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Posted on 04/12/2012 12:04:10 PM PDT by Oldeconomybuyer
BrightSource Energy of Oakland, a solar power-plant developer whose first project won $1.6 billion in federal backing, abruptly canceled its initial public stock offering Wednesday night, just hours before trading was scheduled to begin.
The surprise move killed what had been the most hotly anticipated clean-tech IPO this spring. It casts doubt on investor appetite for similar offerings in the future.
The cancellation could also revive the debate over federal support for renewable power companies. Solar-module maker Solyndra of Fremont, which received $528 million from the same government program that funded BrightSource's first power plant, also canceled a planned IPO the year before it plunged into bankruptcy.
In a press release issued Wednesday night, BrightSource executives laid the blame for the cancellation on adverse market conditions and insisted the company's finances remain solid.
(Excerpt) Read more at sfgate.com ...
Ya know, viable solar energy technology is right around the corner! This stuff is gonna be big! [/s]
Now the question is, where is all the money that was already invested, just waiting for the first bell?
Can anyone say, Obama coffers?
That's the kind of "hope and change" the nation needs right NOW!!! (no offense to NOW... oh heck, I don't care about NOW's feelings one bit)
Isn’t it funny.. to IPO you actually have your books methodically looked over, and any cooking of them always comes to light, if not by regulators than by investment bankers who are not going to pour BILLIONS into something without knowing it all ads up.
Not one clean energy company is going to survive an IPO anytime soon, because frankly they all bake their books like grandma did her bisquits.
I hope Pe;osi had money in this...
Obama’s green zsar is a commie. His energy Sect’y does not drive a car. (rides a bicyle I guess). His head of EPA listens to the IPCC Climategate scammers for advice. His head of the Interior does not want to drill. Obama himself listens to the no growth, anti-capitalist environment left. There ain’t no way in hell we will ever have nothing but shortages, high prices and be forced to buy oil from unstable countries with OBAMA RUNNING THE SHOW. It’s really not that diffucult. Drill tell our oil supply meets our demand and the renewables can take over, say about 100 years from now.
..........................His energy Sect’y does not drive a car. (rides a bicyle I guess). ..........................
Are you kidding?? He has a huge ass limo available to him 24/7 to squire around his worthless scrawney body!
saw this earlier.. too lazy to post it. ..
Good news, the Kennedys lose out again.. for now anyway..
boy oh boy.. that ‘hope and change’ moves pretty quick.. lol
just a year ago..
Big Calif. solar project gets tentative OK from US (BrightSource, $1.4 billion in loan guarantees)
http://www.freerepublic.com/focus/f-news/2457248/posts
and
November..
Robert Kennedy, Jr.’s ‘Green’ Company Scored $1.4 Billion Taxpayer Bailout
http://www.freerepublic.com/focus/f-news/2808401/posts
key word brightsource
http://www.freerepublic.com/tag/brightsource/index
But leftist in our government will squander the fruits of our labors that were taken from us by force on most anything as in this stuff and with the GSA!!!
Oh heck! Never mind... (sniff)
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