In terms of solar investment, I think its time for us to admit defeat and wait and see what happens with China.
Hindsight is 20/20. There's no point criticizing Washington for not having the foresight to see how much China would outspend us...
This is more than, "Oh well, we didn't see that coming." Much more. Stop giving your government excuses.
Plus, again, this is much more than the "deals didn't look so bad" scenarios. You know it. Did the deals look good two years ago? (That's right, I didn't miss your attempt to skip the last three years.)
I have not posted here in a long time. Nice to see the same boobs are still boobs.
Going forward, I have no issue with these solar energy loans ending atleast temporarily given what we know now but I don't think energy loans in general should end.
Government and the private sector SHOULD be working together to keep the US at the forefront of innovation and development in the technology and energy industries...
"The solar company is also backed by Invus Public Equities Advisors LLC, which was co-founded by Raymond Debbane, who has donated to Republican candidates including Representative Darrell Issa, a California Republican who led an investigation of the U.S. Energy Department loan guarantee program.
Another Abound investor, DCM Venture Capital, has two Republican donors on its payroll -- Bob Hawk, who hosted a fund raiser for Senator John McCain, and Dixon Doll, who contributed to Representative Paul Ryan’s Prosperity political action committee."
Their investment was not Federally insured.
"The Colorado company has lined up money from investors including Invus Group, Bohemian Companies, BP Alternative Energy and West Hill Investors, DCM (Doll Capital Management) and Technology Partners. Abound had received over $300 million in private funding as of December 2011, the DOE said."
The company also got $68 mil in a guaranteed loan from DoE to allow them to expand their production facility. The company declared bankruptcy, so the only money that's coming back will be from the sale of their capital (and any IP they have).
Last edited by slapshot; 06-30-2012 at 03:33 PM.
The bottom line is - If company X promises to create a lot of well paying manufacturing jobs, state and federal gov officials are going to fall all over themselves to make that happen.
It's all about the promise of jobs.
I responded to your post #52, which said, and I quote:
"...they failed to attract the private equity."
This statement is grosly incorrect. They attracted a LOT of private funding. In fact, most of their start up funding was private money, not gov backed loans.
The additional money was to be used to create manufacturing jobs. The promise of creating 1,000 jobs in the US, in this economy, is something any administration - rep/dem - is going to be strongly supportive of. I doubt that private investors gave a crap about creating jobs in the US. Their interest is in maximizing profits on their investment. For all they care, ship the technology over seas and let the Chinese manufacture the solar cells. Private equity firms don't care where the product is made. There's no loyalty to the US work force. So Period.
Finally, it's quite common to find joint private-Government funding for many high tech companies that require a lot of initial capital to make a go of it. This is nothing new. Usually, however, the Gov funds the initial research, or more risky phases, while private equity firms tend to jump in when they are more confident of a return.
Last edited by slapshot; 07-01-2012 at 11:45 AM.
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