WASHINGTON – The Energy Department says it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc.
The government sold the loan for $25 million Friday to Hybrid Technology LLC, a holding company that plans to keep the California carmaker operating.
The $139 million loss is the largest in the Obama administration’s green energy loan program since the 2011 failure of solar panel maker Solyndra. The government lost $528 million in the Solyndra collapse, triggering sharp Republican criticism.
The Energy Department awarded Fisker a half-billion loan guarantee in 2009, but suspended it in 2011, after Fisker failed to meet a series of federal benchmarks. Fisker had received $192 million before the loan was frozen.
h/t to Dave G
By “government”, they of course mean, “the taxpayer”.
More wealth transfers from the middle class to the rich and connected. Enough already.
$192 million – $25 million = $167 million. That doesn’t nearly account for all of the tax payer money lost on Fisker.
You got that right, they still have tax credits that they will use later.
There was also +$100 million lost on Fisker partner A123. Gotta luv how the compliant media low balls the figures when it comes to “green” boondoggles.
http://www.forbes.com/sites/petercohan/2012/06/12/is-a123-electric-battery-a-waste-of-263-million-in-government-funds/
Little do the alarmists realize that their leader and guru, James Hansen, promotes “safe” nuclear, “…if our young people are going to have a future…” he says.
http://www.youtube.com/watch?v=CZExWtXAZ7M
Fairewinds has this to say about Thorium nuclear:
“According to questions we have received, proponents claim that thorium reactors produce less waste and its half-life is “only” a few hundred years rather than thousands. That still means hundreds of years of waste. However, contrary to proponent’s claims
If the spent fuel is not reprocessed, thorium-232 is very long lived (half-life: 14 billion years) and its decay products will build up over time in the spent fuel. This will make the spent fuel quite radiotoxic, in addition to all the fission products in it…Thorium 232 needs a uranium reactor to get it started by sending out neutrons that the thorium 232 can absorb. When that happens, the thorium 232 changes to U233, which is fissile. So behind every thorium reactor there still is uranium and plutonium that must be disposed of.” More…
http://fairewinds.org/demystifying/thorium-reactors
“Another outspoken early proponent of AGW theory was Britain’s Margaret Thatcher who also sought the construction of new nuclear power plants as well as Trident nuclear submarines along with new nuclear weapons. Her Conservative party also sought to crush the coal miner’s unions with which they had intractable disputes. Britain went on to build new nuclear power plants during the 1980s while firing tens of thousands of coal miners.”
http://alethonews.wordpress.com/2012/01/08/three-mile-island-global-warming-and-the-cia/
A while back, Consumer Reports had an article on the Fisker car. After less than 1000 miles of road-testing, the expensive green toy died! Like almost everything else that President Dogpile touches, the Fisker was engineered for failure.