Surprise! Another Obama Admin. Backed Solar Company Goes Bankrupt
I’m sure this is somehow George Bush’s fault
(Heritage) A solar company that got a multi-million-dollar grant from the Department of Energy earlier this year announced Wednesday that it will file for Chapter 11 bankruptcy protection, making it the second taxpayer-backed green energy company to file for bankruptcy this week.
Satcon Technology Corp. announced the decision in a Wednesday news release. “This has been a difficult time for Satcon,” president and CEO Steve Rhoades said. “After careful consideration of available alternatives, the Company’s Board of Directors determined that the Chapter 11 filings were a necessary and prudent step, allowing the Company to continue to operate while giving us the opportunity to reorganize with a stronger balance sheet and capital structure.”
Satcon received a $3 million DOE grant in January to develop “a compact, lightweight power conversion device that is capable of taking utility-scale solar power and outputting it directly into the electric utility grid at distribution voltage levels–eliminating the need for large transformers.”
Now, I’m sure some on the Left will proudly proclaim that $3 million is a drop in the bucket, which is true, but, it doesn’t deflect from the point that the Obama administration (and government in general) is highly wasteful with the money that is forcibly taken from the citizens of America….those who have jobs, that is, and haven’t given up on the jobs market in despair. Well over a million kids could be served a meal at school with that money. This is one of the ways we have nickle and dimed ourselves to $16 trillion in debt.
The US government is the ultimate 1%er, except they are pissing away Other People’s money rather than they’re own on silly projects which are bound to fail.
And, just as big a point is that the Obama admin. is attempting to pick winners and losers in the private sector, and mostly picking losers. The Lonely Conservative points to a list from Heritage of all the “green” companies that the Obama admin has invested taxpayer money in which have failed. Satcon makes 36.