Monday, October 31, 2011

Solyndra II ?

More money down the drain and lost jobs?

Bad business decision to loan the money by the Energy Department or another bundler for the President?

There will be more to this story to come out, I am sure.

Second Energy Department-backed company goes bankrupt 
By Ben Geman - The Hill

A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which makes energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

Beacon Power had received federal loan guarantee to help build an energy storage plant in Stephentown, New York that began operating in January. The Treasury Department’s Federal Financing Bank provided the loan.

The rest of the story: