According to The Washington Times, the Obama administration has awarded a Communist Chinese company $47 million in taxpayer dollars for a wind-farm in New Jersey. New Jersey officials have rejected the wind-farm project twice, saying it was too risky for ratepayers. The New Jersey Board of Public Utilities concluded last month that the Chinese company did not demonstrate financial integrity.
The lack of financial integrity has never stopped Obama from handing out our tax dollars with impunity before. Barack Obama has invested and lost billions in taxpayer dollars in the promotion of green energy companies. The Brookings Institution estimates the federal government will spend over $150 billion from both stimulus and non-stimulus funds on green initiatives in the near future.
As of 2012 there were 23 green energy companies that went bankrupt after receiving taxpayer money and 27 more were on the brink of going bankrupt. Greencorruption.blogspot.com published a detailed list of the green energy companies that have gone bankrupt after receiving taxpayer dollars.
The list as of 2012:
- Solyndra*: Received $535 million DOE loan and $25.1 million in California tax credit. Bankrupt:September 2011
- Abound Solar*: Received part of a $60 million grant under the Bush administration, and was awarded a $400 million loan under Obama in December of 2010. Abound was awarded a $9.2-million loan from the Export-Import Bank in July 2011. Bankrupt: June 2012
- Beacon Power*: Received more than $25 million in DOE grants and a DOE loan for $43 million. Bankrupt: October 2011
A123 Systems*: Received $390 million, of which $249 million of it was a Recovery Act Grant. Filed for Bankruptcy October 16, 2012, and two companies are seeking to buy A123; Johnson Controls and the Chinese firm Wanxiang Group Corp.
- Amonix*: Received $6 million in federal tax credits a $15.6 million grant from the DOE for research and development. Bankrupt: July 18, 2012.
- Azure Dynamics*: Received millions in stimulus funds and over $1.7 million in Michigan state tax credits. Bankrupt: March 27, 2012 ––
HF ADDITION: states $120 million
- Babcock & Brown: Received $178 million in the largest federal (1603) stimulus wind grant in December 2009. Placed into voluntary liquidation: March 13, 2009
- Energy Conversion Devices Inc./Uni-Solar: Received a $13.3 million Stimulus tax credit. Bankrupt:February 2011.
- Ener1*: Received a $118.5 million DOE Stimulus grant. Bankrupt: January 26, 2011.
- Evergreen Solar, Inc.*: Received Stimulus funds, grants, tax-credits, low-interest loans and subsidies. Bankrupt: August 15, 2011
- Konarka Technologies Inc.: Received $20 million in grants from government agencies such as the DOE and the Pentagon. Bankrupt: June 4, 2012.
- ADDITION Range Fuels*: Range Fuels: $162.25 million in government commitments since 2007, of which $64 million came from a USDA Biofuel loan in 2010 alone, despite financial and technical difficulties, and opposition inside the USDA.
- Raser Technologies: Received $33 million Treasury Department Stimulus grant. Bankrupt: May 2, 2011.
- SpectraWatt*: Received $500,000 grant from the Renewable Energy Lab via the Stimulus. Bankrupt:August 23, 2011
- Stirling Energy Systems: Received $7 million from a federal renewable-energy grant and was eligible for nearly $10.5 million in manufacturing September 28, 2011.
- Thompson River Power LLC: Received $6.5 million in Stimulus funds from Section 1603. Bankrupt:July 2, 2012.
- HF ADDITION: Mountain Plaza, Inc. ($2 million); in our unconfirmed list
- HF ADDITION: Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million); in ourunconfirmed list
- HF ADDITION: Nordic Windpower* ($16 million)
- HF ADDITION: Satcon ($3 million) As reported by the Heritage Foundation October 18, 2012, "A solar company that got a multi-million-dollar grant from the Department of Energy earlier this year announced Wednesday that it will file for Chapter 11 bankruptcy protection, making it the second taxpayer-backed green energy company to file for bankruptcy this week."
- HF ADDITION: Willard and Kelsey Solar Group ($700,981)
($6 million); in our unconfirmed bankrupt list
- ADDITION, October 23, 2012: Cardinal Fastener & Specialty Co.: Received $480,000 through the Section 48C Advanced Manufacturing Tax Credit Program. During Obama's visit to Cardinal Fastener, he took a "green Recovery Act victory lap," and touted it as means for "Made-In-America Jobs" for Ohio. Yet, just two weeks after the Obama visit, Cardinal laid off 12 percent of its staff, and in June 2011, Cardinal Fastener filed for Chapter 11 bankruptcy protection. Lastly, in January 2012, Cardinal Fastener was acquired by Germany’s Wurth Group for just $3.9 Million.
- HF ADDITION, December 1, 2012: ReVolt Technology is a Portland-based company, which specialized in developing zinc-air flow battery systems. "ReVolt earned its place in the Graveyard when it declared bankruptcy (October 17, 2012), despite the fact it had been offered a whopping $10 million in funds from federal, state, and local governments. The Advanced Research Projects Agency – Energy offered a $5 million grant in 2010. Oregon matched the federal government’s promise with $5 million worth of loans."
At a time when we are shrinking our military to pre-WW II levels, President Obama continues to waste our precious tax dollars on failed green energy companies. President Obama is hell-bent on his crusade to replace fossil fuels for green energy alternatives and he doesn't care how much taxpayer money he wastes in the process.