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U.S. poised to hand over $197 million to another solar panel start-up

Reuters -- A tiny solar company named SoloPower will flip the switch on production at a U.S. factory Thursday, a major step toward allowing it to tap a $197 million government loan guarantee awarded under the same controversial program that supported failed panel maker Solyndra.

SoloPower has initiated a strategy to differentiate it from struggling commodity players in the solar panel industry. Still, there are several similarities between SoloPower and Solyndra - which became a lightning rod in the U.S. Presidential campaign this year after taking in more than $500 million in government loans and then filing for bankruptcy.

Like Solyndra, SoloPower is a Silicon Valley start-up and uses the same non-traditional raw material in its solar panels. And, like its now-defunct peer, SoloPower is one of ju

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Submitted Sep 25, 2012 By: DellDude2

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knutzAL Champion Author Alabama Posts:2,248 Points:372,680 Joined:Feb 2012	Message Posted: Oct 1, 2012 10:55:29 AM Ignore knutzAL Report Abuse if it was viable investors would provide the funds. this is pure political payoff at its best.
1006 Champion Author Birmingham Posts:1,105 Points:1,355,190 Joined:Apr 2008	Message Posted: Oct 1, 2012 6:49:12 AM Ignore 1006 Report Abuse that will be another fiasco with the govt intervention - quit loaning them money, that's not the purpose of govt
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Sep 28, 2012 12:09:30 AM Ignore honda0105 Report Abuse unlike Solyndra, they are working up a functional and proven business model first, then ask for the loan money.
Martinman Champion Author Mississippi Posts:14,739 Points:2,093,830 Joined:Sep 2005	Message Posted: Sep 27, 2012 1:09:14 AM Ignore Martinman Report Abuse DeeLA from Los Angeles posted... "Why can't this be developed without government participation? When other industries were just beginning in past years, they did it without such loans, and when they showed promise, were financed by stockholders. " ----- They weren't competing against a Chinese manufacturing base, subsidized by the Chinese government in order to undercut foreign competition. This "investment" in solar power would have likely been much more successful, had Congress done its job and stopped the dumping of cheap Chinese solar panels and wind-turbines on the U.S. market. Instead, Congress chose to allow the industry to 'die on the vine' solely to score election-year political points. Had Congress acted to stop the dumping and undercutting of the U.S. solar panel manufacturing-base, its likely many if not all of the companies would have been able to continue operations. [Edited by: Martinman at 9/27/2012 1:15:55 AM EST]
LetemEatCake Champion Author Oklahoma City Posts:5,596 Points:1,206,355 Joined:Mar 2008	Message Posted: Sep 27, 2012 12:20:15 AM Ignore LetemEatCake Report Abuse I wouldn't call it madness. I would call it the risk any start-up business takes when expanding their product base. It may make...it may not...just the cost of doing new business.
MAC48 Champion Author Dallas Posts:1,549 Points:767,755 Joined:Dec 2006	Message Posted: Sep 26, 2012 2:11:07 PM Ignore MAC48 Report Abuse This madness of using taxpayer funds to allow domestic private companies to begin or continue production of solar panels is sheer madness. It is obvious that the market for solar panels will not support the number of entities wanting to get into the solar panel production business or there would not have been the dozens of companies that failed or are failing over the last two years. If unfair competition from China is reaponsible for these solar company failures due to production cost advantages resulting from Chinese government subsidies, then an import tarriff to equalize the playing field is warrented and defendable on the world stage.
sparky808 Champion Author Honolulu Posts:3,008 Points:599,685 Joined:Sep 2011	Message Posted: Sep 26, 2012 1:34:10 PM Ignore sparky808 Report Abuse Thank you for posting.
