http://www.freerepublic.com/focus/f-bloggers/2838903/posts
Taxpayers Take Hit as Layoffs, Bankruptcies Plague Green Firms
National Legal & Policy Center ^ | January 27, 2012 | Paul Chesser
Posted on Friday, January 27, 2012 11:27:57 AM by jazusamo
http://www.freerepublic.com/focus/f-bloggers/2838903/posts
Federal tax credits, loan and grant programs that expired at the end of last year have plugged the financial flow that made so-called “renewables” and electric vehicles viable, so they are now shedding employees and going bankrupt, illustrating that the “clean” industry owed its existence solely to government.
Even with the government money, they are failing. Yesterday Indiana-based Ener1, an energy storage company thatreceived $118.5 million from DOE, filed for Chapter 11 bankruptcy. Despite plans to have 1,400 employees in Indiana by 2015, the company had downsized in the state from 380 to approximately 250 since March. Ener1’s stock price fell from more than $4 a share to under a dollar, and the company was booted from the NASDAQ stock exchange in October, when its stock was trading for less than 20 cents.
The Department of Energy seems to have no limit in its willingness to subsidize electric cars, electric trucks, electric school buses, electric delivery vans, batteries for electric vehicles, and charging stations for EVs. It’s safe to say that without taxpayer support, these companies – or at least the EV-related projects of larger companies like Nissan and GM – don’t exist.
Excerpted, go to the FR link to read entire article:
Thanks for ping and linking, this is a good piece.