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U.S. poised to hand over $197 million to another solar panel start-up

Reuters -- A tiny solar company named SoloPower will flip the switch on production at a U.S. factory Thursday, a major step toward allowing it to tap a $197 million government loan guarantee awarded under the same controversial program that supported failed panel maker Solyndra.

SoloPower has initiated a strategy to differentiate it from struggling commodity players in the solar panel industry. Still, there are several similarities between SoloPower and Solyndra - which became a lightning rod in the U.S. Presidential campaign this year after taking in more than $500 million in government loans and then filing for bankruptcy.

Like Solyndra, SoloPower is a Silicon Valley start-up and uses the same non-traditional raw material in its solar panels. And, like its now-defunct peer, SoloPower is one of ju


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Submitted Sep 25, 2012 By: DellDude2
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. poised to hand over $197 million to another solar panel start-up Back to Topics
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knutzAL
Champion Author Alabama

Posts:2,248
Points:373,880
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Message Posted: Oct 1, 2012 9:55:29 AM

if it was viable investors would provide the funds. this is pure political payoff at its best.
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1006
Champion Author Birmingham

Posts:1,140
Points:1,756,865
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Message Posted: Oct 1, 2012 5:49:12 AM

that will be another fiasco with the govt intervention - quit loaning them money, that's not the purpose of govt
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honda0105
Champion Author Tallahassee

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Points:2,157,915
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Message Posted: Sep 27, 2012 11:09:30 PM

unlike Solyndra, they are working up a functional and proven business model first, then ask for the loan money.
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Martinman
Champion Author Mississippi

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Message Posted: Sep 27, 2012 12:09:14 AM

DeeLA from Los Angeles posted...

"Why can't this be developed without government participation? When other industries were just beginning in past years, they did it without such loans, and when they showed promise, were financed by stockholders. "

-----

They weren't competing against a Chinese manufacturing base, subsidized by the Chinese government in order to undercut foreign competition.

This "investment" in solar power would have likely been much more successful, had Congress done its job and stopped the dumping of cheap Chinese solar panels and wind-turbines on the U.S. market. Instead, Congress chose to allow the industry to 'die on the vine' solely to score election-year political points.

Had Congress acted to stop the dumping and undercutting of the U.S. solar panel manufacturing-base, its likely many if not all of the companies would have been able to continue operations.



[Edited by: Martinman at 9/27/2012 1:15:55 AM EST]
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LetemEatCake
Champion Author Oklahoma City

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Message Posted: Sep 26, 2012 11:20:15 PM


I wouldn't call it madness. I would call it the risk any start-up business takes when expanding their product base. It may make...it may not...just the cost of doing new business.
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MAC48
Champion Author Dallas

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Message Posted: Sep 26, 2012 1:11:07 PM

This madness of using taxpayer funds to allow domestic private companies to begin or continue production of solar panels is sheer madness. It is obvious that the market for solar panels will not support the number of entities wanting to get into the solar panel production business or there would not have been the dozens of companies that failed or are failing over the last two years.

If unfair competition from China is reaponsible for these solar company failures due to production cost advantages resulting from Chinese government subsidies, then an import tarriff to equalize the playing field is warrented and defendable on the world stage.
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sparky808
Champion Author Honolulu

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Message Posted: Sep 26, 2012 12:34:10 PM

Thank you for posting.
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GatorGuy
Champion Author Columbia

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Message Posted: Sep 26, 2012 12:24:53 PM

Just say no to Obama...unbelievable.
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myambro
Champion Author Sacramento

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Message Posted: Sep 26, 2012 11:52:12 AM

Not a bad investment. Contribute a few thousand, or hundreds of thousands, to the reelection campaign and get $197,000,000 in return. Even Hilary didn't do that well on her cattle futures.
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mikesr100
Champion Author Sacramento

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Message Posted: Sep 26, 2012 10:29:06 AM

It's called Lend and Kick Back to the Obummer Campaign
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computernut2008
Champion Author Ohio