GatorGuy Champion Author Columbia Posts:2,233 Points:1,208,220 Joined:Jan 2009	Message Posted: Sep 26, 2012 1:24:53 PM Ignore GatorGuy Report Abuse Just say no to Obama...unbelievable.
myambro Champion Author Sacramento Posts:3,209 Points:1,053,900 Joined:Mar 2005	Message Posted: Sep 26, 2012 12:52:12 PM Ignore myambro Report Abuse Not a bad investment. Contribute a few thousand, or hundreds of thousands, to the reelection campaign and get $197,000,000 in return. Even Hilary didn't do that well on her cattle futures.
mikesr100 Champion Author Sacramento Posts:3,898 Points:1,081,710 Joined:Apr 2008	Message Posted: Sep 26, 2012 11:29:06 AM Ignore mikesr100 Report Abuse It's called Lend and Kick Back to the Obummer Campaign
computernut2008 Champion Author Ohio Posts:6,578 Points:1,351,340 Joined:Oct 2008	Message Posted: Sep 26, 2012 8:05:13 AM Ignore computernut2008 Report Abuse another bankruptcy
mrpc90 Champion Author Illinois Posts:8,152 Points:1,928,190 Joined:Dec 2004	Message Posted: Sep 26, 2012 7:44:35 AM Ignore mrpc90 Report Abuse Woo Hoo! Yet another King Obama failure, coming right up!
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Sep 26, 2012 12:31:41 AM Ignore Dodge_Me Report Abuse Good luck, maybe they will actually produce something
PrinceLH Champion Author Ontario Posts:2,697 Points:539,020 Joined:Jun 2011	Message Posted: Sep 26, 2012 12:29:32 AM Ignore PrinceLH Report Abuse Obama maniacs!
dancygreen Champion Author Twin Cities Posts:2,063 Points:485,760 Joined:Sep 2011	Message Posted: Sep 26, 2012 12:24:22 AM Ignore dancygreen Report Abuse hope they make a go of it
boatfloyd Champion Author Jacksonville Posts:1,723 Points:388,950 Joined:Mar 2012	Message Posted: Sep 26, 2012 12:13:28 AM Ignore boatfloyd Report Abuse Got to keep trying.
gaspumpin Champion Author Indiana Posts:1,670 Points:389,355 Joined:Apr 2012	Message Posted: Sep 26, 2012 12:11:39 AM Ignore gaspumpin Report Abuse Here we go again.
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,925 Joined:Jan 2010	Message Posted: Sep 26, 2012 12:08:40 AM Ignore rahcat Report Abuse What a joke.
suzmar Champion Author Texas Posts:2,212 Points:873,340 Joined:Jun 2006	Message Posted: Sep 26, 2012 12:04:49 AM Ignore suzmar Report Abuse No more taxpayer money for alternative energy!!! It is a waste of money, I wonder how much these people contributed to the Obama campaign?
N5EXY Champion Author Austin Posts:5,497 Points:1,511,355 Joined:Jul 2004	Message Posted: Sep 26, 2012 12:02:53 AM Ignore N5EXY Report Abuse Another writeoff that we will pay for.
drewsworld Sophomore Author Los Angeles Posts:240 Points:19,205 Joined:Aug 2012	Message Posted: Sep 25, 2012 11:59:56 PM Ignore drewsworld Report Abuse can't give up on the future
OrangeBarrels All-Star Author Chicago Posts:834 Points:78,815 Joined:Jun 2006	Message Posted: Sep 25, 2012 11:58:54 PM Ignore OrangeBarrels Report Abuse It would be nice if the government would be just as ready to help us little people. Where are our bailouts / grants?
whaboush Champion Author Richmond Posts:1,233 Points:732,160 Joined:Nov 2010	Message Posted: Sep 25, 2012 11:58:50 PM Ignore whaboush Report Abuse If you're going to do it... do the damn thing right!!
Bud122CA Champion Author California Posts:7,476 Points:1,607,050 Joined:Jul 2008	Message Posted: Sep 25, 2012 11:57:59 PM Ignore Bud122CA Report Abuse Wonder how long before they go bankrupt with huge salary raises? Thank you MR.O.
