Solyndra. Over half a billion in green, shoveled into a rat-hole; enriching Obama's pals, who cashed out and left us with ther tab.
Energy Conversion Devices, formerly of Auburn, Michigan and another Obama darling, has filed chapter 11 on losses in excess of $306 million last year, much of that due to their catchily-named subsidiary, United Solar Ovonic. Much like Solyndra, their schtick was that everybody was gonna make millions becaue they could produce thin-film photovoltaics that integrated with roofing materials. The Green Revolution had finally arrived!
A funny thing happened on the way to the bank. Their stock was $1.46 at Monday's close; by 11:30 this morning, it was 30 cents a share. Depending on who's doing the talking, they're going to restructure and emerge as a lean, mean pv machine - or not: "What would happen to Energy Conversion Devices is that it would be wound down," said spokesman Michael Schostak. "It's essentially a break-up of the company." Hope Michael cashed the check before he spoke.
The latest onto the scene, welcomed amid great fanfare (and $40 million) by Portland's mayor Scam Adams, is a little venture called SoloPower - which was all set to move into Wilsonville until locals there put the kibosh on giving the company some $11 million in Urban Renewal Funds; money that would have been diverted from the city’s basic services budget for schools, police, fire and libraries. So they went running to Portland, where Scam welcomed them by waving around $40 million he'd just found in the seat cusions.
SoloPower’s thin-film is different from its competitors: their pv film is laminated straight onto stainless steel, which can be incorporated directly into the roofing materials. The Green Revolution has finally arrived! Something about that sounds afully familiar.
Like Solyndra (SoloPower and Solydra used to be neighbors, back in the day), this company too arrives with a federal Energy Department loan guarantee, and has been approved for many more millions in federal and state subsidies. For some reason, the business models of these companies always depend on a whole lot of Green - in the form of millions of dollars in tax breaks, loan guarantees, and other subsidies. And oddly, they never seem to produce any Green.