Solar-Gear Maker Files for Chapter 7 Bankruptcy ProtectionLessons learned here?
By Cassandra Sweet, Wall Street Journal
Solar-power equipment manufacturer Stirling Energy Systems Inc. has filed for bankruptcy, adding to a wave of troubles in the solar industry amid soft demand, falling prices and difficulty raising money.
Scottsdale, Ariz.-based Stirling Energy developed equipment that converts heat from the sun into electricity. Neither of the plants were able to obtain government loan guarantees, although both were sited on public land in California and obtained fast-track construction permits from the Obama administration.
Stirling filed for Chapter 7 bankruptcy protection last Friday, after it failed to find a buyer for the company, according to documents filed with the U.S. Bankruptcy Court in Delaware.
The filing is the latest in a string of U.S. solar company bankruptcies, as soft global demand for solar power, falling prices and a glut of solar panels from Asia have hammered manufacturers. [link]
1) Government - think Democrats - can't create consumer demand. Only consumers can.
2) "Green energy" will not make it - at least for the foreseeable future - without massive government financial support.
3) With demand being "soft," don't put too much stock in Chinese solar panel companies either. Despite a tremendous infusion of government yuan into the industry, there still have to be buyers for the product. Except for government, there are woefully few buyers.
And, today, still, solar is inefficient and extremely expensive. Return on investment? How about never.
4) The only way solar will amount to anything in our lifetime is if coal, natural gas, and nuclear are made just as expensive. And we're all forced into a life of poverty.
Obama's working on that.
But until he succeeds ...
5) Last and most important: Government is not required to learn lessons. Thus, in the news this morning:
Energy Department approves $4.7 billion in solar loan guarantees
For the love of God.