Yes, I know people are shocked that solar companies are going broke, and even more shocked that our government would choose to throw away fortunes on useless pipe dreams while simultaneously impoverishing the populace, but, that appears to be exactly what’s happening.
SoloPower, which makes thin-film solar panels at a new plant in Portland, Ore., opened Sept. 27 with an upbeat ribbon-cutting ceremony. Local and state politicians gushed about the company eventually operating four production lines and creating 450 well-paid green jobs.
Yeh, who could have predicted this could go wrong?
The first production line was never completed. In January, the company had a round of layoffs. SoloPower won’t say how many of its 60 employees received pink slips.
A management shakeup soon followed — gone are the chief executive, president and chief technology officer. The company is now trying to raise money by selling some of its equipment through a third party and is attempting to restructure its $197 million federal loan guarantee.
Now, this is funny….. funny like strange, and funny like haha at the lunatic green muppets who think this crap is a good idea……
Despite the warning signs, the state of Oregon is continuing to put taxpayer money at risk. In December, the agency Business Oregon issued SoloPower a $20 million tax credit. The company sold the tax credit for $13.5 million in cash.
Tax credits are transferable? LMAO!!!! Oregon just took a bath on that one!!!
“This company’s still in operation,” said Nathan Buehler of Business Oregon, “and we’re certainly paying attention, and we’re looking forward to seeing what they do in the coming years.”
Uhmm, in the coming days might be a better terming of the future.
The city of Portland issued SoloPower a $5 million loan along with other tax incentives. All told, the state and local investment is $58 million.
We don’t know how much fed money they were able to get before they got cut off. But, hope springs eternal when one has their eyes on taxpayer money!!
“They survive by downscaling and being responsible with the resources they have,” said Sam Adams, “by reducing costs and being able to wait out, hopefully, until Congress passes new energy tax credits.”
Read more: here.
Thinking of moving to Oregon, I hear there are suckers at every corner and in every cleptocrat office.