Evergreen Solar files for bankruptcy

Discussion in 'Current Events' started by DonGlock26, Aug 15, 2011.

  1. DonGlock26

    DonGlock26 New Member Past Donor

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    Evergreen Solar files for bankruptcy

    Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.

    Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The cash-strapped company announced today has sought a reorganization in U.S. Bankruptcy Court in Delaware and reached a deal with certain note holders to restructure its debt and auction off assets.

    The Massachusetts Republican Party called the Patrick administration’s $58 million financial aid package, which supported Evergreen’s $450 million factory, a “waste” of money.

    “The bankruptcy of Evergreen Solar is another sad event for the Massachusetts company and highlights the folly of the Patrick-Murray Administration which has put government subsidies into their pet projects instead of offering broad based relief to all Bay State employers,” said Jennifer Nassour, head of the state GOP.

    http://www.bostonherald.com/busines...98&format=&page=1&listingType=tec#articleFull

    Wait, wait, wait! Obama said that he was going to bring the jobs. The jobs were supposed to be green jobs. Does this mean that Obama will not bring the jobs?

    _
     
  2. Rapunzel

    Rapunzel New Member Past Donor

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    All Solar is going where the sun don't shine.
     
  3. Death Grip

    Death Grip Banned

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    Studies have shown that "green jobs" cost hundreds of thousands of dollars to "create" and that they also cost 2 real jobs for every "green job" created. It is an idiot liberal proposition.
     
  4. DonGlock26

    DonGlock26 New Member Past Donor

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    The White House


    REAL RESULTS IN MASSACHUSETTS

    Thanks to the Obama Administration’s American Recovery and Reinvestment Act, real impact is already being felt across the state.

    Because of the Stimulus Bill and New Contracts, Green Energy Companies Are Looking to Hire Many New Employees. "The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough… The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power… Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. ‘We’re sort of the tip of the iceberg,’ Cowell said. ‘A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate.’ … At Boston-Power, which makes the Sonata battery used in Hewlett-Packard's notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas. Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring." [The Boston Globe, 3/6/09]


    http://www.whitehouse.gov/progressreports/Massachusetts


    _
     
  5. Rapunzel

    Rapunzel New Member Past Donor

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    Solar only produces about .1% of our energy needs. Wind is .8%...wood is 2%...that should answer any questions right there.
     
  6. teeceemv

    teeceemv New Member

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    I always knew my wood was a big energy producer. Now about my wind...
     
  7. Rapunzel

    Rapunzel New Member Past Donor

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    Sorry it doesn't stack up to the wood...LOL
     
  8. Inactive928

    Inactive928 Banned

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    For those more interested in facts than partisan cheerleading (America fails! Green fails! Obama fails! Yay team!):

    Code:
    While some of Evergreen's woes can be blamed on the emergence of Chinese module
    makers and the relentless declines in price in solar panels, Evergreen's own
    technology bears some of the blame too. Wafers produced via the String
    Ribbon technique use silicon more efficiently than conventional wafer processes,
    a potential cost-saver. Unfortunately, the wafers and solar cells produced
    through the process were sized differently than wafers and cells from 
    conventional processes. Adopting String Ribbon meant changing a whole slew
    of manufacturing processes inside of factories. Few third party panel 
    manufacturers adopted it.
    
    Evergreen ultimately became its best and largest customer, producing modules 
    with its factory output. Evergreen improved the compatibility, outsourced some 
    work to China and even opened a wafer factory in China. The market, however, 
    moved faster and Evergreen's modules sold for $1.88 per watt at the end of 
    last year; other manufacturers were getting as low as $1.40 per watt.
    
    [url]http://www.greentechmedia.com/articles/read/evergreen-files-for-chapter-11-plans-to-sell-assets/[/url]
     
  9. DonGlock26

    DonGlock26 New Member Past Donor

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    Obama leaves office, America wins and heals.


