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Obama’s Pitiful Green Scorecard

19 Thursday Jul 2012

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Obama loves green energy and wants to replace our great cars with electric cars with about a 50 mile range and replace our electric grid with expensive and unreliable wind and solar energy. While some day these alternatives may be viable, the markets should determine this, not the government. In reality this was all just a slush fund for donors that had the added benefits of satisfying the environmentalists and putting the brakes on economic growth thus creating dependency on the government.

A concept foreign to Democrats

Here is Obama’s track record for green energy:

 

Category Company Status
Solar Solyndra Solar, $535 million DOE loan, bankrupt. Solyndra shut its doors and laid off 1100 workers in August 2011 Failed.
Solar Evergreen Solar, $5.3 million loan, bankrupt Failed.
Solar Spectra Watt, bankrupt Failed.
Solar Energy Conversion Devices and United Solar Ovonic or UniSolar, bankrupt. UniSolar filed for Chapter 11 bankruptcy in June 20, 2012 and laid off hundreds,  got more Obama money still failing but still in business Failed.
Solar Amonix, received more than $20 million in government funding from the Obama closed its plant in July 2012 Failed.
Solar SunPower, stock price has fallen greatly. SunPower stopped producing solar cells last year at near bankruptcy restructured only with help of oil giant TOTAL who owns 60% stake. Failed.
Solar Abound Solar, laid off nearly half of employees, Abound Solar received a $400 million loan guarantee from Barack Obama announced in June, 2012 that it would file for bankruptcy. Failed.
Solar NRG Energy, solar, wind, electric vehicle, stock price less than half of 2008 price, $1.2 billion DOE loan. Failed.
Solar First Solar, stock price less than 10% of 2008 high, DOE loans of $5.35 billion, cutting 2,000 workers, closing plant near Berlin, Germany, lost $39.5 million in 2011, Germany and Italy cut subsidies for major on-grid utility scale solar installations. Failed.
Solar Bright Source, withdrew IPO. Bright Source warned Obama’s Energy Department officials in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would embarrass the White House and force the solar-energy company to close. Lost Billions of dollars but getting more money to “keep trying”. Failed.
     
Battery and Electric Vehicle: Mountain Plaza Inc., truck stop electrification, bankrupt, $10 million loan from state of Wisconsin under Recovery Act Failed.
Battery and Electric Vehicle: A123 Systems, batteries, $300 million from Recovery Act, $135 million from state of CA, verge of bankruptcy. Received $279 million from taxpayers thanks to President Obama’s Department of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M Failed.
Battery and Electric Vehicle: EnerDel and Ener1, Lithium ion batteries, $118.5 million of DOE grant, filed for bankruptcy January 2012. Failed.
Battery and Electric Vehicle: Beacon Power, energy storage, $43 million DOE loan, filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee Failed.
Battery and Electric Vehicle: Fisker Automotive, electric vehicles, made only 40 cars two years late in Finland, only 40 mile range, $7,500 tax credit with vehicle purchase Failed.
Battery and Electric Vehicle: Tesla Motors, electric vehicles, DOE loans of $465 million, $7500 tax credit with car purchase Failed.
Battery and Electric Vehicle: GM Chevy Volt, suspended production, layoffs, failure to meet production goals, $7,500 tax credit with purchase Failed.
Battery and Electric Vehicle: ECOtality, never earned any money on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from Obama. Stock price down 60% from initial price. Failed.
Battery and Electric Vehicle: Bright Automotive, hybrid fleet trucks, bankrupt, claimed DOE told them they were close to winning $450 million loan for 3 years, counted on Obama pledge to have 1 million electric vehicles on the road by 2015 Failed.
     
Geothermal Nevada Geothermal Power, Harry Reid favorite, $98.5 million DOE loan, $66 million in grants, struggling, and auditor says “significant doubt about the company’s ability to continue as a going concern.” Failed.
     
Storage of Corn for Ethanol Olsen’s Crop Service and Olsen’s Mills Acquisition Co. (bankrupt, $10 million loan) Failed.

 As a consequence of Obama’s efforts to bankrupt coal-fired electric power plants and perhaps due to the falling price of natural gas, AES Eastern Energy LP filed for bankruptcy. AES Eastern Energy owned six coal-fired power plants in New York.