Today, Obama Said “Some Of The Businesses We Encourage Will Fail.” OBAMA: “Today, there are thousands of workers building long-lasting batteries and wind turbines and solar panels all across the country. Jobs that weren’t there four years ago. And sure, not all technologies we bet on will pan out. Some of the businesses we encourage will fail. But I promise you this, there is a future for manufacturing here in America. There’s a future for clean energy here in America. And I refuse to cede that future to other countries.” (President Barack Obama, Remarks At A Campaign Event, Green Bay, WI, 11/1/12)
OBAMA TANKED MILLIONS OF TAXPAYER DOLLARS ON FAILED COMPANIES
A123 SYSTEMS: In October 2012, Taxpayer-Backed A123 Systems, A Maker Of Rechargeable Lithium-Ion Batteries For Electric Cars, Filed For Bankruptcy. “A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday. The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 11 is the section of the Bankruptcy Code used by companies to reorganize.” (Dawn McCarty and Craig Trudell, “Electric Car Battery Maker A123 Systems Files Bankruptcy Papers,” Bloomberg Businessweek, 10/16/12)
ABOUND SOLAR: Abound Solar Was Given A $400 Million DOE Loan Guarantee For “Plans To Open A Massive Solar-Panel Plant In Tipton,” Indiana. “Abound Solar Inc., a Loveland, Colo.-based manufacturer that plans to open a massive solar-panel plant in Tipton, has raised $110 million from investors and closed on a $400 million government loan guarantee to increase its production capacity, the company announced Tuesday.” (“Abound Solar Completes Financing For Tipton Plant,”Indianapolis Business Journal, 12/15/10)
- In July 2012, Abound Solar Announced It Would File For Bankruptcy And Lay Off 125 Employees. “Abound Solar, which filed for a Chapter 7 liquidation in U.S. Bankruptcy Court in Delaware, had said last week that it planned to shut down and would lay off 125 employees.” (Caroline Humer, “Abound Solar Files To Liquidate in Bankruptcy,” Reuters, 7/2/12)
AMONIX SOLAR: In July 2012, “Amonix Solar Manufacturing Plant In North Las Vegas, Heavily Financed Under An Obama Administration Energy Initiative, Has Closed Its 214,000-Square-Foot Facility 14 Months After It Opened.” (Hubble Smith, “Amonix Closes North Las Vegas Solar Plant After 14 Months, Heavy Federal Subsidies,” Las Vegas Review-Journal , 7/18/12)
- Since Obama Took Office, Solar Company Amonix Has Received Over $20 Million In Combined Stimulus Grants, Tax Credits, And DOE Funding. (The White House, Accessed 11/1/12; Department Of Treasury, Accessed 11/1/12; Department Of Energy, Accessed 11/1/12)
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