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: Sep 25, 2012 11:54:31 PM Ignore frostyWV Report Abuse don't do it.
abcdMA Champion Author Worcester Posts:7,927 Points:1,575,955 Joined:Nov 2008	Message Posted: Sep 25, 2012 11:44:42 PM Ignore abcdMA Report Abuse another taxpayer loss---how much has this owner contributed to the re-election?
kcboy Champion Author Utah Posts:3,973 Points:1,508,775 Joined:Jun 2005	Message Posted: Sep 25, 2012 11:44:14 PM Ignore kcboy Report Abuse Good if they don't loose there shirts.
OGW Champion Author London Posts:5,329 Points:1,532,975 Joined:Sep 2005	Message Posted: Sep 25, 2012 11:43:34 PM Ignore OGW Report Abuse If an idea is good, there is private money to be had and governments should not be using taxpayers money on private business projects.
rasprout Champion Author Tacoma Posts:3,367 Points:1,222,535 Joined:Jun 2009	Message Posted: Sep 25, 2012 11:43:33 PM Ignore rasprout Report Abuse Hey I have a bridge to sell the US... Think I can get 197 M for it?
DeeLA Champion Author Los Angeles Posts:4,823 Points:1,366,305 Joined:Nov 2008	Message Posted: Sep 25, 2012 11:41:49 PM Ignore DeeLA Report Abuse Why can't this be developed without government participation? When other industries were just beginning in past years, they did it without such loans, and when they showed promise, were financed by stockholders.
rtgonzalez1970 Rookie Author Vancouver Posts:57 Points:23,400 Joined:Apr 2011	Message Posted: Sep 25, 2012 11:40:18 PM Ignore rtgonzalez1970 Report Abuse What!
zantor Veteran Author San Bernardino Posts:258 Points:53,025 Joined:Jul 2012	Message Posted: Sep 25, 2012 11:39:26 PM Ignore zantor Report Abuse let's hope it works
DriverofRed Champion Author Calgary Posts:2,178 Points:412,860 Joined:Dec 2011	Message Posted: Sep 25, 2012 11:39:02 PM Ignore DriverofRed Report Abuse k
bonzoonfmb Champion Author Florida Posts:1,787 Points:645,560 Joined:Feb 2010	Message Posted: Sep 25, 2012 11:39:00 PM Ignore bonzoonfmb Report Abuse The U.S. government needs to stop this nonsense.
Double_Golden Champion Author San Francisco Posts:2,565 Points:606,360 Joined:Aug 2011	Message Posted: Sep 25, 2012 11:37:58 PM Ignore Double_Golden Report Abuse If I start up a solar energy company, do you think I can ask our gov't for help?
Holly123 Champion Author Charlotte Posts:3,207 Points:791,185 Joined:Dec 2010	Message Posted: Sep 25, 2012 11:37:49 PM Ignore Holly123 Report Abuse Just chump change.
seabrz7 Champion Author California Posts:1,400 Points:224,810 Joined:Feb 2012	Message Posted: Sep 25, 2012 11:34:03 PM Ignore seabrz7 Report Abuse Have we not had enough from this administration? The Amonix Solar: FAIL! – North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration. Closed Bright Source: FAIL! $1.6 billion U.S. loan guarantee, Lost Billions of dollars but Getting More Money To Keep Trying. Solyndra: FAIL! - Obama gave Solyndra $500,000,000 in taxpayer money. Closed LSP Energy: FAIL! - LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012 Energy Conversion Devices: FAIL! – On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy. Abound Solar: FAIL! - Abound Solar received a $400 million loan guarantee from Barack Obama announced in June, 2012 that it would file for bankruptcy. SunPower: FAIL! - SunPower stopped producing solar cells last year at near bankruptcy restructured only with help of, get this, oil giant TOTAL who owns 60% stake. Irony! Still struggling. Beacon Power: FAIL! – Beacon Power Corp filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee. Ecotality: FAIL! - ECOtality, a San Francisco green-tech company that never earned any money on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from Obama. A123 Solar: FAIL! -A123 received $279 million from taxpayers thanks to President Obama’sDepartment of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M. UniSolar: FAIL! - Uni-Solar filed for Ch 11 bankruptcy in June 20 this year laid off hundreds got more Obama money still failing but still in business. Evergreen Solar: FAIL! - Evergreen Solar received $527 Million in Taxpayer money from Obama filed bankruptcy.
