The Green Crash
10:01 AM, Oct 16, 2012 • By GEOFFREY NORMAN
According to Bloomberg, the heavily subsidized battery maker, A 123, has filed for bankruptcy protection, making it the latest in a long line of green failures that have produced very little renewable energy and very heavy losses for the American taxpayer. Been good for the bankruptcy lawyers, though.
In 2009, A 123 got slightly less than $250 million to build a factory in Michigan. The amount was less than half of what the government gave to Solyndra, the failure that keeps on failing.
Two years ago, the company was praised for its job creating, energy producing potential and in one of those fulsome ceremonies of self-congratulation, then-Governor of Michigan, Jennifer Granholm is interrupted in the mid-speech by a telephone call (utterly spontaneous, of course) from the President who was just calling to add a little hyperbole of his own.
The video of this ceremony has since been taken off the company website but you can view it here.
Recent Blog Posts