Despite a new report out of the United Kingdom that says the future of the business is bleak without government subsidies, a three-year-old unprofitable electric truck company that received $32 million in U.S. taxpayer stimulus plans to raise more money via an initial public offering.
Just as the Department of Energy gave A123 Systems a vote of confidence by extending a deadline until 2014 to spend down its $249 million stimulus grant, the deeply troubled electric vehicle supplier experienced another setback.
Another important story goes unreported by TV networks receiving millions of dollars in ad revenue from General Motors. Viewers getting their news from Obama-friendly sources continue to hear about how great GM is doing. For those getting their news from internet sites not beholden to Government Motors, the reports aren't as good. March US market share for GM fell to 17.5% in March, the lowest level for "Old" or "New" GM since 1922.
The North Carolina fuel cell project in which former Vice President Al Gore has a conflict of interest as a director of Apple, Inc., illustrates how crony socialism and state mandates to utilize so-called “Green” energy converge to benefit wealthy corporatists at the expense of regular citizens.
Yesterday NLPC reported that Apple’s plans to build a costly fuel cell electricity generation facility adjacent to its new data center in Maiden, N.C., was a conflict for Gore, because plans show Apple has enlisted Bloom Energy to build the project.
The report by the NY Times that it would take up to 27 years for Chevy Volt buyers to save enough money in gas costs to make up for the high price of the car must be very confusing for apologists of the vehicle. The normal defense for any criticism is to accuse sources of having a right wing hate of the car. But the NY Times? The very vocal Volt defenders, who are quick to attack anyone who doesn't agree that the car is a technological marvel worthy of billions of dollars of taxpayer largess, will have to attribute the left-leaning Times' criticism to something other than a political agenda.
An Ohio-based solar company received millions of dollars in state and federal subsidies despite government officials’ knowledge that the company was in financial trouble, and now a local newspaper reports little activity at the manufacturer’s Perrysburg plant.