(CNN) - A second clean energy company that received a loan guarantee from the Department of Energy has filed for bankruptcy. According to their website, Beacon Power received $43 million loan guarantee from the Department of Energy. The company was working on a new technology that would allow the nation’s electricity grid to store energy by constructing what, on the company’s website, they call “a state of the art energy storage facility in Stephentown, New York.”
The company also received $26 million in stimulus grants from the Department of Energy.
I'll bet the right wingnuts will be as ecstatic as they were when Chicago was not chosen to host the olympics.
"Increasingly, we are moving away from our capitalist heritage and towards a system where most Americans play by the rules while some are able to rig the game in their favor"
Coming out of a GOPer's mouth...is there another word for chutzpa? His follow-up that it's not about a division along income lines is about the biggest pile of pucky the GOP has produced this year...almost.
Who shall we blame for this now. Hey folks is time we open our eyes and understand that these oil companies will not roll over and allow a new energy source to cause them to lose trillions of dollars. Obama was naive to think folks would just allow him to change this country's energy source which have been ruining the planet for the last century. To take money from these folks you need a whole country's mind frame change. A country who will not be so quickly to bow down to propaganda from fox news to doom our existence. Notice and lesson to what the pundits are saying. They are always in the present; such as what are you feeling now, why aren't they're any jobs. They will never allow this new energy to flourish and take away the ways they've been doing things. I guest the earth would have to show us more devastating wonders and signs to combat man's punishing
And again we'll notice the extreme rightwingers ignore the vastly larger amounts of corporate welfare the GOBP deathcult has been shoveling out over the last 30 years.
While I understand the objectives and the theory of providing what is essentially venture capital money to young companies, you do have to question if the Government should be in that business or if there is a better way to achieve the same objective.
lets do some math
Enron – Cost... $11 Billion after share prices fell b/c of execs managed to hide billions in debt through tax loop holes and accounting tricks.
Solyndra – Cost... $145 Million after gov. secured loans to shaky and experimental renewable E. markets.
Which is worse? Maybe in 50 years when Renewables are as big as Big Oil we will get an Enron-sized Solyndra.
That's Obama and his favorite job.
@Pire- Is that you Glenn? How is your TV program coming along? Have OWS dragged you into the street yet?
Just goes to show that Harvard lawyers don't make good venture capitalists either. Get the government out of this stuff. It's all political backslapping and payback anyway. We are getting duped right before our very eyes. There is no reason that the government should be doing this kind of stuff with private companies.
Without government funding we wouldn't have this incredible communication medium. Don't forget that. Hint: the internet.
The problem is not clean energy. It is incompetant management of our tax dollars. In fact, in Solyndra's case it was Obama and Biden cramming tax dollars to a company financed by a heavy Democratic donor against the advise of, well, everyone. Okay, maybe David Axelrod advised Obama to push for shoving big bucks at Solyndra. Cause look at all the photos of Obama walking through that big shiny new manufacturing facility. Bought by our hard earned tax dollars.
We can do better. Is it 2012 yet?
Tony 140...surely you jest. Without the US Government you would not have the internet. Government has invested in research and development efforts and developmental public-private partnerships for many years. Please take off your partisan hat.