DOE-Backed Solar Company Lays Off Workers. Is There an Echo in Here?

[lonestar]

DOE-Backed Solar Company Lays Off Workers. Is There an Echo in Here?
Posted on April 18, 2012 by Cowboy Byte


Another day, yet another green-stimulus loan-guarantee recipient laying off workers. How sad is it that we’ve recently been hearing this and similar storylines so frequently that the theme is starting to feel kind of old n’ busted? I mean, it’s only throwing away billions of taxpayer dollars for the sake of a little socio-economic engineering, right? …Facepalm. Via Beltway Confidential:

First Solar, a solar energy company that received a $1.46 billion loan guarantee from the Department of Energy, announced today that it will layoff 2,000 workers in the United States and world-wide.

The company will “indefinitely idle” four production lines in Malaysia and shutter a plant in Germany. “These actions, combined with other personnel reductions in Europe and the U.S., will reduce First Solar’s global workforce by approximately 2,000 positions, about 30 percent of the total,” First Solar announced today. …

In December, First Solar laid off 100 employees at a Santa Clara , Calif., plant. The DOE has committed $1.46 billion to a project in Riverside County, California expected to create 15 permanent jobs and 550 construction jobs.

http://cowboybyte.com/6677/doe-backed-solar-company-lays-off-workers-is-there-an-echo-in-here/
Why in hell are we guaranteeing loans to companies that have employees outside the USA..

[DenverBrit]

It's cute that Cowboybite selectively edits the facts. The story is WHY they are cutting back.


"The solar market has changed, and so must we," Mark Widmar, First Solar's chief financial officer, told analysts in a conference call.

The price of solar panels, which generate electricity from sunlight, has plummeted recently. An influx of Chinese competitors has led to a rapid buildup in supply. At the same time governments in Europe, the biggest market for solar power, are reducing generous subsidy programs that had fueled demand. From March to December last year, solar panel prices dropped 50 percent, said Aaron Chew, an analyst with the Maxim Group.

Cheaper solar is good news for consumers, but manufacturers are struggling to stay afloat. Last year, Solyndra LLC of Fremont, Calif., Evergreen Solar Inc. of Marlboro, Mass., and Spectrawatt Inc. of Hopewell Junction, N.Y. all declared bankruptcy.

"Nobody's making money in this business right now," Chew said.
http://news.yahoo.com/first-solar-lays-off-2-000-europe-demand-133231920--finance.html

[lonestar]

It's cute that Cowboybite selectively edits the facts. The story is WHY they are cutting back.



http://news.yahoo.com/first-solar-lays-off-2-000-europe-demand-133231920--finance.html

Still why are we guaranteeing loans to these folks IF they are hiring most of their employees out of the country..

as for the Chinese getting into the market did someone not foresee that happening..

another boondoogle for nobama etal...

[DenverBrit]

Still why are we guaranteeing loans to these folks IF they are hiring most of their employees out of the country..

as for the Chinese getting into the market did someone not foresee that happening..

another boondoogle for nobama etal...

Every single solar company worldwide is having short term problems.

It's not just the Chinese flooding the market, but the world's biggest market....Europe, has slowed by cutting subsidies. Yeah, that's all Obama's fault.

Don't you 'agenda monkey's' read anything but far right or far left websites?? ???

[Rohirrim]

Please ignore the spammer.

[snowspot66]

I've read that the American companies are sitting pretty nicely to weather the short term while the Chinese companies (with inferior products) are heavily in debt and dumping product like mad just to pay bills. Looks like things might be in our favor on this front.

[cutthemdown]

People don't get it. If there are cheap Chinese solar panels available then why did Obama give a bunch of money away. It would have been smarter to by billions of dollars worth of Chinese made solar panels and just install them on every govt building public school you can find etc etc.

Either way you look at it Obama a dip**** on this issue. Either he gave money away to companies that weren't run well, that could not compete. Or he gave money away to companies that can't compete with China. Either way it was a waste of taxpayer money.

