Obama's "green" jobs initiative

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Part of President Barack Hussein Obama's energy policies have been directed at so-called "green" jobs, i.e. those businesses that create energy based on renewable sources such as wind and solar power, and the jobs that go with them. To that end he has directed taxpayer dollars to fund them, and as of October 2012 continues to do so.

The Heritage Foundation released a report[1] documenting the failures of Obama's foray into these green jobs. Taxpayer money was handed out to companies based largely on cronyism; corruption was rampant, and the end result for most of the thirty-six companies on this list was bankruptcy, billions of taxpayer dollars lost, and more than 1,900 criminal investigations pending[2].

List of faltering or bankrupt green-energy companies
(Oct. 2012)
Company Money lost Status
Evergreen Solar $24 million Bankrupt
SpectraWatt $500,000 Bankrupt
Solyndra $535 million Bankrupt
Beacon Power $69 million Bankrupt
AES’s subsidiary Eastern Energy $17.1 million Faltering
Nevada Geothermal $98.5 million Faltering
SunPower $1.5 billion Faltering
First Solar $1.46 billion Faltering
Babcock and Brown $178 million Faltering
EnerDel’s subsidiary Ener1 $118.5 million Bankrupt
Amonix $5.9 million Faltering
National Renewable Energy Lab $200 million Faltering
Fisker Automotive $528 million Faltering
Abound Solar $374 million Bankrupt
A123 Systems $279 million Bankrupt
Willard and Kelsey Solar Group $6 million Faltering
Johnson Controls $299 million Faltering
Schneider Electric $86 million Faltering
Brightsource $1.6 billion Faltering
ECOtality $126.2 million Faltering
Raser Technologies $33 million Bankrupt
Energy Conversion Devices $13.3 million Bankrupt
Mountain Plaza, Inc. $2 million Bankrupt
Olsen’s Crop Service and Olsen’s Mills Acquisition Company $10 million Bankrupt
Range Fuels $80 million Bankrupt
Thompson River Power $6.4 million Bankrupt
Stirling Energy Systems $7 million Bankrupt
LSP Energy $2.1 billion Bankrupt
UniSolar $100 million Bankrupt
Azure Dynamics $120 million Bankrupt
GreenVolts $500,000 Faltering
Vestas $50 million Faltering
LG Chem’s subsidiary Compact Power $150 million Faltering
Nordic Windpower $16 million Bankrupt
Navistar $10 million Faltering
Satcon $3 million Bankrupt
TOTAL TAXPAYER MONEY LOST $10.208 BILLION

References

  1. http://blog.heritage.org/2012/10/18/president-obamas-taxpayer-backed-green-energy-failures/
  2. http://www.washingtonguardian.com/stimulating-investigation
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