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DETROIT — Short of cash and hurting from weak sales of electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection on Tuesday October 16, 2012.
The moves came one day after the company warned it likely would miss debt payments and could be headed for restructuring under Chapter 11.
A123 has struggled for several years as Americans have been slow to embrace electric cars. Is this why our gas prices have doubled? So we would embrace the electric cars? Will tax payers be bailing this company out?
Are any of Obama's green energy companies surviving?
This is our tax dollar at work. Anyone else want to invest their life savings and let Obama run their investments?
Solar Trust of America: FAIL – Filed Bankruptcy in Oakland, CA, April 3, 2012 – On April 2, 2012
Bright Source: FAIL – 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. Canyou say, “This isnt working?”
Solyndra: FAIL – Solyndra shut its doors and laid off 1100 workers in August 2011 After Billions in Losses
LSP Energy: FAIL – LSPEnergy LP* filed bankruptcy protection and a sale of its assets in Feb 2012
Energy Conversion Devices: FAIL – On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy
Abound Solar: FAIL – Abound Solar received a $400 million loan guarantee from Obama announced in June, 2012 that it would file for bankruptcy
SunPower: FAIL – SunPower stopped producing solar cells last year at near bankruptcy restructured only with help of, get this, oil giant TOTAL who owns 60% stake. Irony! Still struggling…
Beacon Power: FAIL – Beacon Power Corp filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee
Ecotality: FAIL – ECOtality, a San Francisco green-tech company that never earned any money on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from Obama
A123 Solar: FAIL - A123 received $279 million from taxpayers thanks to Obama’s Department of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M
UniSolar: FAIL – Uni-Solar filed for Ch 11 bankruptcy in June 20 this year laid off hundreds got more Obama money still failing but still in business.
Azure Dynamics: FAIL – Azure Dynamics files for bankruptcy in June ter millions in Obama “Stimulus”
Evergreen Solar: FAIL* – Evergreen Solar received $527 Million in Taxpayer money from Obama filed bankruptcy
Ener1: FAIL received more than $100 million in government funding from the Obama administration* filed for bankruptcy January 2012
Boy, when Mitt said obama just doesn't pick winners and losers, he picks LOSERS, was he right or what? 80% of DoE $$ went to green firms run or affiliated by obama donors..a SLUSH fund IOW
obama seems to think that he can just push his agendas on Americans and we will just eat it up. I don't think he understands how the majority of Americans think. Americans are not going for these vehicles because they do not fit into our daily living yet. They are just not reasonable yet. It is not good business practice to a pile of money into a relatively new idea when the average American is not equiped for it. Who wants to drive a few miles and then have to plug their car in? The kinks should have been worked out first.
Romney said, "90 billion dollars into solar and wind, you pick the losers. This is not the kind of policy you want to have if you want to get America energy secure".
This stimulus was supposed to revive America. The president tried to pick winners in green energy for political benefit as apposed to solid businesses and tax payers have been lost. Obama has plans for more green energy investment should he get a second term.
Instead of investment to improve unemployment, the deficit, gas prices, and poverty he has obsessively pushed "HIS OWN" agenda on the American people. Obama is more concerned with green then people. Then again, like he said at an interview on Letterman, "its' not a problem".
High Unemployment: We all know it's much worse than even the official numbers reported because millions of Americans have given up and aren't counted anymore. Others work part time and are counted In President Obama's words, they've given up hope. The real unemployment number is closer to 11%. That's tens of millions of Americans! Wait until sequestration!
Huge Deficit: Also is up on the President's watch. The deficit is now more than $16 trillion dollars. Obama has increased it in 4 short years what the previous 43 presidents couldn't do in 232 years.
Increased Price Of Gas: The price of a gallon of gas has doubled on Obama's watch. Gas hit more than $5 per gallon in some places.
Higher Poverty: Poverty is near a 50 year high on his watch. Poverty! The number of people on food stamps has doubled in his four years. Doubled! Although the President would like to distract from those four numbers, they are his to own.
Throwing government money at private business is bad for the business. It takes the focus off designing and building a great, competative product and focuses it on the next government handout. I worked at such a company that went down by ~90% about 5 years ago.
Welfare rewards and encourages bad behavior...rather it's corporate or personal.
Yep, one of Obama's mindless sycophants just checked in.
You got no skin in the game why would care about the millions in dollars lost in defunct green energy companies. You think you would care about the higher poverty levels and increase in gas and food prices. Hows that measly 1.7% increase in social security payments working for you? You lost a lot of financial ground on that even before you get the money.
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