Green Graveyard: 19 Taxpayer-Funded Failures

| December 18 2013
Christopher Cook

In this transaction, money is taken from taxpayers and given to well-conneced companies for the exclusive use and benefit of those companies.

That is never acceptable, but in this case, it’s worse, because these companies took the money and failed miserably, making the “investment” a black hole that didn’t even produce anything of value.

Here’s the deplorable list, from Heritage:

Total of Government’s Bad Bets: Approximately $2.6 billion

1. Abound Solar

Government’s Bad Bet: $ 790.3 million

2. Solyndra

Government’s Bad Bet: $570 million

3. A123 Systems

Government’s Bad Bet: $377.1 million

4. Ener1 (EnerDel, subsidiary)

Government’s Bad Bet: $182.8 million

5. Range Fuels

Government’s Bad Bet: $162.3 million

6. Azure Dynamics

Government’s Bad Bet: $119.1 million

7. Energy Conversion Devices (subsidiary, United Solar Ovanic)

Government’s Bad Bet: $110.3 million

8. Evergreen Solar, Inc.

Government’s Bad Bet: $84.9 million

9. Beacon Power

Government’s Bad Bet: $77.4 million

10. Raser Technologies

Government’s Bad Bet: $33 million

11. Nordic Windpower

Government’s Bad Bet: $24.6 million

12. SpectraWatt

Government’s Bad Bet: $20.5 million

13. Konarka Technologies

Government’s Bad Bet: $13.6 million (Heritage’s calculations), $20 million according to Konarka’s website

14. Satcon Technology Corporation

Government’s Bad Bet: $17 million

15. Olsen’s Crop Service and Olsen’s Mills Acquisition Co.

Government’s Bad Bet: $10.8 million

16. Stirling Energy Systems, Inc.

Government’s Bad Bet: $10.5 million

17. Thompson River Power, LLC

Government’s Bad Bet: $6.5 million

18. Cardinal Fasteners and Specialty Co., Inc.

Government’s Bad Bet: $480,000

19. Mountain Plaza, Inc. 

Government’s Bad Bet: $424,000

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