So how is obama's energy department doing at picking winners and losers in green energy?
The complete list of faltering or bankrupt green-energy companies:
Evergreen Solar ($24 million)*
Solyndra ($535 million)*
Beacon Power ($69 million)*
AES’s subsidiary Eastern Energy ($17.1 million)
Nevada Geothermal ($98.5 million)
SunPower ($1.5 billion)
First Solar ($1.46 billion)
Babcock and Brown ($178 million)
EnerDel’s subsidiary Ener1 ($118.5 million)*
Amonix ($5.9 million)
National Renewable Energy Lab ($200 million)
Fisker Automotive ($528 million)
Abound Solar ($374 million)*
A123 Systems ($279 million)*
Willard and Kelsey Solar Group ($6 million)
Johnson Controls ($299 million)
Schneider Electric ($86 million)
Brightsource ($1.6 billion)
ECOtality ($126.2 million)
Raser Technologies ($33 million)*
Energy Conversion Devices ($13.3 million)*
Mountain Plaza, Inc. ($2 million)*
Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
Range Fuels ($80 million)*
Thompson River Power ($6.4 million)*
Stirling Energy Systems ($7 million)*
LSP Energy ($2.1 billion)*
UniSolar ($100 million)*
Azure Dynamics ($120 million)*
Vestas ($50 million)
LG Chem’s subsidiary Compact Power ($150 million)
Nordic Windpower ($16 million)*
Navistar ($10 million)
Satcon ($3 million)*
*Denotes companies that have filed for bankruptcy.
The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.
The 2009 stimulus setaside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made. Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.
Posted in Energy and Environment, Featured
- Warren TLv 78 years agoFavorite Answer
THEY SEEM TO BE BETTER AT PICKING LOSERS THAN WINNERS
- HobbitLv 78 years ago
Damn good, despite your biased and misleading post. Start-ups and high tech is risky. REAl capitalism -- innovators and risk takers, not lazy, entrenched big companies -- is always risky.
4 of 5 startups fail. Over 80 percent of the ones Obama has backed in energy industries are profitable. Any venture capitalist in Silicon Vally would give his right rm for a record that good.
- Spock (rhp)Lv 78 years ago
afaik, the Obama administration picked exactly zero winners. Still, time will tell -- the case with new companies is that losers always show up long before winners do.Source(s): retired businessman