The Boston Herald reported today that Evergreen Solar, a clean energy company, has filed for bankruptcy. Based in Massachusetts, the company received many millions in subsidies and guarantees from the commonwealth.
The company made over-priced and under-preforming solar panels and photovoltaic modules that it could not sell. The company once had some 900 employees. Now the staff is about 100 as it tries to sell off its remaining assets.
In case the name Evergreen Solar sounds familiar, it is because it is one of Obama’s pet green projects. And like most green technologies, it had to be subsidized with taxpayer dollars. But even with these subsidies, guarantees, and
favorable government procurement rules, the company failed.
Ironically Evergreen, itself a heavily government subsidized green manufacturer, complained it could not compete with the government subsidized solar panel makers in China. It also blamed the government for failing to adopt clean energy policies. It never occurred to blame itself for making things no one wants. Still more ironic is the fact that Evergreen opened a heavily subsidized Chinese branch which also failed.
Just for fun it would be interesting to see how much Evergreen Chief Executive Officer Michael El-Hillow and other higher ups benefitted from their parts in the boondoggle. It would also be fun to take a look at the campaign
contributions made by the principals of the company.
Once again we see that government subsidies of taxpayer dollars will not insure success of a company or a technology. Yet Washington’s special interests continue to demand more and more special considerations. The politicians are
eager to keep their contributors happy with favorable legislation, guarantees, and loans. After all it’s not their money.