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President Obama’s Taxpayer-Backed Green Energy Failures

The Obama “stimulus” is exactly what we predicted it would be: a slush fund and money laundering operation.

The money for this stimulus was stolen from future generations of Americans, given to companies that are not economically viable, run by people who politically support Obama and other democrats, who then turn around and make large donations back to Obama and the democrats with taxpayer money.

This is crony capitalism, money laundering, and blatant corruption from our Marxist thug president.

President Obama’s Taxpayer-Backed Green Energy Failures

Ashe Schow October 18, 2012 at 8:25 am

It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.

The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.

So far, 36 companies that were offered federal support from taxpayers are faltering — either having gone bankrupt or laying off workers or heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy and other agencies. The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.

The complete list of faltering or bankrupt green-energy companies:

  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.

The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.

The 2009 stimulus set aside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made. Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.


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.

URL to article: http://blog.heritage.org/2012/10/18/president-obamas-taxpayer-backed-green-energy-failures/

URLs in this post:

[1] Image: http://blog.heritage.org/wp-content/uploads/Obama-Solar-Panels-3-2012.jpg

[2] Evergreen Solar: http://www.usaspending.gov/search?form_fields=%7b%22search_term%22%3A%22evergreen+solar%22%7d

[3] SpectraWatt: http://www.foxnews.com/politics/2011/09/15/despite-stimulus-funding-solyndra-and-4-other-companies-have-hit-rock-bottom/

[4] Solyndra: http://www.bloomberg.com/news/2011-09-12/obama-team-backed-535-million-solyndra-aid-as-auditor-warned-on-finances.html

[5] Beacon Power: http://www.businessweek.com/news/2011-10-31/beacon-power-backed-by-u-s-loan-guarantees-files-bankruptcy.html

[6] Nevada Geothermal: http://thehill.com/blogs/e2-wire/e2-wire/236311-another-obama-backed-energy-firm-may-be-close-to-collapse

[7] SunPower: http://www.foxnews.com/politics/2011/10/12/solar-firm-that-received-12-billion-federal-loan-plagued-by-financial-problems-702546811/

[8] First Solar: http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/doe-backed-solar-company-lays-2000/484901

[9] Babcock and Brown: http://www.globalwarming.org/2012/01/14/cbs-11-more-solyndras-in-obama-green-energy-program/

[10] EnerDel’s subsidiary Ener1: http://dyn.politico.com/printstory.cfm?uuid=A1602AF6-F11F-4B9D-ABC4-AC9234EBEC41

[11] Amonix: http://www.lasvegassun.com/news/2012/jan/25/some-200-laid-north-las-vegas-amonix-solar-plant/

[12] Fisker Automotive: http://www.politico.com/politico44/2012/02/clean-energy-loan-recipient-lays-off-staff-113652.html

[13] Abound Solar: http://www.denverpost.com/breakingnews/ci_20066660

[14] A123 Systems: http://nlpc.org/stories/2012/04/04/taxpayers%E2%80%99-green-%E2%80%98investment%E2%80%99-battery-company-withers

[15] Willard and Kelsey Solar Group: http://nlpc.org/stories/2012/04/05/crickets-chirp-another-taxpayer-funded-solar-factory

[16] Johnson Controls: http://www.washingtonpost.com/politics/for-obamas-green-car-revolution-fits-and-starts/2011/11/29/gIQA0FdRdO_story.html

[17] Schneider Electric: http://www.recovery.gov/Transparency/RecipientReportedData/Pages/Recipient.aspx?duns=001288364

[18] Brightsource: http://online.wsj.com/article/SB10001424052702303657404576359852009524680.html

[19] ECOtality: http://www.cbsnews.com/8301-31727_162-57402463-10391695/stimulus-recipient-under-investigation-for-insider-trading/

[20] Raser Technologies: http://online.wsj.com/article/SB20001424052970203710704577050412494713178.html

[21] Energy Conversion Devices: http://www.nationalreview.com/articles/309936/green-jobs-gone-bust-deroy-murdock

[22] Range Fuels: http://online.wsj.com/article/SB10001424052748704364004576132453701004530.html

[23] Thompson River Power: http://online.wsj.com/article/SB10001424052702303644004577523282632904216.html

[24] Azure Dynamics: http://www.prnewswire.com/news-releases/azure-dynamics-wins-doe-award-to-develop-next-generation-traction-inverter-127521153.html

[25] GreenVolts: http://www.nrel.gov/solar/news/2009/677.html?print

[26] Vestas: http://www.breitbart.com/Big-Government/2012/10/13/Danish-Wind-Turbine-Company-That-Received-Over-50-Million-In-Stimulus-Lays-Off-800-Workers

[27] LG Chem’s subsidiary Compact Power: http://www.whitehouse.gov/the-press-office/background-presidents-event-holland-michigan-today

[28] Nordic Windpower: https://lpo.energy.gov/?p=834

[29] Navistar: http://money.cnn.com/galleries/2010/autos/1004/gallery.electric_trucks/4.html

[30] Satcon: http://blog.heritage.org/2012/10/18/another-doe-backed-solar-company-goes-bankrupt/

[31] Konarka Technologies Inc.: http://www.boston.com/businessupdates/2012/06/04/konarka-files-for-chapter-ceases-operations/afQFI6wU5DKTZbSJkUdJQJ/story.html

[32] Mascoma Corp.: http://www.michigancapitolconfidential.com/17123

[33] 1,900 investigations have been opened: http://www.washingtonguardian.com/stimulating-investigation


One Response

  1. Its a ridiculous amount of debt, and its also a bit ridiculous that this machine-produced green paper is what ties our lives together and apart through the misuse of a technology through out the world. Mainly America

    -Green Apple Energy USA

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