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Message Posted: Sep 26, 2012 7:05:13 AM

another bankruptcy
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mrpc90
Champion Author Illinois

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Message Posted: Sep 26, 2012 6:44:35 AM

Woo Hoo! Yet another King Obama failure, coming right up!
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Dodge_Me
Champion Author Atlanta

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Message Posted: Sep 25, 2012 11:31:41 PM

Good luck, maybe they will actually produce something
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PrinceLH
Champion Author Ontario

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Message Posted: Sep 25, 2012 11:29:32 PM

Obama maniacs!
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dancygreen
Champion Author Twin Cities

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Message Posted: Sep 25, 2012 11:24:22 PM

hope they make a go of it
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boatfloyd
Champion Author Jacksonville

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Message Posted: Sep 25, 2012 11:13:28 PM

Got to keep trying.
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gaspumpin
Champion Author Indiana

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Message Posted: Sep 25, 2012 11:11:39 PM

Here we go again.
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rahcat
Champion Author Grand Rapids

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Message Posted: Sep 25, 2012 11:08:40 PM

What a joke.
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suzmar
Champion Author Texas

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Message Posted: Sep 25, 2012 11:04:49 PM

No more taxpayer money for alternative energy!!! It is a waste of money, I wonder how much these people contributed to the Obama campaign?
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N5EXY
Champion Author Austin

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Message Posted: Sep 25, 2012 11:02:53 PM

Another writeoff that we will pay for.
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drewsworld
Sophomore Author Los Angeles

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Message Posted: Sep 25, 2012 10:59:56 PM

can't give up on the future
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OrangeBarrels
Champion Author Chicago

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Message Posted: Sep 25, 2012 10:58:54 PM

It would be nice if the government would be just as ready to help us little people. Where are our bailouts / grants?
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whaboush
Champion Author Richmond

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Message Posted: Sep 25, 2012 10:58:50 PM

If you're going to do it... do the damn thing right!!
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Bud122CA
Champion Author California

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Message Posted: Sep 25, 2012 10:57:59 PM

Wonder how long before they go bankrupt with huge salary raises? Thank you MR.O.
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frostyWV
Champion Author West Virginia

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Message Posted: Sep 25, 2012 10:54:31 PM

don't do it.
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abcdMA
Champion Author Worcester

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Message Posted: Sep 25, 2012 10:44:42 PM

another taxpayer loss---how much has this owner contributed to the re-election?
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kcboy
Champion Author Utah

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Message Posted: Sep 25, 2012 10:44:14 PM

Good if they don't loose there shirts.
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OGW
Champion Author London

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Message Posted: Sep 25, 2012 10:43:34 PM

If an idea is good, there is private money to be had and governments should not be using taxpayers money on private business projects.
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rasprout
Champion Author Tacoma

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Message Posted: Sep 25, 2012 10:43:33 PM

Hey I have a bridge to sell the US... Think I can get 197 M for it?
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DeeLA
Champion Author Los Angeles

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Message Posted: Sep 25, 2012 10:41:49 PM

Why can't this be developed without government participation? When other industries were just beginning in past years, they did it without such loans, and when they showed promise, were financed by stockholders.
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rtgonzalez1970
Rookie Author Vancouver

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Message Posted: Sep 25, 2012 10:40:18 PM

What!
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zantor
Veteran Author San Bernardino

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Message Posted: Sep 25, 2012 10:39:26 PM

let's hope it works
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DriverofRed
Champion Author Calgary

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Message Posted: Sep 25, 2012 10:39:02 PM

k
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bonzoonfmb
Champion Author Florida

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Message Posted: Sep 25, 2012 10:39:00 PM

The U.S. government needs to stop this nonsense.
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Double_Golden
Champion Author San Francisco

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Message Posted: Sep 25, 2012 10:37:58 PM

If I start up a solar energy company, do you think I can ask our gov't for help?
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Holly123
Champion Author Charlotte

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Message Posted: Sep 25, 2012 10:37:49 PM

Just chump change.
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seabrz7
Champion Author California

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Message Posted: Sep 25, 2012 10:34:03 PM

Have we not had enough from this administration?

