Oct 312011

~ The list keeps growing. Obama & his ‘green jobs’ are utter failure!

Beacon Power, Backed by U.S. Loan Guarantees, Files Bankruptcy…

~ I say FIRE Steven Chu and Jobs Czar Jeffrey Immelt for starters. And thoroughly investigate the D.O.E. JUST look at their website and how they are NOT backing off investments in these loser companies with YOUR tax dollars! For Example:

– October 25, 2011 ~ Department of Energy to Invest $60 Million to Develop Innovative Concentrating Solar Power Technologies

Oct. 31 (Bloomberg) — Beacon Power Corp., an energy- storage company that received $43 million in backing from the U.S. program that supported failed solar-panel maker Solyndra LLC, filed for bankruptcy after struggling to raise private financing.

The money-losing company, which makes flywheels that manage energy moving through a power grid, had sought to avoid the fate of Solyndra, which entered bankruptcy last month after receiving a $535 million loan guarantee from a U.S. Energy Department program designed to spur alternative energy development. Beacon faced delisting of its shares by the Nasdaq Stock Market and warned in an Aug. 9 regulatory filing that it might not remain a “going concern.”

“The current economic and political climate, the financing terms mandated by DOE, and Beacon’s recent delisting notice from Nasdaq have together severely restricted Beacon’s access to additional investments through the equity markets,” Chief Executive Officer F. William Capp said in papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.

Beacon, based in Tyngsboro, Massachusetts, listed assets of $72 million and debt of $47 million in its Chapter 11 petition. Two affiliates also entered court protection.

Read this extensive article…


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