HolyCoast: Another Day, Another Failing Green Energy Company

Tuesday, February 07, 2012

Another Day, Another Failing Green Energy Company

There apparently is no shortage of bad companies in which the government can lose money:
Fisker Automotive, the electric car company that received $528 million in Energy Department loan guarantees, announced layoffs at its Delaware production facility on Monday.

The Energy Department agreed to support two Fisker electric car projects: a luxury model -- the $103,000 Karma, which is on sale now -- and a more affordable sedan, the Nina.

The loans were to be paid in phases, but Fisker has missed production goals, keeping much of the federal funding out of reach for now. Fisker said it is working to renegotiate the loan agreement with the government.

"We have temporarily delayed work at the plant based on ongoing discussions with the DOE regarding funding for the Project Nina program. As a result, we have laid off 26 people," the company said in a statement Monday.

The Energy Department has drawn criticism in the past year when some of the startups it backed went belly up. Three companies that got loan guarantees or grants -- advanced solar panel maker Solyndra, battery-maker Ener1, and alternative energy firm Beacon Power -- have fallen into bankruptcy.
Run away! Run away! Don't give these guys any more of our tax dollars! Failure is just a matter of time - might as well get it over with.

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