A Salinas car manufacturing company that was expected to build environmentally friendly electric cars and create new jobs folded before almost any cars could run off the assembly line.If something has "green" in the name and it's not "Jolly Green Giant", don't invest in it.
The city of Salinas had invested more than half a million dollars in Green Vehicles, an electric car start-up company.
All of that money is now gone, according to Green Vehicles President and Co-Founder Mike Ryan.
The start-up company set up shop in Salinas in the summer of 2009 after the city gave Ryan a $300,000 community development grant.
When the company still ran into financial trouble last year, the city of Salinas handed to Ryan an additional $240,000 in investment money.
Salinas Mayor Dennis Donohue said he was "surprised and disappointed" by the news. City officials were equally irked that Ryan notified them through an email that his company had crashed and burned.
Monday, July 18, 2011
Electric Car Company Goes Bust, Takes Taxpayer Money With It
Another "green" success story:
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If these "green" companies were sustainable, everyone would be investing in them.
Green companies are more wasteful than a 100 watt incandescent light bulb.
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