Beaveronparade Champion Author Hartford Posts:2,105 Points:635,825 Joined:Mar 2011	Message Posted: Sep 25, 2012 11:32:38 PM Ignore Beaveronparade Report Abuse I don't like the sounds of this. It hasn't turned out well in the past. Let's hope it's not another Solindra!
defiancegasman Champion Author Ohio Posts:7,080 Points:1,323,260 Joined:May 2006	Message Posted: Sep 25, 2012 11:32:36 PM Ignore defiancegasman Report Abuse The USA CAN NOT allow CHINA to control the solar panel markets just because a few CROOKS took advantage of the loan program. China is investing BILLIONS into their solar productors to take over the market and when the control it all, watch the prices go up and AMERICA will end up paying much more in the longrun, just like we are on the high tech BATTERIES that are able to store for on demand use!! As far a CROOK like BAIN CAPITAL and Solyndra, throw them in jail and throw away the keys. If we can prove that they PLANNED to defraud the governments loan program, EXECUTE THEM.
Chas58 All-Star Author Detroit Posts:971 Points:285,530 Joined:Mar 2011	Message Posted: Sep 25, 2012 11:31:24 PM Ignore Chas58 Report Abuse Mitt will put a stop to this stuff!
Blue48 Champion Author Illinois Posts:7,310 Points:1,638,920 Joined:Feb 2007	Message Posted: Sep 25, 2012 11:31:18 PM Ignore Blue48 Report Abuse GOOD LUCK! HOPE YOUR FUTURE IS BRIGHTER!
carpenter4u Champion Author Virginia Posts:2,436 Points:617,145 Joined:Jul 2011	Message Posted: Sep 25, 2012 11:31:03 PM Ignore carpenter4u Report Abuse I am going to consider opening a Solar company. I need Obama to give me 400 Million to get started. Wish me luck
gd83goldwinger Champion Author South Bend Posts:1,428 Points:504,980 Joined:May 2011	Message Posted: Sep 25, 2012 11:29:37 PM Ignore gd83goldwinger Report Abuse Is it going to be the same story all we can do is wait and see.
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Sep 25, 2012 11:29:03 PM Ignore mstearno Report Abuse thanks nobama
wayoung56 Champion Author Alabama Posts:2,805 Points:819,310 Joined:Oct 2006	Message Posted: Sep 25, 2012 11:28:47 PM Ignore wayoung56 Report Abuse More taxpayer money down the drain perhaps???
ExplorerWA Champion Author Washington Posts:4,083 Points:798,125 Joined:Feb 2011	Message Posted: Sep 25, 2012 11:28:04 PM Ignore ExplorerWA Report Abuse Why do our leaders not stop this. These loans are not a function of Government.
radiorumor Champion Author Texas Posts:2,817 Points:754,835 Joined:Feb 2011	Message Posted: Sep 25, 2012 11:27:23 PM Ignore radiorumor Report Abuse I thought “W” already did that with Solyndra and Obama let it go under
joeschmo12 Champion Author New York Posts:1,021 Points:307,215 Joined:Mar 2012	Message Posted: Sep 25, 2012 11:23:40 PM Ignore joeschmo12 Report Abuse Nice scam by solyndra
SavALot Champion Author Virginia Beach Posts:8,474 Points:1,712,585 Joined:Apr 2005	Message Posted: Sep 25, 2012 11:21:10 PM Ignore SavALot Report Abuse Hope something eventually comes out of this investment
MOREDLEG Champion Author Missouri Posts:2,661 Points:612,310 Joined:May 2011	Message Posted: Sep 25, 2012 11:20:21 PM Ignore MOREDLEG Report Abuse It is BS, Stop the Madness!!