Reminiscent of the hundreds of millions of taxpayer dollars Obama dispersed to failed green energy ventures, a struggling solar energy company that received millions from the Biden administration is about to fold. The northern California firm is called SunPower and it is dedicated to energy storage and solar power. Last summer the Department of Energy (DOE) gave it a $6.7 million grant and earlier this year it received a $1.4 million contract from the National Aeronautics and Space Administration (NASA). This week SunPower shares are down sharply following a Securities and Exchange Commission (SEC) filing warning of “substantial doubt” about its ability to continue operating.
Public funds poured into its coffers as part of an aggressive—and costly—plan to make America green. It began when Biden was vice president and, though the Trump administration halted funding such dubious projects, the money resumed flowing under Biden despite documented failures that have fleeced the American public out of huge sums. They include bankrupt solar panel manufacturer Solyndra, among the most marked failures in the Obama-Biden administration’s effort to force costly alternative energy on consumers. The northern California company received an outlandish $529 million from the government despite the “serious concerns” of U.S. Treasury officials about the risky investment. The controversial deal was suspiciously rushed through for a politically connected entrepreneur that raised large amounts for Obama’s campaign. Judicial Watch investigated the Solyndra scandal and sued both the Obama and Biden administrations for records involving the costly back door deals that led to the loss of hundreds of millions of taxpayer dollars.
A number of other green energy endeavors also failed to take off after receiving hefty investments from Uncle Sam. Among them is Fisker Automotive, a southern California startup that went under after getting nearly $200 million of the $528.7 million that the Obama-Biden administration promised it. The electric car company assured that thousands of jobs would be created in the region hit hard by unemployment and touted innovative plans to develop two lines of plug-in hybrid electric vehicles that could go up to 300 miles on a rechargeable Lithium-ion battery. When the government’s multi-million-dollar allocation was announced Biden, then vice president, put the company on a pedestal, saying “the story of Fisker is a story of ingenuity of an American company, a commitment to innovation by the U.S. government and the perseverance of the American auto industry.” Obama Energy Secretary Steven Chu guaranteed Fisker would “save hundreds of millions of gallons of gasoline and offset millions of tons of greenhouse gas emissions…” It never materialized.
Another green business that went under after receiving generous government funding under the Obama-Biden administration is ECOtality, another California company that was supposed to make charging stations for electric cars. After getting nearly $100 million from Uncle Sam, it collapsed. A startup called Vehicle Production Group (VPG) went bankrupt after losing $50 million in taxpayer funds awarded under Obama-Biden. VPG was supposed to create special vans for the disabled that run on compressed natural gas. Here is how the Obama administration justified funding the experiment with public dollars: “This project invests in a socially and environmentally responsible product that will create new jobs, promote the use of alternative fuels, and help the U.S. maintain its competitive edge in the automotive industry.” The DOE eventually took the page down, but the wording is straight from the agency’s announcement promoting VPG. Another scandal-plagued green auto program known as Advanced Technology Vehicles Manufacturing (ATVM) received tens of millions of dollars under Obama-Biden with no results.
The Obama administration also launched a multi-million-dollar program to create “green jobs” that will never exist. Back in 2013 a federal audit revealed that the government has blown half a billion dollars to train workers for the fantasy positions to fulfill Obama’s promise of creating 5 million green jobs over the next decade, which predictably has not materialized.
https://www.judicialwatch.org/green-energy-co-failing/
No comments:
Post a Comment