6) Azure Dynamics received millions of dollars in stimulus funds and over $1.7 million in Michigan state tax credits before filing for bankruptcy on March 27, 2012. 7) Babcock & Brown received a $178 million federal grant in December 2009. The company had been placed into voluntary liquidation on March 13, 2009. 8) Energy Conversion Devices Inc./Uni-Solar received a $13.3 million tax credit and then filed for bankruptcy in February 2011. 9) The infamous Solyndra, the way of the future, according to Barrack Obama and Joe Biden received a $535 million DOE loan before going bankrupt in September of 2011. 10) Evergreen Solar, Inc. received millions in federal funds, grants, tax-credits, low-interest loans, and subsidies before filing bankruptcy on August 15, 2011. 11) Konarka Technologies Inc. received $20 million in grants from government agencies such as the DOE and the Pentagon before going bankrupt on June 4, 2012. 12) Raser Technologies received a $33 million Treasury Department stimulus grant and then went bankrupt on May 2, 2011. 13) SpectraWatt received a $500,000 grant from the Renewable Energy Lab via the federal stimulus program, and then went bankrupt on August 23, 2011. 14) Stirling Energy Systems received $7 million in federal funding and $10.5 million in manufacturing tax credits. It filed for bankruptcy on September 28, 2011. 15) Thompson River Power LLC received $6.5 million in federal funds and then filed for bankruptcy on July 2, 2012.
Is this astounding list of taxpayer financed clean technology - renewable energy bankruptcies complete? Not even close. Earlier this month Compact Power, the recipient of $150 million taxpayer dollars and millions more in tax deferments from the Obama administration, supposedly to build thousands of batteries for the administration’s beloved Chevy Volt, is furloughing workers before it ever produced a single battery.
In a free society, businesses should never be allowed to lay off their risks on taxpayers. Real businesses should have products and services customers are willing and able to pay for. Real businesses should book profits and pay taxes. This conference was the marketing of fool’s gold to an uninformed public and a gullible collection of stubborn elected officials.
