A second Department of Energy project has gone bankrupt as reported by The Hill today. Following in Solyndra’s footsteps Beacon Power, another green energy pet project of the administration, has gone belly up.
Ameristroika originally reported on this terrible deal in September 14, 2010 when the project was first announced. In the brief post by site owner Douglas Stewart entitled “$1 Million Per Job Seems to be the Status Quo” Stewart linked the questionable Beacon Power project to special interest that originally secured the deal through questionable tax policy (Feed-In Tariffs) courtesy of groups like The Apollo Alliance with the help of Anthony K. (Van) Jones.
In just one year’s time Beacon has now filed for bankruptcy. Who would’ve guessed that a million dollars per job would not be sustainable? We did. Naturally, any business model that requires a government guarantee on a loan for an investment the company itself is not willing to make, usually does not work out too well.
Plus it was pushed by The Apollo Alliance. Hello!! I am sure Doug will get into why this failed in future posts. Oh and Alstom is the next to flop.