Shock News!!!! Feds Back Another Solar Loser!!! Oregon Keeps Backing!!!!

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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. 

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23 Responses to Shock News!!!! Feds Back Another Solar Loser!!! Oregon Keeps Backing!!!!

  1. Latitude says:

    good Lord!….so they are losing money and won’t have to pay taxes anyway…..but they sell their tax credit………and get another $5 million loan!!!!

    ok goofy, we missed the boat on this one

    • suyts says:

      Not yet!!! Imma gonna strip all those old solar powered calculators of their solar strip and glue them to huge strips of cardboard and take to Oregon and sell them on this prototype!!! I’ll get a huge tax credit and then sell it for 50 cents on the dollar, and go bankrupt!!! Cha-ching!!!

  2. kim2ooo says:

    http://www.bloomberg.com/news/2013-03-12/europe-gas-carnage-shown-by-eon-closing-3-year-old-plant-energy.html

    “The switch from gas to coal in Europe is a very serious retrograde step from a climate change perspective,” Dieter Helm, an energy policy professor at the University of Oxford, said by e-mail. “In Germany it is worse — building new coal power stations which will be locked in for decades.”

  3. DirkH says:

    Bah, that’s nothing. You Americans are but feeble beginners.
    Norway financed a factory hall sized osmosis power plant -full of expensive reverse osmosis membranes normally used in expensive desal plants – with an output of…
    … 2 to 4 …
    kW.
    http://chiefio.wordpress.com/2013/03/20/osmosis-power-needs-work/

    These must be the absolutely most expensive kW’s on the planet.

  4. DirkH says:

    American maker of Ultracaps Maxwell Tech seems to have slight probs, collapsed 15% today after strong downward trend since start of February,
    now, might be normal with them because they usually exhibit very strong seasonality.

    • suyts says:

      Do they have a contract with some soon to die electric car company?

      • DirkH says:

        Dunno, their product is probably in inductively charged buses though that are currently being tested in Austria and Germany (Project Primove, Bombardier), a typical green EU funded research project. (Mind you I like such research; as opposed to ongoing subsidation)

  5. HankH says:

    If I wanted to invest my money in a company that is in any way related to green technology, the first thing I would do is to see if they’re one of Zero’s picks. If they are I wouldn’t touch their stock. Like Romney said, he picks only losers.

  6. Bruce says:

    This is not an important story. The important story of the day is that global warming could cause a plague of goats. And also unicorns.

  7. philjourdan says:

    I am trying to short Green Companies – but I cannot find any that last long enough to short them!

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