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Two More Obama-Backed Green Companies in Trouble

Home - by - November 20, 2012 - 09:30 America/New_York - 7 Comments

The Lid

One of the reasons government should not be picking winners in the private sector is they are not as good as the market-place in selecting viable companies.  Obama’s “green energy” program has wasted many federal dollars and the count goes way beyond the infamous Solyndra.

The latest green companies in trouble are two foreign outfits which  received a combined $84,000,000 of our money in the form of  Energy Department tax credits. The companies have announced layoffs.

One of the companies, German-owned SolarWorld, was integral in the fight for tariffs against the importation of Chinese photovoltaic solar panels. The other, Chinese company SunTech, blamed those tariffs for its own layoffs.

Both companies benefited from the Energy Department’s stimulus-funded Advanced Energy Manufacturing (48C) Tax Credit. The 48C credit is worth up to 30% of the cost of manufacturing qualifying green energy projects.

SolarWorld received a credit worth $82 million, while SunTech’s was worth $2.1 million.

Both companies announced this week that they will shed some employees. SolarWorld, which announced a 47% revenue decline in the third quarter, blamed a potential 37 layoffs at its Oregon plant on “illegal” Chinese trade practices.

SunTech said the U.S. International Trade Commission’s 35.95% tariff on Chinese solar panels was partially responsible for the 50 impending layoffs at its Arizona production facilities.

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» 7 Comments

  1. Tim

    November 20th, 2012

    I should be in such trouble!

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  2. thirdtwin

    November 20th, 2012

    I’m starting to wonder if Obama is a crypto-capitalist who is successfully undermining green energy at the behest of his coal, oil and nuke masters.

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  3. Unruly Refugee

    November 20th, 2012

    Gangrene energy companies face amputation in 0bamaworld.

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  4. Anne

    November 20th, 2012

    I shouldn’t be giggling and wringing my hands with glee?

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  5. Dismas In Wonderland

    November 20th, 2012

    The only “Green” these “Green” companies are interested in is the greenbacks they can steal from the American taxpayers.

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  6. Dr. Tar

    November 20th, 2012

    Of course you realize that the left’s solution is to create a new regulations forcing us to use green energy. There will be requirements to put solar panals on our houses and / or purchase a specified percentage of our home energy from green sources. The same will be required of businesses.

    Yep, in no time these green energy losers will be winners. Of course we as a nation will be less efficient in our energy usage. It will cost more and be less reliable. But we’ll all breath easier knowing that the sacrifice we are making is for the good of mother Gia.

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  7. Tim

    November 20th, 2012

    Give me $82 Million; I’ll ‘donate’ half to BO, $20 Million to the unions, pay my taxes, and keep the rest – and keep my mouth shut. WTF?

    Why can’t humans get in on the scam?

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