Solar Company Scraps Factory, Leaves Michigan in Dark (GlobalWatt)

NBC Bay Area ^ | 1/02/12 | Scott McGrew

[Libloather]

Solar Company Scraps Factory, Leaves Mich. in Dark
Grant applications don't match up with solar company's other information.
By Scott McGrew | Monday, Jan 2, 2012 | Updated 2:59 PM PST

A San Jose-based company has pulled out of plans to build a multimillion-dollar solar cell factory in Saginaw, Mich.

GlobalWatt CEO Sanjeev Chitre blamed the shutdown on the poor economy and competition from overseas; however, many critics are wondering if there really was much of a factory to shut down. Far from a mega-factory promised in early paperwork, GlobalWatt's Saginaw operations actually employed slightly more than a dozen workers.

GlobalWatt promised the small Michigan town jobs in exchange for state and city tax credits potentially worth tens of millions of dollars. Paperwork publicized by the group Mackinac Center for Public Policy show GlobalWatt claimed Texas had offered the solar company a competing tax credit plan -- presumably to pressure Michigan into meeting or exceeding the offer. However, the center's fiscal director says "We [now] know that to be false."

[SunkenCiv]

It’s not as if the business model for this makes sense on a good day, anyway. :’) Thanks grellis.