The Amonix Solar: FAIL! – North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration.
Closed
Bright Source: FAIL! $1.6 billion U.S. loan guarantee, Lost Billions of dollars but Getting More Money To Keep Trying.
Solyndra: FAIL! - Obama gave Solyndra $500,000,000 in taxpayer money. Closed
LSP Energy: FAIL! - LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012
Energy Conversion Devices: FAIL! – On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy.
Abound Solar: FAIL! - Abound Solar received a $400 million loan guarantee from Barack Obama announced in June, 2012 that it would file for bankruptcy.
SunPower: FAIL! - SunPower stopped producing solar cells last year at near bankruptcy restructured only with help of, get this, oil giant TOTAL who owns 60% stake. Irony! Still struggling.
Beacon Power: FAIL! – Beacon Power Corp filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee.
Ecotality: FAIL! - ECOtality, a San Francisco green-tech company that never earned any money on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from Obama.
A123 Solar: FAIL! -A123 received $279 million from taxpayers thanks to President Obama’sDepartment of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M.
UniSolar: FAIL! - Uni-Solar filed for Ch 11 bankruptcy in June 20 this year laid off hundreds got more Obama money still failing but still in business.
Evergreen Solar: FAIL! - Evergreen Solar received $527 Million in Taxpayer money from Obama filed bankruptcy.
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Beaveronparade
Champion Author Hartford

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Message Posted: Sep 25, 2012 10:32:38 PM

I don't like the sounds of this. It hasn't turned out well in the past. Let's hope it's not another Solindra!
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defiancegasman
Champion Author Ohio

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Message Posted: Sep 25, 2012 10:32:36 PM

The USA CAN NOT allow CHINA to control the solar panel markets just because a few CROOKS took advantage of the loan program. China is investing BILLIONS into their solar productors to take over the market and when the control it all, watch the prices go up and AMERICA will end up paying much more in the longrun, just like we are on the high tech BATTERIES that are able to store for on demand use!!

As far a CROOK like BAIN CAPITAL and Solyndra, throw them in jail and throw away the keys. If we can prove that they PLANNED to defraud the governments loan program, EXECUTE THEM.
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Chas58
Champion Author Detroit

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Message Posted: Sep 25, 2012 10:31:24 PM

Mitt will put a stop to this stuff!
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Blue48
Champion Author Illinois

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Message Posted: Sep 25, 2012 10:31:18 PM

GOOD LUCK! HOPE YOUR FUTURE IS BRIGHTER!
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carpenter4u
Champion Author Virginia

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Message Posted: Sep 25, 2012 10:31:03 PM

I am going to consider opening a Solar company. I need Obama to give me 400 Million to get started. Wish me luck
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gd83goldwinger
Champion Author South Bend

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Message Posted: Sep 25, 2012 10:29:37 PM

Is it going to be the same story all we can do is wait and see.
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mstearno
Champion Author Dayton

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Message Posted: Sep 25, 2012 10:29:03 PM

thanks nobama
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wayoung56
Champion Author Alabama

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Message Posted: Sep 25, 2012 10:28:47 PM

More taxpayer money down the drain perhaps???
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ExplorerWA
Champion Author Washington

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Message Posted: Sep 25, 2012 10:28:04 PM

Why do our leaders not stop this. These loans are not a function of Government.
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radiorumor
Champion Author Texas

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Message Posted: Sep 25, 2012 10:27:23 PM

I thought “W” already did that with Solyndra and Obama let it go under
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joeschmo12
Champion Author New York

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Message Posted: Sep 25, 2012 10:23:40 PM

Nice scam by solyndra
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SavALot
Champion Author Virginia Beach

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Message Posted: Sep 25, 2012 10:21:10 PM

Hope something eventually comes out of this investment
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MOREDLEG
Champion Author Missouri

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Message Posted: Sep 25, 2012 10:20:21 PM

It is BS, Stop the Madness!!
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