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Solar co. nets $150M loan despite crash of Evergreen, Solyndra ^ | Sept 9 2011 | By Greg Turner

Posted on 09/10/2011 3:16:53 PM PDT by NoLibZone

Bay State start-up 1366 Technologies Inc. has steered clear of the dark clouds shrouding the nation’s solar industry.

The Lexington company yesterday finalized a $150 million loan guarantee from the U.S. Department of Energy — the same day FBI agents raided bankrupt Solyndra, a DOE-backed California solar panel maker that’s become a symbol of “green” government investment gone wrong.

“There are a lot of taxpayer protections in here,” 1366 spokesman Craig Lund said. “If we deliver on certain milestones then we’ve got certainty of funding, and on the flip side I think the government has very strong conditions in there.”

Lund said 1366 executives weren’t worried that the meltdown of Solyndra, which landed a $535 million loan guarantee, and the bankruptcy filing by Marlboro-based Evergreen Solar, which received millions in financial aid from Massachusetts, would threaten the DOE’s support.

MIT professor Ely Sachs came up with 1366’s technology — as well as Evergreen Solar’s.

Solyndra and Evergreen were priced out of the solar panel market by Chinese manufacturers — an economic reality that actually reinforced the DOE’s faith in 1366, whose technology drives down the cost of solar manufacturing.

“This type of pioneering technology is needed to compete and thrive in the global race for solar manufacturing,” said U.S. Energy Secretary Steven Chu.

Lund said the loan backing will help 1366 start production and create 70 jobs in Lexington. A full-scale factory, in an undetermined location, would follow with the potential for 500 jobs.

Republican lawmakers have blasted the Obama administration’s aid for Solyndra. The Patrick administration took heat last month when Evergreen went belly up, but has

TOPICS: Business/Economy; Crime/Corruption; Extended News
KEYWORDS: 1366; 1366tech; 1366technologies; evergreen; evergreensolar; solarcity; solarcompany; solarpower; solyndra

1 posted on 09/10/2011 3:16:58 PM PDT by NoLibZone
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To: NoLibZone
And the fraud continues...
2 posted on 09/10/2011 3:22:07 PM PDT by hinckley buzzard
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To: NoLibZone

If this sh*t “company” is doing such a great job, why do they require taxpayer dollars to keep their doors open?

3 posted on 09/10/2011 3:23:04 PM PDT by FlingWingFlyer (Only two things come out of the DemocRAT Party. Fears and Smears.)
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To: FlingWingFlyer

Keep in mind -

these are government funding of companies - that are functioning in a government subsidized market -

This is double dipping economic fraud.

Watch the next one - government will fund some solar, so they can sell below market value, so that some other entity can claim that “see - solar is economically viable!” (oh - wait - that is the GM Volt story - another double dipper.)

Thieves are more honest than this administration.

4 posted on 09/10/2011 3:32:07 PM PDT by Eldon Tyrell
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To: NoLibZone
From 1366's website:

Prof. Emanuel Sachs, 1366 Technology’s Chief Technical Officer, to the US Congress: “By 2020 we’re talking trillions of dollars in total revenue."

Hmm. Well, you heard it here first. Trillions in revenue. Why do I find myself fingering my wallett to make sure it's still there?

5 posted on 09/10/2011 3:34:31 PM PDT by hinckley buzzard
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To: NoLibZone

This damn place is a start up, they have no factory, rub your butts you have just been had again.

6 posted on 09/10/2011 4:23:26 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: NoLibZone

I wonder if Vegas is making odds and taking bets??

7 posted on 09/10/2011 5:57:56 PM PDT by eyeamok
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To: NoLibZone; Spaulding

Even without the help of fraud, central planning can’t work, at least when the beneficiary of taxpayer money is a company with a developing technology. Such a company has to be able to turn on a dime when confronted with sudden realities. They must react quickly either to new opportunities, or to disappointing developments, like the fact that a planned on technology has suddenly become outmoded or uneconomical. That’s why the great Silicon Valley companies like Apple and HP started up with a couple of guys in ramshackle surroundings.

Here’s quote from “Parkinson’s Law” from the 1950’s.

“Examples abound of new institutions coming into existence with a full complement of of deputy directors, consultants, and executives, all these coming together in a building specially designed for their purpose. And experience proves that such an institution will die. ..................... When we see an example of such planning- for example when we are confronted by the building for the United Nations- the experts among us shake their heads sadly, draw a sheet over the corps, and tiptoe quietly into the open air.”

8 posted on 09/10/2011 6:32:54 PM PDT by haroldeveryman
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To: NoLibZone
Yeah, Yeah, I know all those other guys failed but THIS time it's gonna work! Trust me, I have a different plan. Here goes:
I start a small “green” solar company. Get a few investors to pay the rent and tout the business, make a skillful pitch for tax breaks and grants, loan.......whatda ya mean you've heard this before?

Cut the check! This is different! New! Solar! Green! new

9 posted on 09/10/2011 7:17:48 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: FlingWingFlyer

because no banker in his right mind would give any of these “green companies” a dime.

anything “green” that is actually viable economically will simply be produced in China for less like everything else.

10 posted on 09/10/2011 7:40:37 PM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: haroldeveryman

It’s a 4 part scam:

You start a so called “green company”
You get a loan for 100’s of millions from the government
You pay yourself a few million a year salary
You go bankrupt and walk away a rich man

11 posted on 09/10/2011 7:43:01 PM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

12 posted on 09/10/2011 8:59:37 PM PDT by Nachum (The complete Obama list at
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To: TexasFreeper2009

That is such a bargain at $2,142,857.14 to justify each job!

13 posted on 09/11/2011 3:06:47 AM PDT by mazda77
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To: NoLibZone

What is 70 min wage jobs, when 43,000 are losing their high paid jobs when 0’care goes into effect probably more, that is the ball park figure from the medical equipment makers.

Or today when Kroger’s bought out Schnucks here in Memphis, those who had been with the company for years have to reapply at beginners wages, and loss of seniority.

Or a few days ago when a factory in a neighboring state went up in flames and a 100 or so good paying jobs were lost.

0 can’t turn this economy he destroyed around in 16 months, no matter if he put a trillion $ into the economy, it would all go to union workers, to be funneled into DNC coffers, to get his sorry A re-elected.

I lived through Carter, and Carter was a piker compared to this MARXIST!

14 posted on 09/11/2011 6:23:41 AM PDT by GailA (Any congress critter who fails to keep faith with the Military, will NOT keep faith with YOU!)
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