    _
     
  10. Eighty Deuce

    Eighty Deuce New Member Past Donor

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    Obama and the Dems need to learn. Its about building " a better mousetrap", not a more expensive one, that also costs more :roll:
     
  11. Dasein

    Dasein New Member

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    If it wasn't for the liberals coming here and correcting all the bad conservative news stories you guys wouldn't learn anything would you? :-D
     
  12. _Inquisitor_

    _Inquisitor_ Well-Known Member

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    Evergreen Solar Files for Bankruptcy Owing $485.6 Million‎

    After accepting $58 million in Massachusetts subsidies, Evergreen Solar to close Devens plant

    Obama and dems do not need to learn from you how to scim people on money. They have walked away with millions in their pockets. Who should learn here from whom?
     
  13. way2convey

    way2convey Well-Known Member

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    Obama was just a Mich battery factory touting how the the stimulus is working to create jobs...the jobs created at that plant average out to cost tax payers 2mil each.
    Soooo...does that really mean the gov does create jobs?
     
  14. _Inquisitor_

    _Inquisitor_ Well-Known Member

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  15. celica

    celica New Member Past Donor

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    Who are routing for GM failure?
    Who are routing for renewable energy failure?
    Who are routing for US failure?
    Who hate paying taxes?
    Who hate US government?


    The new unpatriotic batsh1t radical lunatic wing of GOP that is taking over the whole party.
     
  16. Rapunzel

    Rapunzel New Member Past Donor

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    Ubama is routing his own failure. Just another leftist loser blaming everyone but who is responsible...remember who said "The buck stops here"?
     
  17. Iriemon

    Iriemon Well-Known Member Past Donor

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    Wait, wait, wait!

    You are taking one story and assuming it is indicative of the economy of the whole.

    Don't you see what a colossal error you are making?

    5 million additional private sector jobs have been created since Jan 2010.

    http://www.bls.gov/webapps/legacy/cesbtab1.htm

    That kind of changes the point you thought you were making, doesn't it?
     
  18. _Inquisitor_

    _Inquisitor_ Well-Known Member

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    There is no need to wait. There is no need to provide links. Dems believe the gov-nt humbers even if they are absent in your link. They do not believe their own eyes.

    BTW. The point was green jobs. And The great scum in this case. .
     
  19. Eighty Deuce

    Eighty Deuce New Member Past Donor

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    Bull(*)(*)(*)(*). Since Obama was inaugurated, we still have less Americans working in private sector. Since Stimulus passed, we still have less Americans working in private sector. And since your cherry-picked month, we have just over 2.5 million more in the private sector, which is break even when considering population growth.

    Massive Obama fail. Massive fail with your "Hurray Obama" BS. 9.2 U3.
     
  20. Yosh Shmenge

    Yosh Shmenge New Member

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    I don't care much about Evergreen Solar one way or the other. I'm just amused by the hypocrite left that screams about corporate welfare but doesn't seem to mind at all when the government subsidizes green corporate interests.
     
  21. The Mello Guy

    The Mello Guy Well-Known Member

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    Since I cant buy a Daewoo anymore....does that mean there arent anymore cars?
     
  22. The Mello Guy

    The Mello Guy Well-Known Member

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    I cant fly Aloha Air...

    obviously hawaii is gone...
     
  23. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    [ame="http://www.youtube.com/watch?v=WtGrp5MbzAI"]Obama Kids Music Video : Cute or Creepy ? - YouTube[/ame]

    Must see video! Make sure you long since eaten though.
     
  24. The Mello Guy

    The Mello Guy Well-Known Member

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    was that solar in Mass? they have sun there?
     
  25. The Mello Guy

    The Mello Guy Well-Known Member

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    Sungevity stays put in Oakland, signs Jack London Square lease to double size while it hires 200 to 300 workers

    By George Avalos
    Oakland Tribune

    Posted: 08/11/2011 04:02:10 PM PDT
    Updated: 08/11/2011 05:20:50 PM PDT




    In a major boost for Oakland and its quest to capture cutting-edge companies, solar power company Sungevity said Thursday it will stay in the city with lease deals that enable the company to more than double its space and accommodate the hundreds of workers it is hiring, city officials and executives said Thursday.
    "We are bursting at the seams," said Danny Kennedy, Sungevity's founder and president. "We have been looking to find a permanent home."
    City leaders cheered the news.
    "The emerging clean and green technology industries are a priority focus for the city of Oakland," Mayor Jean Quan said. "We're honored to have growing companies such as Sungevity choosing us as a base."
     

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