Posts Tagged ‘Abound Solar Manufacturing’

As Gasoline Prices Soar Out Of Control, Yet ANOTHER Obama Energy Boondoggle Pisses Away Taxpayer Money By Hundreds Of Millions Of Dollars

March 2, 2012

Barack Obama giving away $2 billion in stimulus money on July 4, 2010:

In fact, today, I’m announcing that the Department of Energy is awarding nearly $2 billion in conditional commitments to two solar companies.

The first is Abengoa Solar, a company that has agreed to build one of the largest solar plants in the world right here in the United States. After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs right here in America. In the short term, construction will create approximately 1,600 jobs in Arizona. What’s more, over 70 percent of the components and products used in construction will be manufactured in the USA, boosting jobs and communities in states up and down the supply chain. Once completed, this plant will be the first large-scale solar plant in the U.S. to actually store the energy it generates for later use – even at night. And it will generate enough clean, renewable energy to power 70,000 homes.

The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.

Obama’s “investment” today:

Earlier today I mentioned Energy Secretary Chu’s statement to Congress that the administration didn’t care about lowering gas prices, just pushing alternative energy. Now we have the latest failure as part of that scheme, Abound Solar Manufacturing, has announced it will lay off 70% of its workforce. The company received a $400 million loan guarantee through the Obama stimulus.

Oh, and by the way, Abound got that $400 million loan even though it was obviously a huge credit risk:

A month before Abound Solarannounced it would be laying off nearly half its workforce, Congressional Republicans alerted the U.S. Department of Energy that they had questions about the decision to loan the Colorado firm $400 million.

The House Committee on Oversight and Government Reform asked Energy Secretary Steven Chu to explain how the solar panel manufacturer had qualified for the loan after the ratings firm Fitch had determined the company would make a “highly speculative” investment.

“Fitch describes Abound as lagging in technology relative to its competitors, failing to achieve stated efficiency targets, and expecting that Abound will suffer from increasing commoditization and pricing pressures,” wrote Rep. Darrell Issa, R.-California, the committee chairman. “DOE’s willingness to fund Abound, despite these concerns, calls into question the merits of this loan guarantee.”

Obama is demonizing oil companies (you know, the people who are the only reason ordinary Americans are able to get into their cars and drive somewhere) while he continues to give away billions of dollars to his crony capitalist fascist friends at the useless green energy companies.  Oh, and he’s demonizing the $4 billion in tax breaks to oil companies that keep this country going while he is proposing to give away $5 billion more to green energy that produces virtually nothing.

That should seriously piss you off, because gas prices – you know, the stuff that the oil companies Obama demonizes produce – have more than DOUBLED under this failed president’s failed policies:

The day Barack Obama took office, the average national price of gasoline was $1.84 a gallon.

As of today, March 1, 2012, the average national price of gasoline is $3.74 a gallon.

Oh, and gasoline may very well hit $5 a gallon by Memorial Day.

While even Bill Clinton is urging the Failure-in-Chief to “embrace” the Keystone Oil Pipeline that Obama has refused to alllow even though it wouldn’t have required ONE PENNY in taxpayer money.

Beyond Solyndra – which devoured more than half of a BILLION dollars in taxpayer money before going completely bankrupt – there have been many other massive Obama failures.

Just a couple:

Green energy company given federal stimulus funds lays off 125 workers, gives pay raise to executives
Published February 26, 2012 | FoxNews.com

An electric car battery company reportedly has laid off 125 employees since receiving $390 million in government subsidies, but is still handing out big pay raises to company executives.

A123 systems, which was touted as a stimulus “success story” by former Gov. Jennifer Granholm, D-Mich., had a net loss of $172 million through the first three quarters of 2011, according to the Washington Examiner’s “Beltway Confidential” blog, citing a report from the Michigan-based Mackinac Center for Public Policy.

A123’s primary customer, Fisker Automotive, is also struggling financially. “Yet, this month A123’s Compensation Committee approved a $30,000 raise for [Chief Financial Officer David] Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received.”

This month has seen significant pay boosts for other A123 executives, as well, including vice presidents Robert Johnson and Jason Forcier.

The raises were reported by the company in its filings with the U.S. Securities and Exchange Commission, according to the Mackinac report.

“It looks highly suspicious,” Paul Chesser, associate fellow for the National Legal & Policy Center, told Mackinac. “It looks like they are trying to pad their top people’s wallets in case something really bad happens.”

Click to read the Washington Examiner blog.

Click to read the Mackinac Center for Public Policy report.

And far, FAR worse:

Obama Gave Billions to Green Energy Companies with Ties to His Administration and 2008 Campaign
Posted by Jim Hoft on Thursday, February 16, 2012, 1:13 PM

The RNC released this infographic today showing that billions in taxpayer dollars were were given to firms with close ties to the Obama Administration.

The Washington Post reported:

Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.

Obama’s program to invest federal funds in start-up companies — and the failure of some of those companies — is becoming a rallying cry for opponents in the presidential race. Mitt Romney has promised to focus on Obama’s “record” as a “venture capitalist.” And in ads and speeches, conservative groups and the Republican candidates are zeroing in on the administration’s decision to extend $535 million to the now-shuttered solar firm Solyndra and billions of dollars more to clean-tech start-ups backed by the president’s political allies.

White House officials stress that staffers and advisers with venture capital ties did not make funding decisions related to these companies. But e-mails released in a congressional probe of Obama’s clean-tech program show that staff and advisers with links to venture firms informally advocated for some of those companies.

David Gold, a venture capitalist and critic of Obama’s investments in clean tech, said that even if staffers had been removed from the final decision-making, they had the kind of inside access to exert subtle influence.

“To believe those quiet conversations don’t happen in the hallways — about a project being in a certain congressman’s district or being associated with a significant presidential donor, is naive,” said Gold, who once worked at the Office of Management and Budget. “When you’re putting this kind of pressure on an organization to make decisions on very big dollars, there’s increased likelihood that political connections will influence things.”

Energy Department spokesman Damien LaVera said the companies won awards based on merit, not political connections. He said the staffers and advisory board members reviewed by the Post had no role in funding decisions, nor did they have any personal financial stake in the companies. One of those administration advisers had first been appointed to his position by the Bush administration, LaVera said…

Thousands of agency and White House e-mails released as part of the Solyndra investigation show that venture capitalists who held advisory roles with the Energy Department were given access to Obama’s top advisers.

Read the whole thing. It will make you ill.

Obama is selling this country out even while he works to implode it by starving us of energy while spending us into bankruptcy.