Posted on 09/04/2009 8:42:13 AM PDT by Recovering_Democrat
A California solar company will get a huge boost from the government today. Vice President Joe Biden is expected to announce more than half a billion dollars in federal loan guarantees.
(Excerpt) Read more at marketplace.publicradio.org ...
"Fremont, California-based Solyndra has long been the darling of venture capital investors."
BUT another report from NASDAQ.COM says:
The Fremont, California, company in March was awarded a $535 million loan guarantee, the first awarded under a 2005 program intended to spur renewable energy projects. Solyndra wants the government support to help build a solar factory, but has been unable to lock in the loan guarantee because of problems raising the private funds needed to close on the deal.
In other words, the private sector isn't convinced...so Hussein is going to GIVE YOUR MONEY TO THE COMPANY.
Idiocy? You got it at the White House.
I just think the communte is going to be rediculous.
what lessons did we NOT learn from Jimmy Carter’s Synthetic Fuels Corp in the 1970’s?
Stimulus boost will create solar jobs...
Shouldn’t they try to create jobs on Earth first??
Just how small can TOO BIG TO FAIL get?
Will I have to wear a flame-retardant uniform?
Solyndra is led by Chris Gronet.
The company claims it has received a total of $600 million since 2005 in venture capital to develop its cylindrical CIGS solar cells.
Major investors include U.S. Venture Partners, CMEA Ventures, Redpoint Ventures, Virgin Green Fund, Madrone Capital Partners, RockPort Capital Partners, Argonaut Private Equity, Masdar and Artis Capital Management.
These groups have $.6 billion invested. Wonder how many are large dem contributors.
no idea....if they can raise. .6 billion, why do we need to give them another .5 billion?
nuts.
DOE will guarantee a $535 million loan from the U.S. Treasury’s Federal Financing Bank, allowing Solyndra to build a new solar panel fabrication facility in California.
The loan will cover 73% of the cost of the new facility, which will be capable of producing enough solar panels each year to generate 500 megawatts of solar power. Solyndra estimates that the facility will employ 3,000 people during its construction, and its operation will create nearly 1,000 U.S. jobs.
In addition, hundreds of technicians will be needed to install the solar panels at projects located throughout the United States.
That’s just 1000 permanent jobs plus “hundreds of technicians” for over $500 million in government loan guarantees, or about a half a million dollars per job. Those are not good numbers, unless you’re a stock holder.
That's why they need cap and tax, to hide the costs of electricity produced by these crappy solar panels, which will require another 600 million every 5 years to replace the worn out/broken panels in these installations.
Once these people finish these projects, they'll vanish faster than a traveling snake oil salesman, and we'll be left with a monument to Obama's and his eviro-retards idiocy, and how they hoodwinked an entire nation.
interesting analysis.
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