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Friday, November 04, 2011

Another Green Energy Company Bites The Dust?

And another one gone, and another one gone, another one bites the dust.

Hey folks,

Happy Friday to ya. Yeah, I had this on Wednesday morning, however, I just did the Tuesday "From the Energy Front" Segment, and I wanted to get the Iran Stuff out there, but I did see this. This just goes to show, it's not that I'm always right, it's that I understand REALITY. As soon as I saw this, I thought of THIS. {Smile}

I just told you about Beacon Power. $67 million dollars of Obama directed Tax Money. YOUR Money. Of course we all know about Solyndra. That was a half Billion. Now, according to CBS News Investigates - Another Solyndra? Electric car battery maker facing financial hardship By Laura Strickler Topics Follow The Money ,News.

A company whose subsidiary received $118 million in stimulus grant money from the U.S. Department of Energy to build new electric car batteries has now been removed from trading on NASDAQ.

EnerDel got an Energy Department grant in early 2010 for battery manufacturing in Indiana but the stock of EnerDel's parent company, Ener1, fell from $4.04 in 2010 to just 9 cents on Thursday. By Friday NASDAQ had pulled the company from its listing leaving the stock at $0.00.
From $4.00 to 9 Cents? {Laughing} That's a bit of a drop. I know it's not funny. It's another $118 Million Dollars thrown away.

NASDAQ took action after sending the company a notice saying it was out of compliance for failing to file its June 30th financial quarterly filing. The company notified shareholders back in August that two of the company's quarterly filings "should no longer be relied upon" and the company would have to re-do their financial statements.

"Once we get our financials restated, we'll look at what our options are for getting re-listed," Ener1 spokesperson Brian Sinderson told CBS News. Sinderson says the company is now traded on the over the counter market.
Folks, this is just a stall tact. They are attempting to start damage control. Or, like Solyndra, they will just take the money and run. So MORE Jobs LOST. Not gained. LOST. More money wasted. THERE IS NO MARKET! There is no place for these "Green Industry" Companies to thrive. There is NOTHING out there. All the money in the world is not going to create a Market. Only PEOPLE and Desire for a Product can do that. This piece goes on to tell you that another company went Bankrupt, and none of these Companies are living up to their Promises of creating Hundreds or Thousands of Jobs. But they sure are taking the money.

No this is no surprise folks. The more money that we waste, on these FAILED endeavors, well, the more money we waste. Money we do not have right now. All this, this "Green Energy" thing, SHOULD be being played out in the Private Sector. Let those that have money, that believe in the Dream, Invest in this. If they succeed, GREAT! They become Rich, and we all live Greener. If they Fail? All well. Nice try. So sad for you. But it does not effect EVERY AMERICAN. Only those that take the chance. If this was in the Private Sector, it would be gone by now. No one is going to consciously throw money at Failed Ideas and unrealized Dreams. Well, not their OWN money. No. They will leave the Wasting of YOUR money to Obama.
Peter

Sources:
CBS News Investigates - Another Solyndra? Electric car battery maker facing financial hardship

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