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Here we go again.
Yet another example of the Obama White House's failed attempt to pick winners and losers and doing so by gambling with our our tax dollars, this time to the tune of $6 million in tax credits and $15.6 in grant money from the U.S. Department of Energy.
This company, Amonix, is only 14 months old.
How in the world did it qualify for that kind of tax dollar windfall without any kind of track record?
Nevada Sen. Harry Reid, U.S. Rep. Shelley Berkley, D-Nev., and Gov. Brian Sandoval were among the political leaders who lauded the company when it announced it would start making solar cells in the Golden Triangle Industrial Park.
And naturally, Obama has his fingerprints all over it:
The Amonix solar manufacturing plant in North Las Vegas, heavily financed under an Obama administration energy initiative, has closed its 214,000-square-foot facility 14 months after it opened.
Officials at Amonix headquarters in Seal Beach, Calif., have not responded to repeated calls for comment this week. The company today began selling equipment, from automated tooling systems to robotic welding cells.
A designer and manufacturer of concentrated photovoltaic solar power systems, Amonix received $6 million in federal tax credits and a $15.6 million grant from the U.S. Department of Energy to build the plant in North Las Vegas.
And here is the likely reason why Obama had to rush in where venture capitalists feared to tread:
"I don't think they had a lot of training," Kenerly said. "There were a lot of quality issues. A lot of stuff was coming back because it had some functionality issues."
The venture firm, Kleiner Perkins Caufield & Byers, and other investors are making a big bet on Amonix, a company in southern California that has spent 20 years developing concentrating photovoltaic power systems that resemble gigantic solar panels.
Last month, Amonix CEO Brian Robertson was killed in a plane crash in Pennsylvania. An Amonix spokeswoman said the layoffs were in process before he died.
Flextronics Industrial, the Singapore manufacturing service provider that partnered with Amonix to staff the new $18 million, 214,000-square-foot plant, laid off about 200 of its 300-plus employees Tuesday.
Originally posted by links234
reply to post by xuenchen
So losing $6 million in taxes from some small business PV factory is bad but losing billions in taxes to banks, oil companies, natural gas and coal companies is acceptable?