@bobsal u1553115,
Without the Ritilin? That's a good one.
Here's a hint for ya. If private industry won't invest in it, why should the govt? There are enough liberal/progressive/green energy investors out there who should be more than happy to make investments in this industry. The fact that they don't, should tell you something.
Does the US govt write a check to big oil? Or do they just get tax breaks that all the other businesses get as well?
Solyndra wasn't the only clean energy company to receive federal dollars and then fail. There have been several and the money in most of those cases is gone.
From CNN:
http://money.cnn.com/2012/10/22/news/economy/obama-energy-bankruptcies/
Quote:A123: The battery maker received a $249 million Department of Energy stimulus grant to build two factories in Michigan to manufacture batteries for electric cars.
The company drew down $132 million of that grant, and the factories are up and running, according to the DOE.
As part of A123's bankruptcy announced earlier this week, the factories were sold to Johnson Controls (JCI), which is expected to keep them open. Since the investment was a grant, the government got no money back. It's unclear whether Johnson will be eligible to draw down the remaining grant funds.
Abound Solar: The manufacturer of thin-film solar panels received a $400 million DOE stimulus loan guarantee to build two factories -- one outside Kokomo, Indiana and another outside of Denver.
Abound drew down $70 million of the grant to build the Denver factory. Abound declared bankruptcy in June amid strong competition and the collapsing price of solar panels.
Its assets are being auctioned off, and DOE is expected to lose to $40 to $60 million on the deal.
Beacon Power: The company received a $43 million DOE stimulus loan guarantee to build a facility in upstate New York that uses flywheels to store extra energy from the power grid, and then release it when needed. Such technology is seen as essential to integrate wind and solar into the grid, as those sources don't produce energy 24/7.
The company spent $39 million to build the project, which consists of wheels inside vacuum tubes that can spin at near perpetual motion. Beacon went bankrupt amid low prices for natural gas, which can be burned to produce electricity.
The flywheel plant was sold to a competitor, and DOE is slated to receive at least $27 million in the deal.
Ener1: A subsidiary of the company, EnerDel, received an $118.5 million grant to build two plants outside Indianapolis to manufacture batteries for electric cars and other uses.
Ener1 declared bankruptcy in January, and the company was bought by a Russian investor. The plants in Indianapolis continue to make batteries.
Solyndra: The manufacturer of advanced solar panels received a $535 million loan guarantee to build a factory outside of San Francisco.
Solyndra went bankrupt in 2011 amid falling prices for solar panels, and has since served as the poster child for well-meaning government policy gone bad.
Its assets are being auctioned off, and DOE is not expected to recover any meaningful amount of money.
