Friday, March 8, 2013

More Obama "Green" Boondoggles

In 2010 the Obama Department of Energy gave Rentech Incorporated a Colorado refinery $23 million in taxpayer money for its green fuel technology. Rentech announced in February of 2013 that it would stop operations, reduce its staff, and postpone indefinitely its research and development at the site in Colorado.

This was just another example of taxpayer money going down the drain. Read more about this at...
http://www.breitbart.com/Big-Government/2013/03/07/Green-Fuel-Company-Awarded-23-Million-in-2010-Is-Shutting-Doors-in-2013


Another possible "green" energy loser comes out of San Antonio, Texas. The city’s mayor Julian Castro made a deal with Nexolon North America to build solar panels. The factory will operate out of Brooks City-Base, a site containing more than 1,200 acres of prime real estate formerly owed by the U.S. Air Force.

The city, in partnership with the Brooks Development Authority, developed a package of business incentives that included a $400,000 grant, a ten-year 100 percent tax abatement on personal property, and a commitment to invest $12 million in public infrastructure. These tidbits make a lucrative gift to Nexolon!

The local newspaper, the left leaning San Antonio Express News, approved of the mayor’s effort to bring the Korean based solar panel company to San Antonio. The newspaper heralded the project as a boon to San Antonio. It probably did so to protect its favored son Castro and endorsed Barack Obama.

San Antonio could benefit from the Nexolon move, but then it could also be just another bailout for a failing green energy firm. Nexolon has seen their bottom line shrink from a gain of 35.5 billion to a loss of 24.1 billion. This loss happened despite an increase in revenues from 451.3 billion to 588.2 billion.

Nexolon’s near-term assets and liabilities show that there are not enough liquid assets to satisfy current obligations. Nexolon is also among the least efficient in its industry at managing inventories.

Nexolon could be another potential Obama loser. Read more at…