But the emails on Solyndra, showing they were warned the company was going under, but they still pushed through the loan, that is straight corruption.

[cutthemdown]

I've read that the American companies are sitting pretty nicely to weather the short term while the Chinese companies (with inferior products) are heavily in debt and dumping product like mad just to pay bills. Looks like things might be in our favor on this front.

I'd really like to read that. Do you have a link where we can find the story you read?

I do know a close friend who is in the powered speaker business. For concert venues etc etc. He was saying prices skyrocketing because they can't get the rare earth metals companies are buying up for solar and wind power. He complained that all the money they gave to us solar companies changed the market. They now had money to ramp up production, but more of the minerals, driving the price up for all the other companies that use them. They were quite upset about it.

[DenverBrit]

People don't get it. If there are cheap Chinese solar panels available then why did Obama give a bunch of money away. It would have been smarter to by billions of dollars worth of Chinese made solar panels and just install them on every govt building public school you can find etc etc.

Either way you look at it Obama a dip**** on this issue. Either he gave money away to companies that weren't run well, that could not compete. Or he gave money away to companies that can't compete with China. Either way it was a waste of taxpayer money.

But the emails on Solyndra, showing they were warned the company was going under, but they still pushed through the loan, that is straight corruption.

Every single solar company worldwide is having short term problems.

It's not just the Chinese flooding the market, but the world's biggest market....Europe, has slowed by cutting subsidies. Yeah, that's all Obama's fault.


No one saw that coming. Not even Obama........or the market! Green energy will be very competitive and risky in the current worldwide financial environment. China wasn't dumping solar at that time. It's recent.
Maybe if the US would move faster than Europe towards solar and renewable energy, we wouldn't be seeing these companies struggle as much.

[elsid13]

People don't get it. If there are cheap Chinese solar panels available then why did Obama give a bunch of money away. It would have been smarter to by billions of dollars worth of Chinese made solar panels and just install them on every govt building public school you can find etc etc.

Either way you look at it Obama a dip**** on this issue. Either he gave money away to companies that weren't run well, that could not compete. Or he gave money away to companies that can't compete with China. Either way it was a waste of taxpayer money.

But the emails on Solyndra, showing they were warned the company was going under, but they still pushed through the loan, that is straight corruption.

So you would rather prop up the Chinese economy then build a competitive business base in the US to support our economy and employ US citizens? The reason the Chinese have unfair advantage over US and Western firm are because the Central Government props them up and allows them have unfair market advantage.

[lonestar]

So you would rather prop up the Chinese economy then build a competitive business base in the US to support our economy and employ US citizens? The reason the Chinese have unfair advantage over US and Western firm are because the Central Government props them up and allows them have unfair market advantage.

if it was competitive they would not be going under..

the problem is government getting involved in what should be venture capital..''They keep thinking that they are smarter than business men..

on top of that when there are guarantees by the government the business executives are not so careful with the money.. Now if it is YOUR OWN money you watch it very carefully..

What made this country so big a great were business men, that invested their own money or money from their friends and banks..

When the government gets involved good business sense goes away..

  

[lonestar]

I'd really like to read that. Do you have a link where we can find the story you read?

I do know a close friend who is in the powered speaker business. For concert venues etc etc. He was saying prices skyrocketing because they can't get the rare earth metals companies are buying up for solar and wind power. He complained that all the money they gave to us solar companies changed the market. They now had money to ramp up production, but more of the minerals, driving the price up for all the other companies that use them. They were quite upset about it.

Same thing happened when they decided to get in the middle of ethanol.

Drove the cost of feed corn up and therefore EVERY thing that ate it or it was used for..

Once again government screwing up things because NONE OF THEM HAVE EVER ran a business..

NOW I know that we have to incentivized companies but giving tax credits is more than enough.. because if there is a demand someone will find a way to fill it..

Same goes for solar panels give me a big incentive to buy them and they are on my house tomorrow..

Giving incentive on both side of the supply chain is much wiser than giving buddies money to flush down the toilet..