who cares??? We got government funding!


Obama and Maxine Waters should team up and build a brand new government company.
Call it Solyndra 2.0 and make Maxine Waters the CEO.
Throw $300 Billion in it. Hire lots of people who are unemployed. Let them surf the
internet all day long. Pay them all $40,000 a year.
Burn through ALL the cash in 14 months. Then fire everybody after the election 2012.



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