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Michigan Home to Half of the Largest Bankrupt Green Energy Companies
Michigan Capitol Confidential ^ | 11/19/2012 | Tom Gantert

Posted on 11/20/2012 5:26:01 AM PST by MichCapCon

Gov. Jennifer Granholm often spoke of using “green energy” to turn around the state’s economy, but instead Michigan has become the epicenter of government-subsidized failures.

Four of the nation's top eight “green energy” companies that have filed for bankruptcy had operations in Michigan and received state and federal subsidies.

The Heritage Foundation put together a list of the 19 federally supported green energy companies that filed for bankruptcy and Michigan was represented significantly.

The companies with Michigan operations included A123 Systems, Azure Dynamics, United Solar Ovonics and Evergreen Solar.

Federal, state and local governments were willing to put up as much as $874 million for those four companies, but they still could not avoid bankruptcy. The government aid figure includes tax credits, loans, loan guarantees, grants and other financial incentives, according to The Heritage Foundation.

The companies were part of President Barack Obama’s effort to stimulate the economy. Gov. Granholm also trumpeted many of the failed companies as big-time job creators.

"This week's developments show that an economic strategy we devised five years ago is continuing to produce results," Gov. Granholm said in a December 2009 speech announcing the Michigan companies receiving money from the federal stimulus program. "In that time, Michigan has invested more than $1 billion to help nurture the growth of green manufacturing in our state, from advanced batteries and electric vehicles to solar panels and wind turbines. … We want Michigan to be a center for advanced manufacturing and the jobs that come with it."

It's not dumb luck that Michigan has hosted some of the biggest green energy collapses.

"We made a concentrated effort to attract these businesses regardless of their business prospects," said James Hohman, a fiscal policy analyst for the Mackinac Center for Public Policy. "Michigan taxpayers have been paying the costs but reaping few of the benefits."

Azure Dynamics in Oak Park developed hybrid electric technology. It was supposed to create 40 jobs within five years (2014). According to a company website, Azure Dynamics liquidated its assets.

Evergreen Solar has a facility in Midland that made solar power products. It was projected to create 101 jobs within five years (2013). Evergreen also liquidated its assets and no jobs exist.

A123 Systems had a plant in Livonia that made advanced batteries for hybrid electric vehicles. It was projected to create 844 jobs within five years (2014). Seven jobs exist at the company, according to federal records.

United Solar Ovonics developed technology for solar cells. It had facilities in Battle Creek and Greenville that were to create a projected 700 jobs. The company sold off its assets this summer, according to news reports.

TOPICS: Business/Economy; Government
KEYWORDS: energy; green

1 posted on 11/20/2012 5:26:10 AM PST by MichCapCon
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To: Springman; Sioux-san; 70th Division; JPG; PGalt; DuncanWaring; taildragger; epluribus_2; Chuck54; ..
No wonder Grandtheft fled to California to hide.

If anyone wants to be added to the Michigan Cap Con ping list, let me know.
2 posted on 11/20/2012 5:29:20 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: MichCapCon

My advise?.......Audit, investigate, INDICT!

3 posted on 11/20/2012 5:54:32 AM PST by wesagain (The God (Elohim) of Abraham, Isaac and Jacob is the One True GOD.)
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To: MichCapCon

What do you expect from the United Socialist State of Michigan, Granholm assisted in the continual downward spiral of Michigan’s economy. Was in Detroit Metro area - saw the changes Wixom - Ford plant shuttered, (I can remember when it was open and cars produced). Tata motors (India) has a technological firm in Novi.

I also see that Henry Ford Health Systems and St. john’s Health now have large clinical facilities in farmington Hills and Novi (hospital to - as the surgeon i Have to see on an once a yearly basis has moved from Providence - Southfield to Providence Novi).

Within the six years I have been going to and from Detroit Metro area I see changes happening. Wonder what will happen between this year and next years visit.

4 posted on 11/20/2012 6:26:04 AM PST by hondact200 (Candor dat viribos alas (sincerity gives wings to strength) and Nil desperandum (never despair))
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To: wesagain; cripplecreek; MichCapCon
Audit, investigate, INDICT!

Thanks for the post; ping; post. Audit, investigate, INDICT BUMP!

BIG GOVERNMENT IS CRONY SOCIALISM. What did Jenny Grantheft know and when did she know it?

5 posted on 11/20/2012 6:52:11 AM PST by PGalt
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To: MichCapCon

The Upper Hand?

6 posted on 11/20/2012 6:55:31 AM PST by Hotlanta Mike ("God only knows it's not what we would choose to do." - Lyric from Us and Them - Pink Floyd)
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To: MichCapCon

Color the gang green gone green.

7 posted on 11/20/2012 8:56:43 AM PST by Vaduz
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