Evergreen Solar Inc., the Massachusetts clean energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.
Locally - BP of Frederick, Maryland - another solar panel manufacturer - announced closure of its brand new facility in Frederick, Maryland right after their new building was completed. Soon after occupancy was issued - the demolition crews were sent in to dismantle the brand new structure.
Evergreen always touted that they were ARRA compliant - (American Recovery and Reinvestment Act) - as the solar panels were 'Made in America'. So much goes for being Made in America - as this is the second amercian 'green industry' manufacturing fatality in recent months.
Click Here to Read More: http://johnpaulus.com/blog/2011/08/15/solar-company-touted-by-obama-goes-bankrupt/
16 comments:
solar doesn't work very well the way to go is wind turbines. The only thing I might use solar for is maybe the water heater.
Obama's 'Green Machine' economy story gets better and better with each passing day.
How much more can this country take of Obamaeconomics? I do not care if you are black, white, hispanic, rich, or poor - it 'ain't workin'. Surely the electorate isn't that stupid to vote this guy back in office.
Oh stop it , just print some more money and bail them out. Simple solution!
The only thing the stimulus plan is stimulating is our government's debt.
I noticed in the article that Evergreen had shifted a significant portion of its business to China. I'll just bet you that they intend to set-up shop in China under a different name and that way they won't have to honor any warranties. I've seen it time and time again.
To 11:32
I wouldn't be giving this administration any ideas - they might do just as you have suggested.
On a personal note, if I were Evergreen, I wouldn't want to do business within our borders either. There are way to many regulatory obstacles and obstructions. It is easier to go out of business than to stay in business. Just look around you at the number of independence recipients, - (1 in 7).
Doesn't surprise me. If these things were so great everyone would have them.
Solar and wind are not viable energy alternatives. I said it many times on this website.
Take the heavy subsidies away and it all collapses.
You cannot have solar power at night and you don't get wind power if it's calm.
Wherever you place one of these boondogles you have to have traditional energy in standby mode.
When a traditional power plant is in standby, it is running the most inneficient way possible.
This country is in worse shape than I initially thought. If the green industry is in trouble, we are in some serious trouble.
The green industry has never been viable.
If solar panels and such weren't so expensive and out of the reach for the great majority of Americans, they would be a booming industry. But all we get is how much they will save us "in the long run". The "long run" ain't helping anyone but the rich TODAY and PLEASE don't talk about "tax credits" and other crap like that, either. Its like the Prius...so expensive, most people can't afford it, no matter the "future" energy savings, or possible tax breaks. This is NOT rocket science.
The "green industry" is corporate welfare and pander to phoney enviromentalists. The laws of physics, night and calm dictate that it will never be anything else.
1:06 is right on..
Energy created by fossil fuel is the lowest cost source unless political figures create artificial situations whereby the price of fossil fuels go up dramatically. This would make wind and solar appear to be more cost effective. Gee, maybe I'm onto something.
Chaulk-up another US manufacturing fatality. First BP Solar in Frederick, MD and now Evergreen Solar in Mass.
I wonder if O'Malley addressed the BP fiasco in his MACO speech today.
I'll bet you my bottom dollar that he sugar coated job creation again.
What a joke. I've seen the local industrial fatality list on this website. It is atrocious to say the least.
Joe - I believe it is high time for SBYnews to set the record straight again and publish the factory closure list again.
I noticed when I googled Evergreen Solar that it was just announced yesterday - (08-19-11) - about their filing for bankruptcy protection in Delaware.
This media is extremely fast in dissemination of news on all fronts - State, Federal, Business, Local, you name it.
Rush Limbaugh was just talking about this in his Saturday radio address yesterday.
You should have heard him going off about the latest Obama blunder in funding this insolvent venture.
Its a sad day in this Country when a government subsidized industry even has to file bankruptcy.
I swear this nation gets worse & worse with each passing day. What a mess.
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