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Obama Green Investment Continues to Fail
_ USBC Wire-
It was recently announced that yet another green energy firm supported by massive amounts of US taxpayer money had gone bankrupt. Ener1, which Vice-President Biden once incorrectly, but perhaps presciently, called “Enron1” filed for bankruptcy. Only a year ago, Ener1 received $118 million in stimulus funds, which went to a subsidiary, EnerDel. Despite this infusion of money, NASDAQ delisted Ener1 due to SEC compliance issues in October 2011, and a month later the CEO and CFO were both fired. On January 19, Ener1 filed for Chapter 11 bankruptcy.
This is on the heels of other failures by green energy companies touted and supported by the Obama administration. The most visible collapse was Solyndra, a solar panel development company which was highly touted by the President and Vice-President. Both visited the plant for photo ops and speeches about the government investment in green energy, even as warnings were raised within the administration about the financial stability of the firm. Solyndra received $535 million in taxpayer funding.
Just prior to the failure of Ener1 last month, Evergreen Energy also went the way of other green failures. Created to manufacture and install solar panel cells, the company received $5.3 million in Stimulus money. SpectraWall, another solar cell company failed on a much smaller scale, losing a half-million in taxpayer funds. Both companies blamed competition from Chinese manufacturers for their failures.
It was recently announced that yet another green energy firm supported by massive amounts of US taxpayer money had gone bankrupt. Ener1, which Vice-President Biden once incorrectly, but perhaps presciently, called “Enron1” filed for bankruptcy. Only a year ago, Ener1 received $118 million in stimulus funds, which went to a subsidiary, EnerDel. Despite this infusion of money, NASDAQ delisted Ener1 due to SEC compliance issues in October 2011, and a month later the CEO and CFO were both fired. On January 19, Ener1 filed for Chapter 11 bankruptcy.
This is on the heels of other failures by green energy companies touted and supported by the Obama administration. The most visible collapse was Solyndra, a solar panel development company which was highly touted by the President and Vice-President. Both visited the plant for photo ops and speeches about the government investment in green energy, even as warnings were raised within the administration about the financial stability of the firm. Solyndra received $535 million in taxpayer funding.
Just prior to the failure of Ener1 last month, Evergreen Energy also went the way of other green failures. Created to manufacture and install solar panel cells, the company received $5.3 million in Stimulus money. SpectraWall, another solar cell company failed on a much smaller scale, losing a half-million in taxpayer funds. Both companies blamed competition from Chinese manufacturers for their failures.
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